In a recent discussion by H.W. Media Editor-In-Chief with Ty Tucker, CoreLogic Executive, Loan Solutions group on the significance of lead prospecting in the current housing market as rates keep rising, housing inventory keeps going down and lenders looking to get every borrower they can get for their business.
Tucker explained that fewer people are looking to buy homes because they are either priced out, the valuation is too high, rates are too high, and inventory is too low. As a result, it’s a difficult market in which to purchase a home. As a result, lenders are laying off employees, a massive diversion from 18 months ago. As a result, lenders have been looking for ways to improve their bottom line in these market conditions. For some, this means automating manual processes. Others see it as a return to basics to provide the best customer experience.
As such, Lenders need to be opportune to engage with hyper-targeted consumers as soon as they display an intention to buy. The ability of a lender to identify when some individuals are in borrowing patterns way early before any form of the traditional approach is practically a marketer’s dream. This is known as prospecting solutions.
With solutions like this, lenders can quickly identify prospects earlier and faster than they would have using traditional approaches. Reducing lead time to prospective homebuyer leads and getting the right message across to the leads at the right time is critical in the recent market and can be a huge means of improving margins for lenders. To read more, click here.