Latest / Mortgage Marketing Radio / Do Consumers Really Want a One-Stop Homebuying Experience?

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Do Consumers Really Want a One-Stop Homebuying Experience? · Mortgage Marketing Radio

0:00
In today's highly competitive mortgage industry, building profitable relationships with
0:04
the real estate agents is essential for success.
0:06
However, finding effective ways to secure agent relationships can be a challenge.
0:11
With so many mortgage loan originators vying for the attention of real estate agents, it
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can be difficult to stand out and establish meaningful connections.
0:20
Our new case study featuring loan officer Chris Cogill is a must-read.
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Chris has closed a remarkable 36 million in funded loans from agent referrals.
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And in this case study, he shares his proven strategies for building strong relationships
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with real estate agents and leveraging those relationships to drive more business.
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To get your hands on this resource, head over to LOKestudy.com and download your free copy
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of the case study today.
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You'll find actionable insights and practical tips that Chris used to close 36 million
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in funded loans from agent referrals and how you can, too.
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Don't miss out.
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Go check it out right now, visit LOKestudy.com and download your free copy today.
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Hey, what is up listeners, Jeff Zimfer, your humble host for this episode of Mortgage
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Marketing Radio podcast.
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Thank you.
1:16
Thank you.
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Thank you.
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For tuning in so much.
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I appreciate you tuning in.
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So real quick, housekeeping.
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Stay tuned coming soon, going live in the private Facebook group very soon with special
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The next step is do you have a question, right?
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Do you have an area you need to help regarding marketing or prospecting, real estate agents,
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Hey, what is your top focus for Q1 2022?
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You got a burning question, you want answered?
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So that's what you do there.
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Okay.
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So let me get into this week's episode.
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It's just you and me this week and I wanted to bring this conversation to you because I
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came across this report.
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It's in my...
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Can you hear it right here?
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That's right.
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Yes.
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I'm holding this PDF document dated January 1st, 2022 and the title of it is the complete
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real estate experience was published by ThousandWatt Consulting, which is a consulting firm in
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the real estate space that does a lot of high-end cool stuff, branding, does some research and
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things like that.
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This particular study they have, which I will link it up in the show notes.
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So if you guys want to grab it, you can do so.
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But here's how I'm presenting this to you is this is a great study with talking points
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in it to leverage with your key realtor partners.
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Not everybody, right?
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But the realtor partners who get and understand customer experience.
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So what this study is is it's the home buyer attitude towards one stop shopping for real
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estate, mortgage, and title closing services.
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So the concept is one stop shop.
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Is that what the consumer really wants?
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Because we know that companies have pursued the one stop shop business model, trying to
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provide everything under one roof.
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We've seen Zillow do it, we've seen other people do it, and home services of America grew
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to the number one brokerage holding company in America using this strategy.
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So one stop shopping is not new, but they could be more relevant than ever.
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So I want to break down some of the key points from this study and talk briefly through
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this with you about how I would be leveraging this in the field as a loan officer with my
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referral partners.
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Okay.
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Okay.
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So let me take you through a couple of highlights, right?
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There's a lot of money flowing into real estate.
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We know that investment dollars are pouring into property technology, companies, FinTech
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companies, right, in order.
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The goal is to build a better real estate consumer experience through service integration.
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We've seen Keller Williams try to do this, right?
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Non-bank lenders like Rocket and Better, right?
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They're starting in-house discount real estate brokerages to feed their mortgage business,
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right?
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And so many companies are betting their future on a complete one stop shop real estate experience.
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And thousands of while consulting wanted to know if consumers are on board for the ride,
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how do they feel about this?
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And that's what this study is going to break down.
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So is it a huge sample size?
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No.
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It's 600 homeowners over the age of 25 in the U.S. who bought residential real estate in
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the past three years.
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So these are home buyers in the past three years.
