Using Best Practices and Automation to Increase Revenues

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BuyerSteps Authors: Ben Bradley, Mehdi Daoudi, Rostyslav Demush, APM Blog, PagerDuty Blog

Related Topics: Marketing and Sales, Marketing Automation

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Mortgage Sales and Marketing Tips – Replace Lost REFI Volume

How Lenders Can Leverage the MLS TO Replace Lost REFI VOLUME and Generate More New Home Finance Opportunities

Interacting Within the MLS To Boost Your Mortgage Business AND rePLACE LOST REFI VOLUME

When it comes to driving more leads, technology isn’t a silver bullet. Relationships and people are the key to more business. But understanding all the available technology and knowing to leverage it can be the first step in generating more business.

In today’s fast-paced market, it’s easy for mortgage lenders to miss connections that are easily within their reach. Being connected to real estate agents can make or break your ability as a mortgage lender to properly navigate opportunities and find new opportunities within the MLS.

Making MLS Interactions Matter

When it comes to interaction within the MLS, mortgage lenders are not necessarily involved with the process, nor do they always understand the power this technology can provide to their business. In fact, most lenders completely overlook the MLS because it is, after all, a tool for real estate agents.  

For the agent, the MLS is the go-to-source for a property. While home-buyers may use online real estate search tools, agents spend most of their waking days on their MLS listing because that listing provides fuel to every other real estate search portal.  And, when the time comes for a real estate agent to show a home-buyer a property, they create property listings straight from the MLS.

So, as a lender, what are you doing to leverage this powerful tool and replace lost REFI volume?

According to Realtor Magazine, 74 percent of homebuyers consider the mortgage company referred by their agent. To increase your chances of securing that new business, it pays to have your rate information displayed in real-time on the listing itself – which means you are effectively inserting yourself into the transaction and using the power of the MLS to stay visible, connected and relevant with the agents that are sending you referrals.

Combining the Right Tools with the Right Platform

To help lenders better integrate with the MLS, RatePlug provides a technology platform that generates new opportunities for lenders by integrating loan information into the MLS listings of their partnered agents.

From there, the lender’s rates and products are used to calculate a monthly “cost to own” with PITI, HOA and other fees. Offering an affordability calculator to usher buyers through the decision-making process helps them better understand the true cost of a property.

This can also be valuable in your marketing automation efforts. By using a service like RatePlug, lenders can display their payment and branding information within the MLS — which increases the chances agents will send that information to homebuyers. That’s your strongest tool to generate more leads.

Because RatePlug’s technology is fully integrated within the MLS, it helps pre-qualify all properties available within the market. This becomes valuable to all parties involved in the home buying process (agent, LO and home buyer) and gives them all the information needed about financing the property.

Empowering homebuyers with all the necessary information to make decisions about financing a particular property is the first step in turning a home buyer into a homeowner. It’s also how you replace lost REFI volume. For mortgage lenders, that’s the first step toward securing more business.

The post Mortgage Sales and Marketing Tips – Replace Lost REFI Volume appeared first on B2B Labs.

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More Stories By Ben Bradley

Known for wearing plaid and sweater vests before they were popular, Ben Bradley is managing director of Macon Raine, Inc. (www.maconraine.com) - a management consulting, marketing and demand generation firm for technology organizations. He is a graduate of the University of Iowa and was a member of the undergraduate Iowa Writer’s Workshop. His interests include the intersection of technology and marketing. Because he was never very good at sports and doesn’t have many hobbies, his primary interests include the role of marketing on internal technology adoption, micro-finance, military uses of technology and media, self-organizing networks, network and physical security, collaboration and groupware. He frequently lectures his children on a variety of topics. Bradley was raised in Wheaton, Illinois and currently resides in Glen Ellyn, Illinois with his wife, two children and a purebred Latvian Goathound named Stella.