In an uncertain housing market, mortgage companies can provide much-needed stability by focusing on something called "recurring revenue." This is basically money that comes in on a regular basis, like from people making their monthly mortgage payments.
There are a few ways to generate recurring revenue, but one of the most effective is by offering services that customers need on a regular basis. For example, a mortgage company could offer home upkeep services, like lawn care or snow removal. Customers would then pay the mortgage company a monthly fee for these services.
Another way to generate recurring revenue is by offering products that customers need to purchase on a regular basis, like homeowners insurance. The mortgage company would then act as a middleman, collecting a commission on each sale.
Offering products and services that generate recurring revenue is a great way for mortgage companies to stability in an uncertain housing market. By focusing on this type of revenue, companies can provide their customers with the stability they need during these difficult times.