Though the misconception that it requires a 20% down payment to buy a home is prevalent, there are many facts that offer great prospecting opportunities for lending companies, loan officers and their referral partners:
Among the strongest connections from the lender's point of view is the Realtor®/Lender partnership. As a mortgage professional, having a strong relationship with a Realtor will result in more loan originations, as these Realtors will be handing out your business card to their clients. Searching for relationships where you could become the sole lender of selection is a key secret to the most successful lenders.
Society is constantly changing, evolving and moving forward, which can be a real nightmare for mortgage lenders. Not only do they have to gather intel on the largest faction of potential homeowners, but they also have to find a way to target them. Now, the industry is currently saturated with millennials who are ready and waiting to join the property ladder.
Marketing has always been a massive component in the growth of any business, which is why it’s utilized so heavily. But, with lending companies, there’s extra pressure to fine-tune marketing campaigns, in order to connect with their target audience on a more personal level. After all, borrowing a substantial amount of money to live in your dream home for years to come, is not a decision to be taken lightly.
Prospecting is one of those things that we all hate, but its the only way we are going to make our numbers and buy that five-star trip to Maui! Email has been one of those great revolutionary tools for sales people, but it is no secret that its lost its bite over the last decade. As a loan officer, its an easy thought to "E-blast" everyone in your contact list and see what sticks, but this method could be hurting you more than helping. I'll be posting an article on the dangers of e-blasting, along with a best practices guide for growing your realtor partner base, so join our newsletter to keep posted!