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All respondents used a real estate agent to purchase and obtain a mortgage, which means
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we filtered out cash buyers, obviously.
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57% of the respondents were male, 43% of the respondents were female.
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Okay.
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So what are some top takeaways here, okay?
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First and foremost, one stop shopping is very appealing to consumers with 90% of
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responders indicating enthusiasm and interest in this way of buying a home.
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The 10% of people who reject the one stop shopping proposition are very clear on why
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they do and their explanations, some of which will include in a moment.
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This can be very instructive for you.
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Okay.
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The same people who hold a favorable view of one stop shopping also value choice over
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speed in the transaction experience.
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Hmm.
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Interesting.
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Real estate agent recommendations are very powerful.
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Even though most people resort to having chosen a mortgage provider before selecting an agent,
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I'll give you the data on that in a moment.
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This suggests that many people are getting pre-qualified online, but ultimately take the
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personal guidance of their agent.
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For lenders, the agent channel is as strong as ever and will likely be focused on intently
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in 2022 as we fives, February.
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Large majorities of respondents to the survey are very comfortable doing business online
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with mortgage providers that also provide real estate, i.e. Redfin Zillow and would be perfectly
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willing to try a mobile base mortgage process.
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Overall, while this research indicates wide support for the model and increasing number
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of companies are providing, it does highlight areas of confusion and objection that marketers
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offering the solution should take time to understand and address.
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Okay.
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So those are kind of the highlights and takeaways.
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One thing I want to stress in there and draw your attention to is very specifically,
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you go back to it right here.
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Many people get pre-qualified online, but ultimately take the personal guidance of their agent.
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For lenders, the agent channel is as strong as ever and will likely be more so in 2022.
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So what am I saying?
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I'm saying agents aren't going anywhere.
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Agents are still a critical part of the transaction and I know there are certain crowds and people
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out there who play down agents who have negative associations to agents, companies selling
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you products and services and platforms and consumer direct lead-gen services and all
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that kind of just that are all about like screw the agent, leave the agent behind.
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And that's fine.
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That's all good and well.
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That is a business model.
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It's just not mine.
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And if we're talking about a service-based mortgage professional, ideally in a local market
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or in several local markets, the real estate agent as far as a source of business, one
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of the pillars in your business is still a critical part to that business.
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I'm not going to give it all that right here.
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Let's unpack some of the results and analysis.
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So here's the question from a survey.
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When you last bought a home, had you chosen your mortgage provider before, you began working
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with a real estate agent, 64% said yes, I had a lender picked out before I selected a real
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estate agent.
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34%?
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No.
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I was working with a real estate agent before I chose a lender and 1% of the people can't
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recall.
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Okay.
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So let's see here.
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You know, the 89% of respondents, the same people who, for the most part, report already
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having a, let me say this again.
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Call it 90%.
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It's 89%.
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Let's just say, okay, 90% of the people said their agent recommended lenders, title agents
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or homeowners insurance companies.
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This suggests to us that the chosen here may mean simply making contact with someone
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at their bank or soliciting quotes for mortgage from marketplaces like Zillow or Lending
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Tree.
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So what I'm reading from this is the respondents to this survey.
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It doesn't necessarily drill down or get very specific.
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And what they're extrapolating from this, and the point of this last comment is that it
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looks like for the most part, the people who are claiming to have already chosen a lender
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suggests that they, it doesn't say, well, we'll get into this later about how many were
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qualified or not, but they had some kind of contact with the lender.
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But that doesn't mean they were loyal or committed to them, right?
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Oh, yeah, yeah, I chose a lender.
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I fell out an app online or I did whatever, right?
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Hmm.
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Next question.
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When you bought your home, did a real estate agent recommend mortgage, lender, title, etc.
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88%.
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Yes, 11% no.
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Despite respondents pre agent mortgage shopping, nearly half of all agents who made recommendations
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volunteered these recommendations.
