Many technologies offer free services to draw people into purchasing their premium services. Is there a way for our industry to do the same?
By David Lykken
Special to MPA
I've been thinking a lot lately about the concept of "freemium" as it applies to the mortgage industry. Many technologies offer free services to draw people into purchasing their premium services. Is there a way for mortgage professionals to do the same?
In many ways, most of us already do; we simply don't do a very good job promoting it. It has become customary for mortgage professionals to provide borrowers with free pre-approvals and credit reports. That hasn't always been the case, but people have come to expect it.
Part of the problem is managing expectations. If we could make a list of all the valuable information we already give away for free, I bet it could fill a book! We just need to communicate that value to our customers.
David Lykken is 40-year industry veteran who consults on virtually all aspects of mortgage banking. David hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals.
Special to MPA
I've been thinking a lot lately about the concept of "freemium" as it applies to the mortgage industry. Many technologies offer free services to draw people into purchasing their premium services. Is there a way for mortgage professionals to do the same?
In many ways, most of us already do; we simply don't do a very good job promoting it. It has become customary for mortgage professionals to provide borrowers with free pre-approvals and credit reports. That hasn't always been the case, but people have come to expect it.
Part of the problem is managing expectations. If we could make a list of all the valuable information we already give away for free, I bet it could fill a book! We just need to communicate that value to our customers.
David Lykken is 40-year industry veteran who consults on virtually all aspects of mortgage banking. David hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals.
