Are you hearing terms like affiliates or co-branding but are not quite sure what they mean? When you think about generating money from your site, are you only thinking in terms of loans closed? When you think about generating traffic for your site, do you only think of Search Engines like Yahoo!, MSN or AOL? If you answered yes to any of these questions, it’s time for you to learn some valuable secrets. While affiliate marketing is not often discussed, it can be the most cost-effective way of generating more business and more money from your site.

There’s a common misconception or, maybe, just an unrealistic wish, that having success online equals Web site plus free search engines. Not so! First, a Web site is not a money-generating machine. It is a communication tool that can do wonders for your productivity and your bottomline. But it alone will not generate money. Money will only come as a result of people going to your site and initiating a business transaction.

You know you need the visitors. It surprises me how many people today still think of search engines as the golden goose of Web site advertising. While I won’t say that search engines aren’t valuable (they can be), they require just as much time and money to get the same results as other forms of online marketing. Getting listed in good search engines and getting desirable placement is not simple nor is it free. But when done right, it can be very rewarding.

The three most popular forms of affiliate advertising are cross marketing, co-branding, and affiliate links. Give yourself a reality test. Have you done the marketing basics? Have you let all sources of your business—Realtor partners, appraisers, title companies, and past and current customers—know your Web site address? If not, do these things before you pursue any other form of marketing. If these areas are missing, chances are you are not ready to go to the next level. Assuming you have the basics done, let’s start with cross marketing:

Cross marketing is one of the more straightforward forms of affiliate marketing. It is simply marketing your site on other people’s Web sites. While it might sound simple, it takes work to arrange these partnerships. The easiest place to start is with those whom you do the most business. Do you have a strong Realtor alliance or a few? These would be the people you would approach first to discuss putting links to each other’s sites or at least links from their site(s) to yours. The benefit for them is that they can provide mortgage information directly from their Web site. Another idea is to look for local newspapers or radio stations or any other local establishment with a large following and offer a trade. You’ll supply their “Finance” or “Homes” section with mortgage information —such as rates or market trends—in exchange for a mention of your company and a link to your site. Tip: Be careful about doing links to more than one company in the same industry. Your favorite Realtor may not be happy to find out that you are advertising four other Realtors on your Web site.

Co-branding is my favorite type of affiliate marketing. Here’s the basic concept. You can use the same sites you are using for cross marketing, but add a little more sophistication to it by lending specific tools or information to a site, not just a link to your site. For example, on your Realtor partner’s Web site, they could put a link to a mortgage payment calculator next to each of their listings. This link can take them to a co-branded calculator you create for their site. If your site has a calculator, for example, you can create another calculator page that uses some of the colors/layout of your site and some of the colors/layout of their site. This calculator will specifically be used on their site. Next, you can create a pre-qualification page for your Realtor partner’s site. The pre-qual form could say “Before you make an offer, find out how much you qualify for! Courtesy of ABC Mortgage.” This way, your Realtor can provide a pre-qual link right from their own site, but you get the leads. The beauty of this is twofold; it looks seamless to the borrower and you can do this with numerous sites.

Tip: Finding the right partner is key. Also, make sure to measure results. If the site you are providing co-branding for never produces results, move on to another that will.

Affiliate links are links you would place on your Web site to other products or services that are affiliated with your business from which you can generate income. These only work if you have traffic to your site. But once you have traffic coming to your site, affiliate links can be a great source of additional revenue. The best part about it is that it works 24/7 and you don’t do a thing. An example of a good affiliate link would be to a credit report service because it’s relative to mortgages. It’s also an easy, impulsive buy. Many people would easily spend $8 to see their credit report immediately online. Of this $8, you would be paid either a fixed amount or a percentage, depending on the company you’re working with.

Tip: Make sure you work with reputable companies. Remember the link is on your site, so despite the fact it’s not your company, your borrower will associate any negative experiences with you. Also, make sure that when the link is clicked on, it doesn’t take the borrower to another site, but pops a new window to that site. That way, your site doesn’t go away.

Affiliate marketing allows you to get creative and to take advantage of local resources. It’s the one way to really niche market using a Web site. The best part is it’s easy to do. Are you doing any affiliate marketing now? If not, take the first step, and write a list of the people and companies you would approach to do cross marketing with. Think of how your site will benefit them before contacting them. Then make those calls. Make it a goal to have at least one type of affiliate marketing relationship set up within a month.