Posted by Mike Blair ● Jun 7, 2017 12:29:46 PM

New Prospects for Mortgage Refinancing

baby-boomers-refinance-mortgages

As a mortgage professional, you know how important it is to find new groups of leads. What if there was a game-changing group of leads who were already looking for your expertise?

"Baby boomers" are prime prospects in the mortgage market. But, as of right now, they’re a market that’s relatively untapped.

Why are Boomers a great source of leads?

The Boomer Generation has the largest number of home owners. According to a study conducted by the National Association of Realtors, nearly 80% of Boomers own their own homes, and almost 90% have owned at some point in their lives.

The study showed that 96% of Boomers believe owning a home is a good financial investment, and one-quarter of the study's respondents own other kinds of real estate in addition to a primary residence: 13% own land, 8% own rental property, 7% own a vacation home or seasonally occupied property, 2% own commercial real estate and 3% own some other kind of real estate.

With 80% of Boomers being home owners, this generation owns more property than all other age groups combined. They are also more likely to own their homes outright and have liquid real estate to sell. 

They are facing major household changes. Life events like remarriage, supporting children, or downsizing happen at a much higher rate for boomers due to their financial stability and steady incomes.

Each month over 40% of Baby Boomers are looking at online real estate listings. Right now, a record number of baby boomers are educating themselves on refinancing, second mortgages, and local housing options.

Free ebook: "10 Ways to Get Leads for your Mortgage, Insurance, Real Estate or Home Improvement Business"

How do you reach them?

Identify the Boomers in your market, and reach out to them as much as possible. You can do this through phone calls, direct mail, print ads, emails, blogs, mobile-friendly websites, and social media. Boomers might not have grown up with modern technology, but they have adapted to the internet and smart devices.

You should also get to know the community around them and make your presence known. Offer seminars, lunches, and other information sessions to gain exposure and their trust. 

What they are looking for?

Boomers want smart ways to refinance. They want an advocate who will get them pre-approved. They want professionals who understand the trade-offs they’ll need to make. To stand out you must be knowledgeable, professional, and someone who truly understands their upcoming challenges.

Some Boomers might not be ready to buy or refinance just yet - and that’s all the more reason to make a positive impression today. After all, today’s good impression might build tomorrow’s leads list.

P.S. Looking for a place to begin?Download our "10 Ways Ebook" to find new and improved ways to target real estate and mortgage leads.

V4i_10-ways-mortgage-ebook

 
Topics: Marketing, Real Estate

Topics: refinance leads, baby boomers, leads, boomer generation, mortgages, prospects