Getting Through the Autumn Mortgage Loan Slowdown
The end of summer will be here before you know it. Soon, the leaves will be changing, the weather will turn cool and crisp… and potential homebuyers will pull out of the housing market.
There’s no single reason for a slowdown in mortgage loans during the fall, but there are many factors at work. Families with children settle in for the beginning of a new school year, reluctant to consider a move to a new district unless absolutely necessary. Curb appeal is difficult to maintain when yards must be raked often. Earlier sunsets mean fewer after-work house hunts. Snow and ice season begins in higher elevations.
Fall slowdowns are reasonably common in the mortgage industry – so why not plan for them like you do with any other predictable situation?
Planning Is the Key
Think in classic terms of supply and demand. You know there will be fewer homebuyers looking to buy in the fall, so you know that you’ll have to work harder to find them and give them a reason to choose you.
What can you offer in terms of a seasonal advantage? Do you have the means to create special deals or incentives? Do you have insight on a particular market segment that your competitors don’t?
It may seem strange to use your busier times to think about planning for the slower times, but planning ahead is vital to maintaining a smoother stream of business.
Stay Current with Local Trends and Highlight Them
Clients can be bombarded with outside information on a national level that may run counter to your local market. For example, potential clients may be discouraged by national reports of rapidly rising home prices and short supply while your local market is well stocked and reasonably priced. Convince them that fall is an excellent time to buy where you live.
Consider using a newsletter or social media posts to enlighten clients on what is really happening in your area. Focus on opportunities that may not be evident to the casual housing market observer.
Manage Your Leads Wisely
Have you been so busy in the summer that your lead management system has been falling behind? Use the fall not only to catch up on any organizational shortfalls, but also to re-evaluate how well your system works throughout the year. Do you need to upgrade your lead management system, or go to a different one altogether? Don’t be afraid to ask your mortgage lead provider for assistance. Call (310) 209-8600 to see how LeadPoint can help.
Better Late Than Never
Fall may be upon us soon, but it isn’t too late for you to do last-minute preparations. Take a hard look at your pipeline of leads, and if it looks thin, consider supplementing it with a reputable outside source.
Use the time to prioritize leads and investigate dormant leads that may benefit from a little fresh attention. Weed out any leads that are non-starters.
Review your advertising efforts. Are they paying dividends in closures? Can you refocus your campaigns and even give them an autumnal twist?
Regardless of the path you choose, don’t let your post-summer efforts “fall” short. (Sorry, we couldn’t resist.)