Business Plan, For Mortgage Professionals, Targeting First Time Home Buyers
The housing market, combined with the recent tax incentive, has created a new target audience for Realtors and Loan Officers. The need for a sales and marketing plan to address education, building relationships, and communication will generate increased business for the Loan Officer and Realtor to provide assistance to first time home buyer.
The housing downturn has created significant demand for homeownership, especially among first-time home buyers (FTHB), according to a survey on Realtor.com. That is great news for the real estate market, but there are some significant challenges that Realtors and Mortgage Professionals will face.
First challenge: Looming Deadline with NO PLAN
November 30th, 2009 is the date the tax credit goes away. That’s 5 months from the day this article was written, which seems like a long time but the reality is that it will be here before we know it. Those who plan on taking advantage of this opportunity need to have a well thought out, fool-proof plan to execute. The sad reality is that people have been/were so busy with refinance business that they didn’t have time to build a plan. Others are starving for direction and want a plan but don’t have the “know-how” to build one. A strategic sales and marketing plan includes tactics that keep your plan within the necessary timeline.
Second challenge: Weak Relationships
FTHBs are tricky and require a strong relationship and good communication between the Realtor and Loan Officer. As a result of the recent low interest rate environment or “mini refi-boom, mortgage companies focused much of their efforts and time on capturing the refinance opportunities, not building relationships with Realtors. The result: many Realtors were left unattended. Relationship marketing tactics are needed to generate a successful partnership to meet this challenge.
Third challenge: Weak Value Propositions
Everyone knows that Loan Officers need to partner with Realtors but the question is , “why would they partner with you?” Good service and low rates are overused clich
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The housing market, combined with the recent tax incentive, has created a new target audience for Realtors and Loan Officers. The need for a sales and marketing plan to address education, building relationships, and communication will generate increased business for the Loan Officer and Realtor to provide assistance to first time home buyer. The housing downturn has created significant demand for …
Good day my friends. I wanted to take a moment and share some thoughts on the Portland home mortgage market and how we as local mortgage and real estate professionals need to get back to the basics of marketing. My personal journey in this mortgage business started over 12 years ago and I recall a time when the telephone and a handshake was enough to secure a client relationship. The computer was …
Good day my friends. I wanted to take a moment and share some thoughts on the Portland home mortgage market and how we as local mortgage and real estate professionals need to get back to the basics of marketing. My personal journey in this mortgage business started over 12 years ago and I recall a time when the telephone and a handshake was enough to secure a client relationship. The computer was …
If you have been struggling with trying to stay in business, you’re not alone. The slow economy has been responsible for affecting the lives of millions, for the US and everywhere else. American’s President Obama has seen what homeowners, companies, and consumers are going through, and put forth a $787 billion stimulus in February of 2009 to promote economic growth. Among those who are pegged to r…
If you have been struggling with trying to stay in business, you’re not alone. The slow economy has been responsible for affecting the lives of millions, for the US and everywhere else. American’s President Obama has seen what homeowners, companies, and consumers are going through, and put forth a $787 billion stimulus in February of 2009 to promote economic growth. Among those who are pegged to r…
If you just graduated from college and you want to avail of first time buyer auto loan then probably on online auto loan could be what you need. Also, keep in mind that lenders need to be assured that you can pay your auto loan promptly so it is necessary that you are at least working at your job for at the past six months before you can apply for first tie buyer auto loan. Online auto loans do no…
Applications for U.S. home mortgages rose for the first time in a month last week as interest rates eased and purchase activity picked up, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage … Go to Source…
Under the $75 Billion on the 2009 Stimulus Package, President Obama has come up with a way to assist millions of American homeowners in being able to avoid foreclosure and bankruptcy, while providing banks with $1,000 incentives each time they assist homeowners in completing a modification on their loans. Here’s how to know if you are eligible and what to do if you are: * Research the many options…
Under the $75 Billion on the 2009 Stimulus Package, President Obama has come up with a way to assist millions of American homeowners in being able to avoid foreclosure and bankruptcy, while providing banks with $1,000 incentives each time they assist homeowners in completing a modification on their loans. Here’s how to know if you are eligible and what to do if you are: * Research the many options…
Details of President Obama’s housing affordability plan have been rolled out and it is estimated to help 1 out of every 9 homeowners obtain a mortgage refinance to avoid foreclosure and stay in their home, even if they owe more than the current value of their home. Out of the total $787 billion dollar economic stimulus plan, Obama has earmarked $75 billion to alleviate housing and mortgage problem…
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