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In other words, while agents like to encounter buyers who already have been pre qualified
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for a mortgage, they are perhaps even more strongly inclined to try and assemble their
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team around their deal in order to ensure a successful outcome getting to the closing
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table.
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Hmm.
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So what does that say?
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That's saying a good agent, right, still wants iron-fisted client control, wants to,
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as much as possible, control certainty of close.
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And depending on what the buyer comes to the table with as a pre approved, right, mortgage,
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they are still trying to align those buyers with their preferred partners in a strong percentage
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of the cases.
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Now, this gets even more telling, stay with me here.
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The next question.
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Did you ask for these recommendations or did your agent volunteer them?
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50% asked the agent for recommendations.
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It's split right down the middle, and 50% say my agent volunteered them.
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Now check this out.
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Here's where it gets really interesting.
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The agent recommendations carry a lot of weight, half of respondents claimed to have used
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all of the service providers recommended by the agent.
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Only 3% said they didn't use any 44% said they used some, but not all of the recommended
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providers.
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Folks, the real estate agent recommendations carry a lot of weight.
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My question is, are you getting recommended?
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I know many of you are.
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Are you dealing with the three-card approach, right?
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Are you dealing with an agent who, when somebody comes to them with a pre approval, just
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says, okay, that's great.
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Cool.
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Let me take a look at it.
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They're not asking their preferred lenders, you, to get a second opinion.
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Very interesting, very interesting.
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We're going to continue to get into this, okay?
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Question 4.
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Did you use the mortgage title and homeowners insurance providers or agent recommended?
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52%.
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Yes, I used all of them.
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62% used all of them.
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Nearly 60% of respondents indicated their agent worked at a company with its own mortgage
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company.
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It's a matter of fact, it says right here, did the real estate company or agent worked
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at have its own mortgage company, 60% said, yes, it did, 30% said no, it didn't, 10%,
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I can't recall.
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Now to the heart of the matter.
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There's one stop shopping appeal to these recent home buyers in a word, yes, half said
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that it definitely seems like a better way to buy a home.
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Another 39% said that they see some benefit to this.
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Only 11% are wary or a hard no.
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Hey, what about those people with reservations, right?
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They were asked to explain themselves and their response is worthy of you taking note.
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Now think about this, why I'm going through this is should have said this at the beginning
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as well, but I'm going to be talking about like how this relates to number one, your customer
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experience, the questions you ask clients when you're engaging with them, particularly
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when they're referred by your realtor partners.
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This is relevant for you to having a conversation with your real estate agents about how to create
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a less friction in the handoff, less friction in the transaction.
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This is also an opportunity for you to better train your real estate agents.
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How to tee you up?
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How to convey confidence and trust and mitigate any perceived risk or minimize reservations
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that the client may have because the agent's referring you.
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So look at some of these responses that are lurking beneath the surface that you should
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really be aware of that these are underneath the surface when people are either, even if
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they're saying yes, I'm open to your recommendation of which 50% went for it.
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But then there's the ones who are apprehensive about it.
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And by the way, it's a good practice to make sure you address any potential roadblocks,
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unspoken questions and things like that underneath the surface, which always exist.
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So some characteristic responses, I don't like someone being the only hand in the cookie
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jar.
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From interviewing the survey respondents, when it came to, right, referring the agents
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pervert providers, monopolizing the process, it seems like a way to ensure that you can
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charge higher rates and no one would know because who researches the value of these things.
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Let me ask you right now, is there a place for you to in your customer experience,
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dialoguing and scripting, and here's why we're different.
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Here's what makes us better.
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Here's how we do things differently at ABC mortgage company, especially in the context
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of you getting the referral from the real estate.
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So let me explain.
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So you got to referral from Sally over at remax.
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Well, congratulations, right?
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Sally at Remax is one of the most professional real estate agents.
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She's been around for 17 years.
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She cares about her clients, you know, on and on, you just edify the heck out of your
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partner, right?
