By Ryan Black
I recently served as moderator for a compelling discussion for TMBA’s webinar series on social media geared to loan officers with panelists Melissa Thomas, EVP/Head of Compliance for ActiveComply; Joe Thompson, SVP/Regional Sales Manager, PrimeLending; and BMG’s Tony Florence. We covered lots of territory during the virtual meeting – from marketing with social media to regulations – with some timely questions posed by the audience.
To recap a few best practices from our panel of experts:
#1 – Social media works best when you are engaging (think video, photos, and colorful visuals). Your followers don’t want monotony. Also, be consistent – it takes time to build a following. Third, be participatory – share and comment on others’ content and your own posts.
#2 – The most successful LOs use multiple and complementary digital assets – social media channels, websites, blogs, and podcasts. And when they use video, photos, and other visuals, they see a 40% increase in engagement.
By the way, LOs top three platforms are LinkedIn, Zillow, and Facebook.
#3 – Although nobody loves a negative review, learn from it and always respond. Interestingly, Joe thinks an occasional less-than-positive review among most great ones may build credibility. That’s not an excuse to perform poorly, however.
#4 – Regulators are monitoring social media – their marketing regulations apply here, too. A common violation: missing licensing numbers. Also, individuals and companies doing business in Texas must ensure the Texas Consumer Complaint Disclosure is found on your social pages.
#5 – If you receive a social media-related citation, correct it immediately. Tony offered this advice: remedy the situation if you or your company receive a compliance warning. Your dismissal of it could lead to heavier fines next time. Also, ensure your company has a social media policy and train employees to follow it.
#6 – Social media can be an essential tool in pursuing new markets and clients. Melissa shared that some 20% of American households don’t use English as their primary language. LOs who identify ways to tap into these markets can be very successful. Ignoring demographic trends could lead to lost market share.
While the webinar was geared toward LOs, the takeaways also apply to each of us. Use them as a lens for your social media practices when applicable.