According to Freddie Mac, due to a housing supply shift, more homeowners are beginning to age in their existing home rather than upgrade into a new home. Unfortunately, this shift makes it increasingly difficult for millennials to purchase inexpensive starter homes like previous generations.
Because of this change in supply and demand, loan originators must find a new approach to sell their products and services. This revises the scope of work and role a loan originator must play in the advertising and prospecting domain. While traditional marketing and selling roles are being replaced, an adaptation to digital technology and online platforms must occur.
Unfortunately, it is no longer sufficient for a loan originator to contact a customer once they show up as a lead in their mortgage pipeline. Loan originators must start reaching out to their prospects earlier in the purchasing process, way before their customer even realizes that they even want/have the means to purchase a home.
So, how is this possible?
This is done by keeping your brand top-of-mind to your buyer and marketing continual services digitally to expand your sales funnel—something we call staying relevant.
In order to survive in an automated mortgage environment, it is becoming clear that a loan originator must also perform the role of the digital marketing specialist and the sales professional in order to optimize sales potential.
How to prospect in a digital landscape: