NMP - July 2018 - 10

Recruiting, Training and Mentoring Corner

Don't Get Lost in Social Media
BY DAVE HERSHMAN

he topic of social
media seems to be
in discussions
everywhere. Like
the Internet which
houses it, social
media brings possibilities which
appear to be infinite. While the
benefits can be great, if we
utilize social media incorrectly,
we can actually hurt our
objectives. Social media is
important, whether you are
producing, managing or
recruiting-or as many sales
managers are-all three.
Previously, I published a column
which talked about social media
and recruiting specifically. This
particular article will be more
general in nature, because
social media has the ability to
affect all phases of your
business.
How can the use of social
media hurt your business? Let
me present a few examples:

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JULY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

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As an instrument of call
reluctance. So many Loan
Officers want to stay on
their computers all day,
surfing the Internet and
social media. This is instead
of having direct human
interaction. Likewise,
managers will rely upon emails and/or social media to
recruit. But this is a
relationship business. If you
don't pick up the phone and
call and/or have lunch with
your referral sources, you
will lose in the long run. As
a call reluctance facilitator,
social media can be very
effective.

Posting the wrong things.
For some reason, when the
meekest people get on
social media, they tend to
get very brave and post
things they would never say
one-on-one. If you are going
to use social media to
promote your business
and/or your company-stay
away from anything that is
considered off-color,
political, over-zealous from a
religious standpoint, etc.
Politics is the best example.
Today, America is divided.
Take a stand online and no
matter what side you are on,
you will turn off 50 percent
of the people. Can you
afford to turn off 50 percent
of your prospects and
referral sources? Is it worth
it to do that so you can
sound off?
Not posting at all. Many
Loan Officers and managers
set up their social media and
then do nothing. Maybe they
post for a few weeks and
then ... silence. Outdated
stale material will hurt more
than good material will help,
as it will train your network
to stay away. Even worse is
someone who sets up a
LinkedIn account and then
does not finish the profile or
does so poorly. An example
would be posting a selfie for
a profile picture or perhaps a
family picture. LinkedIn is a
business site and your
potential referral sources
and even some loan

prospects will peruse your
site before they make a
decision to do business with
you. Does your profile help
or hurt that cause? Is it
wowing them, providing a
"ho-hum" reaction, or simply
turning them off?
l

Posting irrelevant content.
Today, content is king. Kind
of funny, when I started
writing my newsletters,
articles, and my Book of
Home Finance as a Loan
Officer more than 30 years
ago, I thought content was
king. Back then I could not
understand why Loan
Officers sent recipes and
handy homeowner hints. And
I still don't understand it
today. We want to be
treated as professionals
such as a CPA or Financial
Planner, and I believe we
should be because we deal
with a topic just as or more
important as they do. Do
CPAs send a brownie recipe
to their clients? Don't get me
wrong, I love brownies.
People will like the recipe.
But are you positioning
yourself as an expert
mortgage advisor? As you
can guess, we don't do
recipes in the OriginationPro
Marketing System, just
recent and relevant news to

present our uses as experts.
And yes, the material can be
used on social media.
l

Violating compliance
guidelines. If you use social
media for business, then it is
marketing. This is true
whether you are advertising
on social media or just
posting about your business.
That means you have the
same degree of compliance
responsibilities as you do
when you advertise or market
anywhere. As a manager, that
puts a big onus on you to
make sure the posts are
compliant.

I could go on, but you should
get the picture by now. If you
want a business by referral, then
your sphere is of the ultimate
significance because referrals will
come from your sphere. Social
media, if used properly, is an
excellent tool to grow your
sphere and provide value to your
sphere-whether you are
producing, recruiting, or doing
both. If you are managing, you
should be supporting your Loan
Officer's social media efforts. But
remember this: Social media is
not a substitute for developing
relationships. It is a great place to
start and grow the seeds of
relationships. But the work must
be finished one-on-one.

Dave Hershman is a top Author in this industry, with seven books
published, as well as the Founder of the OriginationPro Marketing
System and the OriginationPro's online comprehensive mortgage
school. Dave is also Director of Branch Support for McLean
Mortgage. He may be reached by e-mail at
Dave@HershmanGroup.com or visit OriginationPro.com.


http://www.NationalMortgageProfessional.com http://www.OriginationPro.com

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