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Why Sally at Remax is chosen to work with us is because, right?
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We have a fiduciary responsibility to both you and her in that, right?
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Our number one goal is to fulfill the American dream, to help buyers, right?
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Have a transparent transaction so that they can feel confident about the largest investment
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and largest debt they'll likely hold in their entire life.
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That's completely off the top of my head.
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Unscripting around that though, some context to put around that, to make sure that, you
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know, it, I'm not saying you ask the person, hey, do you have any reservations because
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we referred you?
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No, you just simply say, that's fantastic.
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Let me provide some certainty and reinforcement around that.
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All right, some other quotes people had about this, hey, I want to shop for the best rate
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myself.
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I'm concerned the lender is not competing on rate.
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Are those talking points right there?
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It comes to, obviously you get the question all the time about, hey, what's your rate?
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Do you have the best rate?
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So let me, if I could, Mr. Mrs. Client, now that we've established, you know, the working
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relationship between Sally at Remax and myself, if you don't mind, could I take a moment
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and briefly explain how interest rates work?
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It goes on to say, seems like they would have their best interests in mind, not mine.
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Let me say that again, seems like they would have their best interests in mind, in
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mind, not my own.
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So think about it.
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Referrals you get from a real estate agent.
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How many times are they questioning it?
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How many times is there some level of uncertainty underneath the surface?
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They don't bring it up.
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Hmm.
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Well, listen, I can understand that you might have some reservations about the, you know,
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Sally and I working together and I just really, really wanted to just bring to the surface,
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you know, how we do work and make sure that our number one goal between us and the transaction
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is transparency.
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And what that means for us is we will never, right, hide fees.
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We will never do this.
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We will never do this.
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You will always be updated and notified.
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This is our schedule.
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We will have these regular calls and updates from my team, et cetera, et cetera, right?
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Guys, go and have a saying here, you architect your customer experience and your first initial
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call to make sure that you're quilling any potential reservations, concerns that are
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not mentioned.
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Hmm.
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Okay.
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As a whole, however, the large majority who told 1000 watt during the survey that they
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find one stop shopping attractive, they don't seem to recognize the trade off between convenience
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and choice.
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When asked if they value speed or choice more in the mortgage process, more than two thirds
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chose choice.
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This seems to imply that most people don't immediately understand that one stop shopping
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limits choice.
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Hmm.
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Here's an interesting question from the survey.
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Generally speaking, when it comes to getting a mortgage, do you prefer more choice and the
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possibility of lowest rate or simplicity and speed, 64% more choice.
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I want more options that would prefer to find them on my own, even if it takes longer.
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Hmm.
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33% said faster results.
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I want to get the transaction done as quickly as possible and would prefer to have a one stop
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shopping experience, 33% of these respondents.
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You know, you might be able to uncover something like this with a question of what's most
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important to you in the mortgage process.
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Give them some options.
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I don't know that you can give them choice depending on who you are listening if you are
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not a broker, right?
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However, what you could do is use that in the context of giving them a choice of loans
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to choose from, particularly if you're a mortgage coach user, and be a highway, right?
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You can allow people to present to them three options.
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So I'm just curious, Mr. Smith, what's most important to you in getting a mortgage?
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Is it choice, right?
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You want to have some options for which a loan program best fits your unique situation,
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or is it just speed?
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You want to get through the transaction done as quickly as possible.
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Now I know both could be important, right?
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Again, I'm just kind of spit-pulling here.
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I have to top my mind.
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I'm trying to give you some pieces of information for you to use when you're trying to determine
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how do you differentiate yourself when so often people are coming to you with the frame
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of price?
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And of course, the realtor isn't setting you up in a lot of cases effectively, but again,
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that's a coaching opportunity for you.
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Let's look at sources of mortgage, and again, this isn't a huge sample audience.
