1. Purchase loans.
When interest rates rise, it’s an ideal time to shift your focus to purchase loans, not refinances. Always keep a good balance between purchases and refinances, so you can see market changes coming and shift your marketing efforts quickly.
2. Partner up.
It’s a great time to strengthen your relationships with your best referral partners – realtors, financial planners, etc. Expressing your appreciation for their past referrals is the best way to get more referrals. Explore comarketing opportunities to broaden your client base.
3. Give information, don’t sell.
As the financial markets evolve, you have a wonderful opportunity to be on the cutting edge of information. Become the expert and your clients will love you for educating them, not being just another sales person.
4. Open houses.
What? Loan officers doing open houses? Isn’t that usually for realtors? Yes it is, and that’s why it’s an amazing place for a loan officer to be! Get out of the office and partner up with a few realtors on high-traffic open houses and I promise you, your hustle will be rewarded!
5. First time buyer seminars.
Putting on first time and home buyer seminars, in addition with your local real estate office, is a great use of time, and fantastic way of expanding your realtor network. Be organized, have a great power point presentation, invite the media, offer some food, and video the whole thing, so the seminar can be broadcast again and again via social media.
6. Consumers with credit challenges.
When rates are low and refinances rolling in, it’s easy to keep picking the low hanging fruit, but you may have to search a little higher and wider once the refi’s dry up. Expanding your marketing into consumers with less than perfect credit scores – those who have been through short sales, bankruptcies, and debt settlement programs, is a fantastic way to fill your pipeline. Many of these folks have rebuilt their finances are looking to make home purchases again, but just need a little time and TLC. Blue Water Credit can help you market to these consumers, and coach them through the whole credit repair process so they’ll be ready to qualify for a purchase loan with you in several months.
7. Get back to basics.
Reach out for your past clients and referrals. Make calls, write note cards, send emails. Thank them for the business. See how they are doing. Inquire if there’s anything you can do to help. And ALWAYS ask for referrals!
8. Put it in context.
Too often, the financial markets are driven by greed or fear. Consumers make important decisions with limited perspectives and incomplete information, and often buy when they should sell, and sell when they should buy. Put historical trends and market changes in context for them, and they’ll recognize that now is a fantastic time to take action!
9. Delve into alternative products.
When a door closes, a window opens, so when interest rates rise and the standard 30 year fixed mortgage can’t be sold on rate alone, it’s time to jump into alternative products. Become the expert in FHA, firs time buyer programs, rehab loans, bridge loans, construction loans, and ARM’s.
10. Celebrate the wins – loudly!
Don’t forget that testimonials are a great way to attract more clients and bolster your numbers. Take photos of happy buyers when they’re handed their keys after you funded their loan. Have a feedback card in your closing package, which also asks them for a written testimonial (and asks for referrals). Post these to social media, in blogs, and attached to your email signature, and let your happy clients shout your praises to the rooftops!
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Blue Water Credit would love to hear what other strategies you loan officers are using to adapt to this rising interest rate climate, and partner up to help market your business. Drop us a line!
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