A mono-line lender is taking it upon itself to raise the public profile of mortgage professionals with a country-wide advertising campaign touting the benefits of independent broker advice over those of bank reps.
“The goal of our campaign is to educate the public that the mortgage broker gives the best independent advice for Canadian homeowners,” said Darren Thompson, SVP of sales and marketing for MonCana. “In a survey earlier this year, brokers told us that one of their most critical needs is our help in promoting public awareness about the benefits of their services.”
The campaign, which began Monday, involves the deployment of advertisements highlighting the services offered by brokers on digital screens in the elevators of office buildings in major Canadian centres as well as the Calgary international airport. The campaign, which will run for two weeks, is expected to catch the eyes of some 2.7 million viewers, according to Thompson.
Even as the new mortgage rules and stricter lending guidelines shut more and more borrowers out of the big banks, competing with the powerful marketing muscle of those retail giants remains a challenge for many brokers, especially those who operate smaller outfits.
“Our surveyed showed that marketing and advertising expenses are a major worry for most brokers,” said Thompson. “Greater public awareness through this campaign will hopefully drive more business towards brokers.”
Coinciding with MonCana’s campaign, the lender also dropped the rates on most of its mortgage products and is also offering 45- and 120-day rate holds on all high-ratio fixed-term mortgages. For example, its 1-year quick close is 2.89 per cent and its 1-year 120-day rate hold is 2.94 per cent. The lender’s 5-Year quick close 45-day is 2.99 per cent and 5-year 120-day rate hold is 3.09 per cent.
Thompson is also called on brokers to help promote MonCana’s campaign.
“The more chances the public has to see this campaign the more it helps grow your profession,” he said. “So please share the link on Facebook or YouTube and let’s get the public to understand the absolute, needed value a mortgage broker brings.”news/red-megaphone.jpg" style="width: 350px; height: 250px;" />