Andrew Marquis, a loan officer and the founder of Marquis Mortgages Inc., recently shared his thoughts on the mortgage market and how to succeed in a low-inventory environment. Despite the effects of the ongoing pandemic, Marquis remains optimistic and confident in the industry’s ability to continue to provide sound home mortgages in a challenging market.
Andrew Marquis has been a loan officer and founder of Marquis Mortgages Inc. for three years. Having grown up in Haverhill, MA, he brings a knowledgeable background concerning the mortgage industry and shares his insights in the current state of the market. Despite the lack of home inventory, Marquis believes that it is still possible to close more loans, but this requires a different approach.
One of the strategies he mentioned involves diversifying customer base. Rather than just focusing on first-time, millennial buyers, Marquis acknowledges that there are still other potential buyers who, due to various reasons, have yet to enter the market. He mentions focusing on generations such as Baby Boomers and Gen X, who have the financial ability to purchase and close on homes, but who still require the services of a loan officer to help them identify and assess their needs. Additionally, Marquis acknowledges the importance of leveraging technology and training loan officers accordingly. By understanding and leveraging the digital platforms to their advantage, loan officers can find more efficient and effective ways to market their services, as well as feature their current inventory.
Last but not least, Marquis advocates for loan officers becoming more creative and proactive in order to close more loans. He recommends looking beyond the big-name lenders and expanding horizons to small and local lenders, approach lenders for more creative financing options such as seller-financed loan exceptions, and utilizing short-term rentals for customers who want to get away from the traditional mortgage process and utilize their current income more effectively.
Andrew Marquis’ strategic advice remains valid even during trying times. While the shortage of home inventory in the current market can be a challenge, by understanding and utilizing new perspectives, loan officers have the potential to close more loans and capitalize on the market.
You can read this full article at: https://www.housingwire.com/articles/how-andrew-marquis-plans-to-close-more-loans-in-a-low-inventory-market/(subscription required)
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