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Here are some Do’s and Don’ts for advertising your mortgage business

When a brokerage is developing policies and procedures that ensure its public relations materials are compliant, it may wish to include some of the following advertising tips from the Competition Bureau of Canada.  

Do:

  • Do avoid fine print disclaimers. They often fail to change the general impression conveyed by

an advertisement. If you do use them, make sure the overall impression created by the ad and the disclaimer is not misleading.

  • Do fully and clearly disclose all material information in the advertisement.
  • Do avoid using terms or phrases in an advertisement that are not meaningful and clear to the ordinary person.
  • Do, when conducting a contest, disclose all material details.
  • Do ensure that your sales force is familiar with these “Dos and Don’ts.” Advertisers may be held responsible for representations made by employees.

Don’t:

  • Don’t confuse “regular price” or “ordinary price” with “manufacturer’s suggested list price” or a like term. They are often not the same.
  • Don’t use “regular price” in an advertisement unless the product has been offered in good faith for sale at that price for a substantial period of time, or a substantial volume of the product has been sold at that price within a reasonable period of time.
  • Don’t use the words “sale” or “special” in relation to the price of a product unless a significant price reduction has occurred.
  • Don’t run a “sale” for a long period or repeat it every week.
  • Don’t increase the price of a product or service to cover the cost of a free product or service.
  • Don’t make a performance claim unless you can prove it, even if you think it is accurate. Testimonials usually do not amount to adequate proof.
  • Don’t sell a product above your advertised price.
  • Don’t unduly delay the distribution of prizes when conducting a contest.
  • Don’t forget that no one actually needs to be misled for a court to find that an advertisement is misleading.

 


Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license.  To obtain a license you must first pass an accredited course.  The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course.  For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642


FREE WEBINARS: Topics include: commercial mortgage, mortgage investments, private mortgages, lead generation and more!

You may also be interested in our article about managing your client database: Close More Deals By Leveraging Your Client Database
Here’s how to win at your next client meeting: How to Win a Face-2-Face Client Meeting
Looking to get more referrals? Read our article: 8 Dynamite Ways to Get More Mortgage Referral Sources


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Sana Zaidi
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Sana Zaidi

Customer Relations and Marketing Coordinator at REMIC
Sana Zaidi brings 5 years of visual design and marketing experience to the REMIC Team. She has worked with clients in various industries such as educational and financial services, non-profit, and health. Sana has a Bachelor of Commerce with a focus on Marketing and IT, and a passion for web optimization and enhancing UX. Her role at REMIC involves managing customer relations and daily operations, developing social media strategies, web and print content design and copy-writing.When she's not busy growing REMIC's online social presence, Sana enjoys painting, Snapchatting, critiquing movies, and indulging in a nice cup of caffeine.
Sana Zaidi
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One Comment

  • Kyler Brown April 1, 2016 at 4:19 pm

    I’ve actually been considering becoming a mortgage agent. I really liked this post, especially because I think advertising is super important in getting your name out there. I liked your tip about not running a sale for a long period or repeating it every week. I can see how this can have negative consequences. Thanks for sharing!

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