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It’s not just Rocket Mortgage or Blink, many other mortgage lenders are launching systems for taking digital mortgage applications and handling loan closings. Seems everyone’s gotten the word. To service today’s consumer, you must have digital capabilities.
It’s not just for the Millennials but for many other consumers as well. Most want the capability to shop, apply, communicate, and close on line.
The challenge is that they also want the availability of face to face service when desired. So lenders need to offer both, equally.
But, what good are the best, most sophisticated systems if you don’t get any customers? With rising rates and a housing shortage, competition for customers is fierce. So, how do you leap frog the competition? Digital marketing, that’s how.
The traditional LO still plays a significant role in capturing the consumer. However, it’s getting more difficult with so many companies vying for their attention. Your LO’s need the tools to help them be more efficient. Along with digital loan systems, targeted digital marketing campaigns will help.
To do this, lenders need to identify potential home buyers through a myriad of sources. Sources need to be identified by social media activity, credit patterns, buying habits, and family changes.
For instance, a family due to have a child or one with a child due to start school, may be looking for bigger housing or one in a new location. Big data can help.
Once potential customers are identified, lenders need the digital capabilities to directly market their goods and services to them.
You must provide them with the information they can use in the home shopping and buying process. You still must offer the education and information needed to pre-qualify them for their financing…in advance.
An educated consumer is still the best customer. Get to them first, provide them important information, and gain their trust in the process.
In doing so, you can get the jump on potential buyers instead of waiting to find out from a Realtor, after the fact. This creates more customers for you and your LO’s.
Better get off your lily pad and start leaping.
