How to prepare your umbrella before it rains

Rarely does one think of an umbrella under fair and sunny skies. Yet eventually the rains will come. The question is will you be prepared? As reverse mortgage professionals, we can see the days of low-interest rates and surging home values in our rearview mirror. During those sunny days of lending many neglected to prepare their umbrella for the inevitable market shift subsequently seeing a collapse of loan transactions as HECM-to-HECM refinances faded.

So how can one prepare their umbrella before the heavy rains, even if it’s sprinkling? Here are a few tips to best prepare. 

#1 Get serious about your database. Do you use a CRM? If not, why? If you have a Customer Relationship Manager are you using it each day to note each attempted contact, notes from conversations, and scheduling call-backs? If not you’re unwittingly sabotaging your future opportunities. 

#2 Increase your sales activity. Whether it be outbound sales calls, public workshops, or meeting with area professionals today’s market requires more contacts to generate qualified potential borrowers. 

#3 Boost your online presence. If you have a website when was the last time you updated it? Are you asking for Google reviews? Are you adding valuable content and promoting new information to your database? If you don’t have a website you might as well be invisible. Reverse Focus has the tools for those of you looking to start your online presence or even get top-ranking in your local markets. 

#4 Embrace video marketing and sales. 72% of consumers say they would prefer to learn about a service or product by watching a video. Keep this top of mind when promoting your services. You can also use video services such as Loom to screencast and explain a reverse mortgage proposal or other documents for the homeowner. 

#5 Utilize email marketing. As the saying goes out of sight out of mind. Keep in touch with your potential and existing borrowers with periodic email communications and also potential professional referral partners. Reverse Focus CRM Sales Engine automates your email communications with our workflow marketing tool. 

There’s certainly a change in the weather for mortgage lending. The question is are you preparing?