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So take it with a grain of salt, but where did you get your mortgage, 40% through the
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place I bank, bank or credit union, 18% through another bank or credit union through a mortgage
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broker, 21%, 7%, I use a mortgage company that was not a bank, 13%.
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Would they consider other options from places like Zillow and Redfield familiar names?
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Most of them said yes, only 10% said no, 47% said yes, 38% said maybe.
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Are they aware of rocket mortgage, the largest non-bank lender?
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Most definitely.
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Have you heard of rocket mortgage?
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Yes, 88%.
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And what about a mobile first mortgage experience?
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Are people on board?
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To get at this, we asked if rockets slogan from a few years ago, push button, get mortgage.
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We asked if that resonated, 60% said they are game.
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Sounds great to me, I would try this.
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32% said I might be interested, but I have reservations.
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Only 8% said I don't like or trust the idea of getting a mortgage entirely online.
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Finally, they asked respondents how much they trust, how much trust they have in the
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mortgage industry and process.
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And this is remarkable when you consider 10, 15 years ago, right, the great session,
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the financial market meltdowns, the subprime loan, debacle, all that that happened around
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2008, time seems to perhaps have absolved the mortgage industry of its sins.
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And so here's what they said, generally speaking, what is your level of trust in the mortgage
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industry process, 34% said very high, 26% said high.
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So that's pretty solid, right?
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Sounds like 60% said high or very, you know, in that one bucket, 33% said moderate.
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I have concerns, but overall, I think the way thing I think that doesn't make any sense.
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I think the way things are works for most people, oh, got it, all right.
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And then only 6% said low, I have very little trust in the mortgage process.
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Thing is, you don't know.
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And again, it comes back to questions.
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And ask yourself, or may want to ask your clients, hey, have you gotten a mortgage before?
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Yeah, what was your experience like?
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Tell me, tell me about your experience.
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What was it like?
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Right?
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You want to listen to it.
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Because when they tell you what their experience was like, you're going to hear their opinions
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and their emotions and feelings attached to that.
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And you want to listen for those key words of like, either it was great, it was smooth,
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great.
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Where did you get that mortgage from?
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Fantastic.
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Okay.
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Yeah, it wasn't so great.
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Really?
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Where did you get that from?
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Tell me what stands out for you?
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Right?
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They're indifferent, okay?
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So some interesting data here.
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And so I think this is, you know, I wanted to share this with you different informational
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purposes.
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And hopefully this gives you some thoughts to consider.
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Number one, number two, use this in the context of, you know, creating a intake process
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with your clients to increase your conversion rates.
25:00
I mean, can you, is there always room for increasing conversions?
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I think so.
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I think you have to factor that into your sales process and so forth, right?
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And cost benefit analysis.
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But I think bottom line, most of you that I talked to could, could use an increase in
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conversions, converting more clients to actual, sorry, more prospects, more leads to clients.
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And particularly when they're coming from your referral partner.
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So I'll close out by saying this is that I would be using this document.
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I would be getting it from the show notes, downloading it, the link and reading through
25:32
it yourself.
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And then highlighting a couple areas within there that you wanted to use as talking points
25:36
with your real estate agents.
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Oh, by the way, this could also be a social media post for you.
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You do a video.
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You take one of these, you know, survey results and you just post it out there and you ask,
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hey, what do you think?
25:47
According to a recent survey, right?
25:49
X amount of people said this wrote one stop shopping, right?
25:54
Did the agent recommend Lenders?
25:55
Hey, I'm just curious followers on Instagram on whatever, right?
26:00
The last time you bought a house.
26:01
Did the agent recommend Lenders titled et cetera to you, you know, create a poll?
26:05
Yes.
26:06
No.
26:07
Great way for you to drive social engagement.
