Mortgage industry events, interest rate announcements, Canadian housing market index price numbers and other housing information, Market Insights reports, and much, much more. Maintaining our commitment to giving you MORE!

Data Power: The Force Was with You the Entire Time

  • October 3, 2019
  • Topics: Uncategorized

You want to find more opportunities, drive more business, and close more deals… However, that may feel next to impossible at times, especially when the housing market is slow.

If you are tempted to give up — do not do it!

We have good news. Like Luke Skywalker in Star Wars, the force has been with you the entire time.

Like in Star Wars, the data power is all around us, but invisible to the naked eye. Unlike the force in Star Wars, however, you do not have to face Darth Vader or head to Dagobah to train with Yoda to learn the secret.

Instead, look to the tools already at your disposal.

Your property data tools are the key to finding more opportunities and driving more business. The very same tools can be used to tighten closing rates and enhance client-lender experiences. Additionally, those same tools can even be used to identify upsell opportunities!

You may already be using these tools in your mortgage business. The trick to accessing the force is to think about how else you could be utilizing them.

For instance, if we use the example of an Automated Valuation Model (AVM) you can see how it can be extended to boost any of the above scenarios:

AVM for Finding More Opportunities and Driving More Business

 You can use your property data tools to search for properties in a specific neighbourhood or region, or by demographic. If you have a niche market, or a particular segment that you target, you can search for properties matching that description.

You can even use the AVM tool on properties you find to estimate value before someone comes to you. You could use this information to go to the property owner and let them know about the potential opportunity.

You could also use the AVM as a sales tool and offer to estimate property value for clients free of charge, or for a nominal fee, to generate leads.

AVM for Tightening Closing Rates and Enhancing Client-Lender Experiences

The same AVM information can be used further down the mortgage application process. The sooner you identify a property value estimate, the more you will be empowered to do.

An AVM from Purview, for instance, also provides you with other property details, including legal homeowners, registered mortgages, and aerial imagery. This can be used to stop a bad deal from going too far, making it so that only the deals likeliest to close go through to the lender stage.

This enables you to tighten closing rates and improve the experience for yourself, your clients, and your lenders.

AVM for Identifying Upsell Opportunities

 The same AVM can be used to find upsell opportunities. By learning the estimated property value early on, you may find there is more value than you realized in the home. You can use this to upsell your clients sooner in the process.

Similarly, you could also use an equity estimate to identify the available equity for those who are not looking for a new mortgage but may be interested in refinancing or accessing another product, like a home equity line of credit.

The possibilities do not stop there. When you have property data tools that allow you to do more, the opportunities are practically limitless. In fact, you may just find that the secret to mortgage business growth has been with you all along.

Unlock your own data power today by learning more about Purview’s property tools or customizing your solution if you are a current user. Contact us at 1-855-787-8439 or visit www.purview.ca to ensure optimal use.

May the force be with you!

Purview is just one of Teranet’s Financial Services Solutions; stay tuned for our upcoming portfolio unveiling!

« Back to Blog