Generating mortgage leads is a never-ending part of the mortgage business and it can take up a lot of time, resources, and money. Most lenders and brokers have a mortgage marketing budget, so how can you stretch those dollars to make the most of every cent?
Property data can really help focus your mortgage marketing. You can assess opportunities, such as emerging areas, and assess risks, like areas to avoid. You can also look at property types targeting specific types of mortgage prospects. These methods and more are what big banks use to place millions of advertising money.
You can take advantage of these resources, too. Consider the following options:
- Look for Repeat Customers
You likely have the data on hand to get a buying history for your own lending or brokerage customers, but that may not show the whole picture. Some clients or prospects may have multiple accounts with different financial institutions. Property data can help you see the whole picture. If you know the potential client’s name and/or property address, you can look up their property to see a sales history, approximate property value, recent sales in the surrounding area, and any liens on the property. This can enable you to understand the customer’s position and be prepared with a strategy for a more effective conversation.
- Use Housing Market Trends
Some reports, such as the Teranet Market Insights report and the Teranet-National Bank House Price IndexTM, can help you target your mortgage advertising even further. For instance, if the Teranet Market Insights report indicates that condo sales are continuing to do well in the Greater Toronto Area, and you sell in the GTA or nearby, you could target your marketing towards potential condo buyers or leverage financial products that condo owners might find useful. Similarly, the House Price Index can tell you the home price trends in various markets across the country.
- Find Up-and-Coming Neighbourhoods — and Areas to Avoid
With property data, like a Purview report, you can view comparable sales in a neighbourhood and get a sales history on a property. This can help you determine how home values have been increasing or decreasing in particular community. You can also assess the demographics of who lives in a neighbourhood and see if it fits your customer profile. If you’re assessing a neighbourhood and find that comparable houses have been sitting on the market forever and not selling, perhaps that is a sign that market isn’t the best one for your marketing — or depending on your financial products, that could be an area with clients who are open to refinancing or accessing home equity for renovations.
- Leverage Your Network
Mortgage lenders can contact mortgage brokers, and vice versa, to generate leads. Similarly, you may contact real estate agents, real estate lawyers, investors, developers, and more to see what trends or recommendations they are experiencing. The best part is that you can all use the same property data to verify information and make sure you’re comparing accurate figures. For instance, Purview uses the same data from the Province of Ontario Land Registry Information System (POLARIS) that Teranet’s tools for real estate professionals, real estate lawyers, and more access.
Your mortgage marketing shouldn’t be a guessing game. You need to place your dollars strategically and property data can help you do that.
Purview’s property information is accurate, complete, and current. Access your property reports today. Call 1.855.787.8439 or visit www.purview.ca.