I’m selling my house. No, I’m not trying to turn MGIC’s blog into craigslist or Zillow. My posts on MGIC Connects are still aimed at providing mortgage professionals ideas to increase their business. Today’s tip: I’m selling my house.
We’ve wanted to sell our home for a while. We’ve lived there for 12 years — much longer than the historic average for a family to stay in their home; however, as it turns out, it’s very typical to many other current homebuyers.
The National Association of Realtors® shows that there has been a significant jump in the number of years families remain in their homes.
There could be a few reasons for this change. Home prices fell, and, if they’re not underwater, homeowners may have felt they would not have received their idea of a fair price. Or it could be the lack of homebuyers in the market… or perceived inability to get a loan. Regardless of the reason to stay rather than sell, what this represents is pent-up demand — and a great mortgage opportunity.
So what does that mean to you, assuming you are not in the market to buy a home in Menomonee Falls, Wis.? Well, here’s the thing: Once we sell our home, guess what we are going to need? That’s right, another house. And with that next house, another mortgage. So selling my house will be an opportunity for a real estate agent and an opportunity for a loan officer, not only in terms of a mortgage, but also in terms of a good reason to approach a real estate agent.
So at the very least, now is a time to reach out to past clients, not simply to ask whether they’re interested in refinancing, but rather, whether they’re thinking of selling their home.
Jennifer Du Plessis
I heard a great idea along the same lines from Jennifer Du Plessis. Jen is one of the featured speakers on a current Top Producer Round Table tour and host of of Mortgage Lending Mastery podcast. (The tour is produced by CMPS Institute, and MGIC is a proud sponsor. Click here if you’re interested in upcoming dates and in receiving an MGIC discount.
I attended the event last week, and one of the many tips and tactics I heard was the idea of offering first-time home seller events. So many lenders are focused on the first-time homebuyer right now. In fact 52% of lenders say they are increasing their marketing to first-time homebuyers in 2015. And with good reason.
But reaching out to those who are looking to sell their home, especially if it is their first time, is a chance for you to stand out from your competition — a chance to reconnect with clients before they even begin shopping for a mortgage.
You could put on a seminar — which I’m guessing your top real estate partner would love to be part of — or create a short paper, YouTube video or blog with tips and advice to the seller. That would give you something to use in an e-mail campaign, promote in your social media efforts and, even better, something to mention and offer as you call your past clients. As cliché as it is, a little out-of-the-box thinking will go a long way.
Speaking of boxes, do you have any? I need to pack.Tags: Mortgage Industry, Mortgage Opportunities, Mortgage Strategies, Real Estate