Last week's headlines provided plenty for Mortgage Loan Officers' (MLOs) and Realtors' to-do lists: Rents are up and so are mortgage interest rates. Here's what happened: The first weekly drop in interest rates of 2018 came in the week ending March 15 according to Freddie Mac's Primary Mortgage Market Survey (PMMS), but they rebounded when the 10-year Treasury surged on news that the Fed enacted an expected quarter percent increase.
Meanwhile, median rent across the country rose 2.8% over the past year, the fastest pace of appreciation since May 2016, according to Zillow's February Real Estate Market Report. Zillow's release also points out that potential buyers will have 10% fewer homes to choose from than a year ago going into the traditional home-shopping season. The combination of these factors makes it a critical time for MLOs and Realtors to reach out to renters via multiple marketing channels.
Remaining relevant and consistent in a long sales cycle is impossible without organization and technology. Co-marketing is a solid approach for MLOs and Realtors when it comes to staying in contact; however, technology can also be leveraged to drive sales in addition to the appointments that you hope will eventually turn into transactions.
For example, MLOs partnering with listing agents can create single property websites quickly and easily and promote them across social media. You can also leverage free Facebook features to target specific audiences and maximize your exposure: Access a free guide to do this here. Promoting listings along with Realtor partners is a great way for lenders to position themselves at the point of sale when buyers are ready to transact, and to connect with sellers who may be planning to purchase another property.
Tight inventory has been an issue for some time now, and everyone knew mortgage interest rates couldn't remain "at historic lows" forever. But we've reached a true point of reckoning where the companies, teams and producers who laid the groundwork to succeed will pull away from the pack as these shifts and changes occur. Is your marketing arsenal stocked and ready?