The mortgage industry is extremely competitive – so when the pipeline dries up, what can you do? Make the most out of every deal you have and use innovative techniques to find new business. You can achieve this by looking for upsell opportunities on existing deals and also by leveraging your tools to find new business.
How can you do this? Here are a few great ways.
Help your clients see ways that they can leverage home equity – for example, review their last credit report to see if they dealt with all debt. Maybe a debt consolidation makes sense. If they had secondary financing, maybe it makes sense for them to roll all their mortgages together – check out their mortgage renewal dates and closure clauses.
Educate clients on their current property standing. It’s a hot market and it might be the right time to sell! How can you do this – by looking at what the home could be worth now if sold as well as what is owed on existing mortgages. Many people are not aware of what their home is worth, and showing them a number well above what they assumed the value to be could be a great motivator.
Tools like Purview For Mortgage Brokers (for agents and brokers) and GeoWarehouse (for agents who are also real estate professionals) are both excellent tools that you can use to estimate property value and look at registered mortgages. Both provide excellent resources as well as reliable data sources. These tools can be used both in your everyday routine as well as to find those deals you may not have noticed.
Look through the deals you have funded over the past year or two and then use your tools to see how things have changed. In a hot market, things change fast, and these changes could equal upsell opportunities.
Don’t have great tools? Consider if your brokerage/broker principal is providing you with access to the tools you need to be successful. If not, it may be time for a change.
If you are an agent or broker who is looking to investigate new opportunities, please reach out to Paul Mangion, principal broker at The Mortgage Center 416 204 0156 or email firstname.lastname@example.org.