By Michael Foster
The economy is booming and consumer confidence is soaring. Usually that is an easy win for mortgage marketers, but lately it’s become more of a challenge.
To understand why, let’s back up a bit.
The biggest news in finance since the end of 2015 has been the Federal Reserve’s plan to raise interest rates. While that didn’t hit LIBOR and mortgage rates for a few years, it finally did at the start of 2018. Add on to that the fact that housing prices have risen for over a decade and now, in almost all of America, the average home costs more than it did before the 2008 crash, and it’s a tough market for a lot of homebuyers—especially since wages have barely budged in the last decade.
While this doesn’t mean it’s impossible to find people who can afford to buy a home, it does mean finding qualified homebuyers is getting harder. And even if homebuying has picked up from 2009 lows thanks in part to loosening credit standards in recent years, there are still a lot of would-be homebuyers who simply can’t get the mortgage they want.
Unfortunately, a lot of marketers are trying to turn those unqualified buyers into leads, and this is where the heartbreak begins.
What’s needed now more than ever is a marketing approach that takes into consideration the realities of the housing and mortgage markets when planning a marketing campaign. But that’s only half the battle: mortgage marketers also need to bring that knowledge to the data and use it to target would-be qualified buyers in a way that gets them to convert.
The new strategies of mortgage marketing are already being used by the best in the business, but they are keeping these strategies close to the vest. Fortunately, not everyone is! At this year’s LeadsCon Connect to Convert conference in Boston, mortgage marketing specialist Chris Backe, CRM account executive at Velocify by Ellie Mae, will show how mortgage marketers and home sellers have benefited from taking advantage of the latest technology to unlock insights and discover potential leads that they would never have discovered with a more traditional approach. Velocify’s approach to streamlining the sales process is just one of the many developments in mortgage marketing that has made a once hair-pulling, stressful consumer experience into a much easier and more user-friendly one.
Join Backe as he teams up with Michael Ferree of Anomaly Squared to discuss the challenges and opportunities mortgage marketers are facing in this interest-rate-rising and inventory-constrained housing market, where data and technology drive sales and help marketers distinguish between dead ends and success. Meet them both at LeadsCon Connect to Convert, where they will lead the conversation on Thursday, Oct. 4.