As purchase business comes back into the pipeline, lenders need to consider applying tech solutions to keep up
Homebuyers are making moves. The National Association of Realtors’ 2020 market recovery survey polled real estate agents and 92% of respondents said that a portion of their buyers have either returned to the market, or never left. In the mortgage and real estate biz, there is often some space between the refinance booms and the purchase seasons, but this is the second summer in a row where they have landed right on top of each other, making it more difficult for lenders to focus on both pipelines.
“The reality is there’s no time to market. There’s only time to transact. Lenders need to consider automating their marketing systems, especially when it comes to refi business,” said Ernie Graham, CEO and cofounder of Homebot. “That way when there’s an overlap, loan officers aren’t spending energy on one-off marketing in response to economic changes.”
Graham suggests empowering clients with personalized home finance insights to build trust and promote a database of hand-raisers.
Lenders need to be able to focus their attention on bringing in purchase business and developing their relationships with realtors. At the same time, in this low rate environment, they should be helping their past clients that could potentially benefit from a refinance. When overlaps in business occur, it illustrates why lenders need to be omnipresent. By automating their outreach and providing clients with actionable information, lenders can save time and focus on the clients that are ready to engage.
“It's a very powerful thing to have an automated program that keeps clients informed and engaged throughout the entire homeownership lifecycle,” he explained. “It encourages clients and prospects to proactively reach out to you for advice, ultimately helping you generate more repeat, referral, and brand new business.”
In addition to streamlining your nurture strategy, positioning yourself as the go-to expert for advice on home finance is going to have major long-term benefits. Building trust, listening to fears, and advising your clients on ways to build wealth through homeownership will create lasting relationships and result in a continuous flow of transactions.
Homebot engages homeowners and buyers with personalized, actionable insights that facilitate meaningful engagement with their lender. Graham says many lenders also use Homebot to connect with realtor partners. The technology provides analytics on real-time swings of the marketplace and how specific neighborhoods are affected, which can be especially important in these uncertain times with so much market volatility. Through Homebot’s co-sponsorship program, lenders and agents can partner to deliver their respective expertise to clients and prospects.
“Homebot is a must-have for helping you stay connected with buyers, homeowners, and your Realtor partners - especially in busy times like these,” said Graham. “It fuels the cycle of having that transaction-ready buyer or seller raise their hand and keeps the momentum going.”
