“These happen now more prominently because of the affordability issue – so we’re seeing a lot more programs come out to really help homebuyers become homeowners in a cycle where things are just expensive.”
Realtor relationships, database mining key to broker prosperity
Compared to the red-hot activity seen during the COVID-19 pandemic, when rock-bottom rates helped spur frenzied interest in homebuying and refinancing, the overall market remains in something of a lull.
But opportunity will always be there for brokers and loan originators, Cavanaugh said, if they know where to look. “One of the things that I always say is to never stop interacting with real estate agents,” she said, “because when the refinance market picks up, which it will do, oftentimes real estate agents are sort of put on the back burner because right now the business is the refinancing, but purchasing is always happening.
“People are buying homes no matter what the market looks like and those agents are going to have a lot less noise and a lot fewer folks coming to them. And if you’re always the one that’s there front and centre, top of mind to support them through any market cycle, they’re not going to forget that.”
Also essential for brokers, according to Cavanaugh, is mining their databases to identify clients who may be in need of guidance either now or in the near future. “If you haven’t already gone back through your past client database to determine who’s got what and tee them up for the potential to refinance when the time comes, you’re doing yourself a disservice,” she said. “It’s not too late.