26:09
But most importantly for me, I want to use these as talking points with my real estate
26:12
agent referral partners because this will give me the baseline for, first of all, sharing
26:18
some data from with them that they're going to be appreciative of and just, you know,
26:22
so for those that, I think the one line in there about, you know, that even though people
26:27
came with a pre-approval, which we hear a lot today, still the majority, the real estate
26:33
agent has a lot of weight and 50% of the people are choosing the agent's recommendation
26:36
even when they have a pre-approval in hand, right?
26:39
Whatever that means into the study, which they didn't actually specifically detail, but
26:43
they did reference the term pre-approval.
26:45
However, I would be asking my agents, so look, are you seeing age, are you seeing people
26:51
come to you with pre-approvals?
26:53
Yes.
26:54
Great.
26:55
And yet do you make recommendations?
26:58
Yes.
26:59
How many of those times, what percentage of the time does the people take the recommendation
27:02
you make?
27:03
Oh, we'll get the real data.
27:04
Oh, it's 50%.
27:05
Oh, it's whatever.
27:06
I'm not sure.
27:07
Well, what could we do, right, to quell some of these concerns that people have, right,
27:12
to address some of these issues and to create more trust, to create higher conversion ratios,
27:18
to create greater referrals down the road?
27:22
I think that would be a very interesting conversation for you to have with your real estate
27:24
agents.
27:25
I think they would be grateful to you for it.
27:28
I think it will help you build deeper, better relationships with them and ultimately get
27:34
more referrals, particularly when you talk to them about, you know, my number one goal
27:39
working with you as my referral partner is to create a referable transaction.
27:44
Is to create the best possible consumer experience I can?
27:46
Is to establish trust with our mutual clients?
27:52
And I'd like to talk through a couple of these to see, you know, what stands out for
27:55
you and how can we do this more effectively together?
28:00
And I know the first and easiest area of the low hanging fruit for you to work on is the
28:06
handoff of the referral from agent to you, the introduction of you, their lender to their
28:12
client and making that more efficient, whether that's using some mobile app technology,
28:19
or, you know, structuring a phone call that goes out from the agent to the lender that
28:25
sets you up, right, with a proper edification and then you do the same to them.
28:30
I would just encourage you to think about, by the way, have you ever surveyed your clients
28:37
post-close or some at some point during the transaction transaction?
28:44
So I'd like to get your feedback, Mr. Mrs. Client, right, our business is largely built
28:47
on referrals and we want to make sure that we're creating a customer experience that's
28:51
second and none.
28:52
One of the ways we do that is ask for feedback.
28:54
What would be, okay, if we asked you a couple of questions about what it's like working
28:58
with the ABC team about, okay, so just describe for me the experience of you getting introduced
29:03
to us from Sally at Remax.
29:05
How did you feel about that process?
29:07
Was it smooth, easy, was it confusing?
29:09
Did you feel there was a breakdown along the way?
29:11
Are there any areas that could be improved?
29:14
I mean, hire somebody to do this and ask these questions, right?
29:19
Offer rewards to do it or just start to pay attention and notice and ask people along
29:23
the way.
29:25
See if, here's the thing, see if there's confusion, see if there's uncertainty from the hand
29:31
off from the real estate agent to you.
29:34
See if there's a challenging connecting with them and getting them on the phone.
29:39
See if there's a delay and then them getting back to you, an unusual abnormal delay.
29:46
Therein lies the opportunity and the holes, the gaps in that process of the agent handing
29:52
off referrals to you.
29:56
So that's that.
29:57
I hope you enjoyed today's episode.
29:59
Love to get your feedback on this and if you want to leave your feedback, go to Ask
30:02
Jeff Anything, right?
30:03
ASK, GE-O-F-F, anything and you can leave your voice, you can leave me a message, a question
30:14
there, but just don't take too long, get right to it, I think the time limit is two minutes
30:17
or something like that.
30:19
And of course, jump into the Facebook group there if you want to pose a question in their
30:23
mortgage marketing radio, Facebook group and that's it, I look forward to seeing you
30:26
on the next one.
30:27
Bye for now.
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