5 Action Steps During the Winter of Selling

As a follow up to my last article about reacting to seasonal changes in the selling cycle, here are 5 action steps you probably know but need to do. It’s like a diet … it takes action.

Reading and study your craft everyday (increase knowledge and improve selling skills) is a given. It takes action. Start with:

·?????? RETHINK EVERYTHING: You 'Know' About Being A Next Gen Loan Officer, co-authored by Brian Vieaux and Kyle Draper

·?????? 2024 Loan Originators Survey Report at LoanOfficerHub.com

·?????? Subscribe to mortgage related blogs

1. Leverage Seasonal Trends to Plan Marketing Campaigns

• Action: Highlight the benefits of buying or refinancing in the current market, whether it's lower competition in the off-season or taking advantage of specific loan products that work better at different times of year.
• Why: Understanding the market's seasonal fluctuations allows loan officers and realtors to better serve their clients with tailored advice and build urgency where appropriate. Loans Officers and Realtors must be viewed as experts in their field. Build your brand.

2. Highlight the Shift Toward Better Execution

• Action: Based on the MGIC survey findings, focus on educating clients about the best low-rate mortgage options available, such as adjustable-rate mortgages (ARMs) or government-backed loans (e.g., FHA, VA loans) that could be beneficial in the current climate especially with lower FICO scored borrowers and borrowers with little in reserves.
• Why: With more clients becoming rate-conscious, offering specific loan products that suit their needs can give you a competitive edge and help guide clients to the most beneficial option for their financial goals, but be cautious here as borrowers waiting for lower rates may lose out on the best house. Producing an amazing buyer experience wins more business than the lowest rate. Best execution does not equal lowest rate/fees/price.

3. Refine Buyer Education and Prepare for Increased First-Time Homebuyer Interest

• Action: Anticipate an uptick in first-time homebuyers by creating content and educational resources on home-buying programs, down payment assistance, and how to navigate a market with fluctuating interest rates. Push buyers toward creating a real budget before shopping rather than forcing a purchase with no reserves and a higher fail rate. Have their best interest first!
• Why: First-time homebuyers are particularly impacted by seasonal shifts in market conditions. Providing them with clear, reliable information will build trust and loyalty, increasing the likelihood of future business. People buy from people they KNOW, LIKE and TRUST – and those that are INTERESTING. You must be knowledgeable and interesting.

4. Focus on Nurturing Relationships Through Personalization

• Action: Use insights from the survey to personalize outreach efforts. For instance, if loan officers are aware of their clients' past loan types or realtors know which properties clients have been eyeing, sending targeted follow-ups or offering tailored services (like refinancing options or property tours) can build stronger connections.
• Why: Personal relationships are a key differentiator in both industries. By taking the time to understand clients' unique needs, loan officers and realtors can offer more precise advice and solutions, which can lead to repeat business and referrals. And follow up after the sale! Call your clients about filing their homestead tax exemption, ARM resets, budgeting and tax renewals, etc. Get involved. Staying engaged produces referrals.

5. Prepare for a Potential Slowdown with Strategic Networking

• Action: During slower months, focus on networking with both clients and industry partners. Loan officers and realtors should be engaged with local business associations, attend webinars, and even host workshops to stay visible in the community.
• Why: Proactive networking ensures that you stay top-of-mind when activity picks up. This is also a great opportunity to build referral partnerships that will sustain business year-round.

By acting on these insights, loan officers and realtors can capitalize on current market conditions and prepare for future shifts, making the most of both the busy and slower seasons. Take action now. Do not pause or wait until January 2 to prime your pipeline. Check out the 2024 Loan Originators Survey Report at LoanOfficerHub.com . Again, you need to read, RETHINK EVERYTHING: You 'Know' About Being A Next Gen Loan Officer, co-authored by Brian Vieaux and Kyle Draper.