Attracting first-time homebuyers will become an essential part of the loan mix as the refinance wave slows down and the purchase market becomes a stronger focus for loan originators.
Even as rates rise, millions of new homebuyers are entering the market to achieve the American dream and purchase their first home.
Here are some key strategies lenders can use to locate consumers looking to enter the housing market and helping them become customers for life.
Know Your Audience When Attracting First-Time Homebuyers
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Gen Z is motivated and ready to buy. According to a recent study by Bank of America, 59% of prospective homebuyers between the ages of 18 and 23 want to buy within the next five years, meaning they would own a home before the age of 30.
To earn the attention of this audience, having a presence on social media channels such as Snapchat, Clubhouse, and Instagram will help give loan originators a platform to reach the young first-time homebuyer.
Another method of attracting first-time homebuyers is through customer segmentation. Surefire comes standard with database segmentation technology that will focus your audience type and give you targeted messaging.
Down Payment Assistance Programs Can Make The Difference
According to Mortgage Reports, there are more than 2,000 down payment assistance programs nationwide. There are many options available and vary by location. The easiest way to find the right assistance program in your area is through a simple online search.
Many prospective homebuyers can use this assistance and many times down payment assistance can help lenders with overall pull through. It’s a win-win for the lender and the borrower. Knowing how downpayment assistance programs work and communicating the benefits can be very beneficial for loan officers and their borrowers.
Be Quick, Responsive, and Everywhere
Since many first-time homebuyers are younger, they expect quick responses and immediate engagement when reviewing options. Loan officers will need to be ready and equipped with a system that can help them engage quickly with prospective borrowers across multiple channels, including phone, email, social and text.
Video is also an excellent way to reach first-time borrowers quickly. Sending inline educational videos through text is a personal and fast way of engaging with prospects. To see a great example, be sure to check out Surefire’s newest Power Video offering when you get a chance.
Consumers are looking for a personalized experience with omnichannel engagement. Originators can set themselves apart when they create a best practice of engaging quickly with borrowers across a number of different touchpoints.
Build Your Referral Partnerships
Agent partners are still one of the best lead sources out there when it comes to finding new homebuyers. In most cases, first-time homebuyers start their journey through a real estate agent and it’s very important to build relationships with a number of different agents in order to become a trusted source for them and prospective borrowers.
One way to set yourself apart is using technology to find new partners and stay in touch with all parties during the loan process. Surefire CRM’s integration with MobilityRE is a great example because it gives loan officers the market intelligence they need to seek out highly productive referral relationships and create co-branding opportunities.
Surefire provides access to the most extensive property listing coverage of any CRM, allowing lenders to generate Realtor-co-branded websites for individual properties using data and images pulled straight from the listing data. As these Single Property Sites collect leads, Surefire CRM automatically goes to work nurturing those leads with co-branded, multi-channel marketing campaigns.
Be the Advisor and Subject-Matter Expert for First-Time Homebuyers
Borrower education is critical to attracting first-time homebuyer business. Consumers will appreciate a consultative approach, versus the traditional sales-focused communication.
Leveraging content that is timely and relevant can help automate some of the educational processes. Loan advisors who leverage a top mortgage CRM like Surefire can utilize the following tools when educating new homebuyers:
An Award-Winning Content Library
Access educational content specific to new homebuyers that can be delivered across email, print, video, text message, and voicemail.
Don’t have time to browse? Surefire’s Blueprints for Success make it easy to get started with recommended workflows for prospects, in-process loan applicants, and past clients based on industry best practices.
Customized Messaging and Collateral
Apply your branding (or a referral partner’s) in a snap. Prefer to send something totally unique? Customize our content or upload your own collateral.
Incorporating the following strategies can help loan originators become an ongoing source for new homebuyers with the overall goals of earning the business and creating new customers for life. Start attracting first-time homebuyers with intuitive marketing automation and book a Surefire demo today!
Vice President, Client Strategy
A seasoned digital marketing executive and mortgage veteran, Rick has spent over 20 years leading successful teams and guiding hundreds of marketers at large global brands, mortgage companies, and advertising agencies. With a background in marketing automation and financial technology, Rick helps marketing teams drive results with the latest strategies.