The housing market is still on fire, with home sales in 2021 reaching 6.1 million units, the highest number since 2006. The boom is continuing into 2022, which may prove to be the biggest year yet. Even though home prices are historically high, various factors such as low supply, increased demand, the high cost of building new homes, and continuing low-interest rates are factors in this market explosion.
The low-interest rate is driving another part of the housing market – the demand for mortgage refinancing. Homeowners and commercial property owners who want to stay put are also looking to take advantage of the current market. But they need to move now. Financing rates are surging much more quickly than expected, rising from rates in the 3% range in 2021 to a March 2022 level of 4.72% for a typical 30-year mortgage. Expectations are that the rate will continue to rise, so you should be able to find mortgage refinance leads now if you employ the right strategies.
Cultivate Relationships with Real Estate Agents
Creating relationships with real estate agents is one way to drive your business. This strategy is key for finding mortgage leads, but it also works for refinancing prospects. Realtors remember which of their past clients are locked into higher-rate mortgages. If they are skilled realtors, they stay in touch with these clients, which means they should know who is looking to refinance.
You can cultivate these relationships by checking in regularly with key relators, so they know you have an ongoing interest in the connection. You should also make certain that you are marketing to realtors and real estate prospectors through email and social media. These connections are vital to your efforts. But remember, you have to reciprocate by offering them valuable information and leads as well. No profitable relationship is a one-way street.
Create an Excellent Website
Every serious business has a website, but not all websites are attractive and easy to navigate. In reality, the mortgage industry is not known for having the most engaging web pages. And in the financial industry, user-friendly sites are extremely important. Some people are easily frustrated by financial issues, and in particular, financial jargon. Add those frustrations to a website that is difficult to navigate, and you’ll see prospects fleeing from your company.
Your web page needs to simplify the refinancing process and explain it in clear, easy-to-understand language. Attractive graphics, easy navigation, and advanced online and in-person customer service will do much to attract mortgage refinance leads. A friendly, beautiful site makes money issues seem less intimidating to most people.
Provide Engaging Content Marketing
You can also find mortgage refinance leads by providing free, engaging, and valuable online content for your marketing efforts. This content can be distributed through emails, blogs, and online articles and should be focused on educating your audience. For instance, in-depth articles on current refinancing rates and predictions about future rates will help homeowners and commercial property owners decide if refinancing is a good idea for them.
When they are written with SEO in mind, your articles will appear high in search engine results and attract quality prospects to your site. If they like the content, they may well turn to you for their refinancing needs. It’s an excellent way to pre-qualify your leads and establish your company as a thought leader in the industry.
If your content is not educational, then it’s really a waste of space on your website. Smart content will engage solid leads.
Advertising Still Works
Advertising is certainly not what it used to be when taking out traditional print and television ads was the preferred strategy. Now, you may still budget significant advertising dollars to those methods, but much of what you should do is online – some paid-for and some free. The beauty of online advertising is that you can more easily target niche markets, such as consumers looking for refinancing through pay-per-click ads placed on search engines and sponsored posts on social media platforms. You get more results for less money with this advertising strategy.
Google and Amazon use their vast data resources to target the right demographic groups with your ad, so using these industry giants is an excellent way to jump-start your advertising efforts. Unlike traditional advertising, your ad dollars will not be wasted on people who are not likely to be interested in your refinancing offerings.
Local Involvement
You can use the most sophisticated marketing tools out there, but they won’t be enough if you do not sell yourself as an expert in your community. Personal involvement with local organizations, charities, and community events is key to establishing your local reputation. You need to be seen as someone who is invested in the area and is trustworthy as well. Being visible in your town or city will definitely drum up more quality mortgage refinance leads for your business. There is no substitute for putting in real face time.
The Prospect Now Advantage
Anyone involved in the real estate industry can benefit from the extensive property databases of ProspectNow. Our website offers comprehensive data on over 100 million residential properties and 42 million commercial ones. We have been around since 2008, and in those years have become a trusted resource for real estate agents, property investors, and mortgage brokers.
By using ProspectNow, you can expect to close more deals more quickly, improving your bottom line and boosting your company’s reputation. Information is power, and ProspectNow has an unmatched depth of realty data.
Don’t make a move without the right information. With ProspectNow, you can easily retrieve reliable data on millions of properties. Contact us now for a free trial and learn how ProspectNow can boost your business.