In the current economic climate, mortgage and real estate professionals are facing significant challenges. Rising interest rates, low inventory and high loan production expenses are impacting the market, leading to a decrease in refinancing volume.
Amid this increased competition, there’s a pressing need for lenders to build and maintain strong relationships with real estate agents to bolster their referral base. That’s why a referral strategy that helps you leverage existing relationships and build new ones is so crucial.
Building Relationships in the Modern Era
Referrals continue to be a vital source of new business, with a proven high conversion rate.
Lenders understand the value of strong relationships with real estate agents, who are often a key source of referrals. As digital advancements across all industries change how we communicate and build key relationships, a mortgage technology platform that can streamline and enhance communication, improve response time and offer expert analysis is another way to build connections, cultivate robust relationships with real estate agents and lead to a steady stream of referrals.
The good news for lenders is that adopting a digital platform like nCino’s Mortgage Suite can streamline the lending process, enhancing customization and trust in the home buying experience. An added bonus: utilizing technology in maintaining relationships can also boost efficiency and help lenders adapt in the ever-changing market environment.
In our recent white paper, we dive deep into smarter referral strategies and how digital technology can help cultivate deeper relationships. Key takeaways include:
Refinancing volume is witnessing a downward trend, escalating competition among lenders. In this environment, referrals are a powerful strategy for generating new business, and strong relationships with real estate agents are crucial to getting referrals.
Efficient communication, fast response, and expert support are key to nurturing these partnerships, while educating borrowers about the mortgage process improves their experience and promotes retention.
A smooth closing experience, facilitated by strong relationships with staff, can boost client satisfaction and widen your network.
Mortgage technology like nCino’s Mortgage Suite can effectively drive these strategies for a superior borrower experience and revenue growth.
Dive deeper into these industry trends and stay ahead of the curve. To learn how to navigate these challenging trends and provide a superior borrowing experience, download nCino’s recent white paper, “How to Leverage Digital for Smarter Referral Strategies.” Our research-based insights can equip you to nurture relationships with real estate professionals and borrowers while leveraging digital technology to enhance your business efficacy.
