Disruptors have realized that the funnel of clients is changing. The funnel used to be short, but now it has expanded because of the additional research millennials are capable of doing on their own. About 60% of homebuyers right now are millennials which means we need to gather buyer interest early on and stay in front of them until they are ready to transact.
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So what I think the disruptors are realizing that the funnel of potential clients has changed.
I think everybody feels the disruption is coming. They don't know exactly how or where, but they know it's coming because every time I talk about it I get a lot of of kind of affirmations, I see the audience nodding up and down, yeah I'm concerned about that.
So we've spent a lot of time thinking about it and we think we have a pretty good explanation about what's coming and why. The why is really, I think, the most important part because, you know, when the buyer behavior is changing, a full 60 percent of new homebuyers, today, are the millennials, and the millennials, they like to self serve. So they're not jumping in the car with a real estate agent to find a house right away. They want to jump online, they want to research things like what are the crimes, what are the neighborhoods, what are the schools like in these areas, are there fun things to do. I mean think about it, you can jump on Google, Google anything right down to the street level and walk up and down the street of an area you're interested in, and that was never available before.
So what I think the disruptors are realizing that the funnel of potential clients has changed. You know, it used to be that the borrower got together with the real estate agent, they found a loan agent, they found a house, and they did the transaction. So the funnel was somewhat short. Those transaction periods lasted anywhere from 30 to 90 days.
But what's happening now is borrowers are starting the journey well before they're interested in jumping in the car with the real estate agent. They're online researching where they want to buy, what should they care about. They're researching how do they need to prepare themselves for homeownership. What are the things that they should be concerning themselves with? And I think a lot of the saavy marketing companies out there, the disruptors let's call them, realize that they can get to those borrowers first. So this is the big deal, and you know what? They're right. They can get to the borrowers first. Everyone else can, too, but I think the Disruptors feel that they can do a better job of bringing that buyer interest into their systems and gestating them in this elongated period of time before they're ready to transact.
So when I look at the funnel, I don't look at it as being a longer funnel, I look at it as being a taller funnel. People just have to be prepared to gather this buyer interest and keep engaged with them for a longer period of time so they're in front of them when the borrower is ready to transact.
Disrupting the Disruptors: How the Funnel is Changing and How to Prepare mortgage industry overview | |
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| Education | Upload TimePublished on 17 Apr 2019 |
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