How sharing what works for you benefits all
Last week we asked you, our loyal viewers, to share what’s helped you attract potential HECM borrowers and grow your business. Well, several of you took the time to submit your ideas. Thank you, sincerely. Here are a few.
Networking and calling on attorneys. Many have created and nurtured relationships with attorneys who specialize in estate planning, senior benefits, Medicaid, real estate. The real advantage is their clients implicitly trust their attorney’s recommendations, and if they recommend you, there’s no better lead.
Another viewer uses focused newsletters. While many are sending out a generic newsletter template to their entire database this seasoned pro uses a more targeted approach. “I believe it is our focused newsletters sent to specific lists of potential borrowers that sustain our business and many times we get calls years after the first contact stating that the reason we are being contacted is the newsletter”, he said.
1 Comment
The problem with the suggestions is none comes from thinking outside of the box. It is the old tried and true.
I’ve done several ride alongs both as the critic and as the one being criticized with a view for positive improvement. It is the old tried and true as well.
As long as these are the “new” ideas praised by our thought leaders, it only exposes the level of stale thinking haunting the industry. Our thinking is so powerless that we are still waiting for external events such as the purchase of Synergy One by Mutual of Omaha Bank to turn things around for the industry as whole. Unfortunately, external events like this only prove the creative impotence of the industry as a whole.
Surely there is one new idea percolating out there in the industry. It is tiring to hear about community banks and credit unions saving the industry. It is like hearing about working with boat companies. Can someone tell us how many seniors over 62 buy boats who need a HECM to finance that purchase who also qualify under financial assessment?
We need ideas that will penetrate at least another 2% of the 98% of the senior market who are not currently originating HECMs. As of yet, most ideas are simply a twist on what already exists or a poor idea.