Housing inventory is growing as mortgage rates are stabilizing, meaning some borrowers may be getting another chance to tackle the market.
However, many borrowers have accepted defeat and put the home search on the backburner while they wait for relief from record-high home prices.
How can mortgage lenders reach the right people during what one HousingWire expert called a “savagely unhealthy market”?
Marketing experts say the key is in the data.
Danielle Michaely, co-founder and chief revenue officer at Konnecto, recently wrote an article for Mortgage Women Magazine on how to compete online as a mortgage lender.
“[Mortgage lenders] greatly boost their chances of securing business if they can ‘divert’ consumers’ attention at the correct time on their journey and invest in the proper places to assure return on investment (ROI),” Michaely wrote.
This allows them to position themselves as the best choice over a competitor.
Michaely suggests lenders achieve this by catching customers before they decide where to get their mortgage, and assessing all data sources to get a “complete picture” of mortgage shoppers.
According to HousingWire, there’s been an increase in homes on the market and price reductions for the first time in three years, and inventory is expected to increase “significantly higher” than originally forecasted for 2022.
These figures are still at record lows, historical data considered, but it’s still a move in the right direction, experts say.
CBS News called the turn of events a “bright spot in the market,” citing a 29% increase in inventory based on Realtor.com data.
So, what can mortgage lenders do with this information?
Marketing experts say that by executing and analyzing data on customers, mortgage lenders can discover the exact journey a mortgage shopper takes prior to making a lending decision, and capture them at the precise stage.
By studying potential customers’ online behaviors, including which websites they explore for information before they make their next move, lenders can accurately target shoppers.
Marketing experts acknowledge that this journey can seem complicated to those who aren’t familiar with all available data sources, or which sources to examine.
Many lenders choose to hire a digital marketing agency or content marketing manager for their team.
These experts understand how to use data to drive traffic and capture more leads, and they can help mortgage professionals build the right types of content their customers are seeking.
Experts say the best place to start with a data-driven strategy is to dig into where the customers get their information, what makes the business unique, and what it would take to get the customers to inquire about what a particular company has to offer.
Photo by Tierra Mallorca.