It has been said that successful people never worry about what others are doing. This is essentially what sets them apart from the crowd. It makes them different. Successful people are willing to do what unsuccessful people are not willing to do.
Those are interesting thoughts when it comes to the real estate industry. I know many successful realtors. Many of them have a niche market that they focus on and that makes them successful. One gentleman that I work with works in the luxury housing market. If you have a luxury home, this is the guy to call. He has become the expert and gives great advice to homeowners on selling their homes.
There is another realtor I know who specializes in first time home buyers. Her business is booming. She is willing and able to travel outside of her neighborhood into rural communities that other realtors will not waste their time doing. She is willing to help a first time home buyer even if they can only purchase a home worth $100,000. Her attitude in her approach has made her hugely successful!
The interesting thing is, that even though these two realtors have a niche market, they also never turn business away. They work with the willing which makes them both very successful.
Even though these two realtors do not have what they consider a senior market, they have been open to the idea of having a senior market and have added the Reverse Mortgage into their bag of tools.
Here is why:
Baby boomers are retiring in massive numbers. Many of them want to upsize, downsize… simply put they want to MOVE! Some have an existing home with equity and some have large amounts of money in savings. This means they can purchase their retirement home in cash! Many of these baby boomers are looking to eliminate their mortgage payment completely. And… they can purchase a home with a Reverse Mortgage!
Here is how a Reverse Mortgage is beneficial to realtors:
A senior wants to purchase a home and pay cash eliminating their payment. However, they only have $200,000 to buy this home. In most markets in California, that is not going to buy them too much. However, if they get a reverse mortgage, they can purchase a $400,000, put the $200,000 in as a down payment, and stay in that home as long as they live without ever having to make a payment.
How does that benefit the realtor?
It benefits the realtor because they are helping to fulfill a clients dream! They can get them into the house that they really want! They are helping the client to eliminate their mortgage payment. By now, the client is very happy with what the realtor can do for them and they will refer others to them. Last, the realtor is making double the commission he would have made.
How does the client benefit?
The client is getting the house of their dreams and still not having to make mortgage payments!
For more information on offering Reverse Mortgage as an option to purchase a home, please contact me directly at 559-994-3692.
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