With the unpredictable housing market many lenders and real estate agents are looking for additional ways to grow their business. Buyers are still turning out in droves to get a new home making the home buying market extremely competitive. For lenders and real estate agents, this could lead to opportunity within the market if you’re positioned well to take on the increasing demand and competition. To help you grow your business in 2022, and to help improve homeownership nationwide, here are some tips and resources on using Chenoa Fund down payment assistance from the CBC Mortgage Agency team!
Target first-time homebuyers. There are a lot of homebuyers in the market right now, and a good portion of them have never bought a home before. They are looking for someone who is honest and reliable to help them feel comfortable as they make one of the biggest financial investments of their lives. Many of these homebuyers have heard of down payment assistance programs through Facebook or TikTok and are looking for someone who can connect them with financial assistance. With this information in mind, make clear in your advertising how much experience you have with home purchases for first-time homebuyers, and don’t forget to mention any down payment assistance products that you can connect your buyers with. This will help you reach those sometimes timid first-time homebuyers, but the message will still ring loud and clear to other homebuyers, too!
Refine your educational content. Part of building a reputation of being honest and reliable comes from teaching your buyers so that they can make educated decisions for themselves. If you have been in the industry for a few years, you probably know your stuff, but how good are you at teaching complicated home buying topics to buyers who don’t have your years of experience? Try inviting a friend or family member who isn’t a part of the industry to coffee and practice explaining in thirty seconds something that first-time homebuyers often find confusing. Once you’ve mastered simply and quickly teaching difficult things, you can take that skill and apply it to wherever you advertise—social media, billboards, personal connections, etc.
Network, network, network… network. You’ve probably been given this information a million times before, so we’ll keep it brief. Building your business does not mean reaching out to buyers exclusively; you can get a lot more done when you have friendly relationships with other lenders and realtors. Many loan officers are able to find extra deals by keeping a friendly relationship with a few realtors, making sure that clients referred by them are given the extra mile of customer service, which in turn makes the realtor’s service more valuable in a cycle that feeds on itself quite nicely.
Webinars and targeted events. People tend to feel more comfortable when they can meet their real estate agents or loan officers in person before making any commitments. Or, barring a physical meeting, at least seeing their agent live on a webcam can provide some comfort and help a buyer determine if he or she feels like you are the right fit. So set up a webinar or home tour, or attend meetings and conferences set up by third parties, and make sure to be friendly and conversational.
Make use of free marketing material. For loan officers and real estate agents who use the Chenoa Fund down payment assistance program, why do extra work when you don’t have to? Check out our Lender’s Toolkit and Realtor’s Toolkit to find complementary logos, flyers, email campaigns, and more. These materials are sure to catch the eye of your potential buyers and save you some work! You’re also encouraged to visit our website to learn more about the program and even use the LiveChat on our website.
CBC Mortgage Agency™ – NMLS 1186381
For licensing information, go to www.nmlsconsumeraccess.org.
Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 – 1-888-473-4858. Georgia Residential Mortgage Licensee, License # 1186381