For those who read my article called “How to give referrals to loan officers without spending a dime”, I wanted to give another idea along similar lines.
Again, changing the conversation with your existing clients in your book of business can lead to a huge database to refer to your centers of influence.
In the first article on this topic, I talked about reaching out to homeowners in your book of business, and talking with them about the possibility of removing their PMI (Private Mortgage Insurance) fees from their mortgage payments.
What about RENTERS in your existing book of business??
Here’s the deal – Renters are getting HOSED! I bought my house in April 2014, and my home went from $234,000 to $370,000 in value in the last four years – What has this increased value done to renters?? My mortgage payment is $1550/month. The house right across the street from me RENTS for $2395 – Same exact square footage, and SMALLER yard than what I have.
YIKES! They’re paying $800 more than me, because they’re renting! Yes, renters are getting HOSED!
Most renters are just used to overpaying, and they ASSUME they aren’t ready to qualify for a mortgage. BUT, the reality is that there are SO MANY loan programs available out there, even for those with low credit (as low as 580 credit score like FHA loans) and those who don’t have much money for a down payment (as low as 0% down like USDA loans) but most people don’t have any idea what these loan programs are. Sad, huh?
You know who knows about these programs? Loan officers! Who do you want referrals from? Loan officers! Ummm… light bulb!
Help your clients who are currently renters to see the wisdom in at least STARTING a conversation with a loan officer to see what options they have. Change the conversation! Do what other agents are NOT doing, and talk with your clients about topics that have NOTHING to do with insurance, but are an amazing help to your clients, such as – How BUYING a home is actually CHEAPER than renting – Think they’d appreciate that conversation?