Are you a realtor who wants a reason to make that call to your former clients? How about a loan officer who wants to find a way to add value to their favorite real estate professional?
You likely know mortgage rates have dropped by nearly 1% since last August but you would be surprised how few of your clients are aware of the significant drop in rates. I recently heard rates are the lowest they have been in three years. So I researched it and last year the average Freddie Mac 30 year Rate was 4.55 with .55 Discount point. By contrast today rates are according to Feddie Mac is 3.6% with a .6 discount point (Freddie Mac published average on 8/8.
So maybe you are thinking – how does this help me if you are an agent? Well, we mentioned this to one of our many favorite agents, who has only been in the business 3+ years, and suggested she reach out to her clients and share the following idea. So often I hear my agent friends tell me they have “call reluctance” so we wrote a script for making the call:
“HI _______, did you know rates have dropped nearly a point since last year alone while values throughout metro atlanta have continued to rise. The result is this is a great time to contact a mortgage pro and have them review your current mortgage with you. You may be able to save significantly each month or go from a 30 year mortgage as example to a 15 year term and shave many years and much interest expense from your financial future. Please let me know and I can reconnect you with the loan officer I referred originally or introduce you to one of the many great pros I work with.”
This new agent did this and reconnect her buyers and lenders. In just 1 week, the results really were incredible:
- Out of approximately 30 closings, approximately 6 persons refinanced saving hundreds of dollars monthly in some cases with little to no cost.
- All of the clients were happy to hear from the agent.
- The loan officers appreciated her redirecting her clients back to them.
- And here’s the kicker, a couple of the people wanted to look at possibly buying another home due to the low rates.
Talk about a win-win win for the owner, the lender and the agent!
What an easy call to make. I encourage every loan officer to take this idea to their database of agents and agents to take the message to their clients. Of course we are here to help you get them closed but we would love to hear any success stories from this idea.