How to Get Ready for Home Purchase Season as an Independent Mortgage Loan Officer
The snow has melted, the grass is greener and temperatures are rising. Spring has finally arrived and the home purchase market is ready to bloom. As an independent mortgage loan officer, purchase season is when you and your business can really thrive. With warmer weather and summer just around the corner, a significant number of prospective clients are getting ready to sell and/or purchase a home.
As you prepare for the hustle and bustle of purchase season, let’s take a look at some things you can be doing to ensure you’re ready to hit the ground running. Remember—as an independent mortgage professional you are uniquely positioned as an invaluable partner in the home buying process!
1. Follow up with potential home buyers and borrowers
Now is the time to comb through your contacts and re-connect anyone that could be or know a potential homebuyer. Use this as an opportunity to bring them up to speed on the status of the housing market and ensure they’re prepared with all of the essential documents needed to take out a home loan. The home-buying process moves fast, so the more your clients are prepared ahead of time, the smoother the process will go for all parties involved.
2. Connect with real estate agents
Take some time to check in with local real estate agents and see how you can help during this purchase season. You both act as referral networks for each other another, so before things get too crazy, take some time to figure out how you can both add value to each other’s services. Remind them that you can provide on-demand pre-approved or prequalified letters, or how quickly you can help get their borrowers to closing. You can learn more about building relationships with real estate agents here.
3. Check in with lenders
Hop on the phone with your partners from the lenders you work with. Get a feel for what offerings will be available so you can get your clients the best possible home loan for their financial situation. Wholesale lenders often offer free tools to help you find additional leads and promote yourself effectively during a time when the market is heavily saturated with competition.
4. Get in front of your local community
With so many real estate agents and financing options in the area, it can be overwhelming for potential clients to choose who they should work with. As purchase season ramps up, find ways in which you can stand out among all the noise in your local community like sponsoring a local event or sports team, or hosting a free educational session. The goal is to have potential clients think of you first when it comes to their home financing needs.
5. Educate yourself on current industry trends
The industry changes rapidly, which makes it important to ensure you’re up to speed on the latest news and trends. Your clients are going to rely on you as their expert to walk them through the process, so being 100 percent confident on the latest happenings in the industry is a must.
For independent loan officers and mortgage brokers, this time of year is a great opportunity to build and grow your business for the long term. Making a good, long-lasting impression with clients will keep you top of mind for future home-financing needs, including refinancing options down the line. Now is the time to take the proper steps to remind your clients that you can get them into their dream home or loan—and you can do it more quickly and easily this purchase season. Let’s get to work!
Are you interested in becoming an independent mortgage broker or loan officer? It’s easier than you might think — especially with our team at BeAMortgageBroker.com helping you every step of the way.