The Homebot team recently made an appearance at the Fairway Annual Meeting in Dallas, TX last month. Equipped with only a pink tiny mic and an iPhone, Curtis and Amanda from Homebot surveyed attendees to find out exactly what Fairway Loan Officers are most excited about this year.
Don't miss the highlights! Watch the video below to hear their insights:
In the sections that follow, we'll discuss the top three things that have captured the enthusiasm of Fairway Loan Officers for 2023.
When we asked Fairway LO’s what they’re most excited about, the top response centered on the anticipation of declining interest rates.
This excitement is understandable, given that just a year ago in April 2022, the average interest rate for a 30-year fixed-rate mortgage stood at 5.42%. Since then, this rate has climbed higher to 6.81% as of April 2023.
The good news is that signs of relief might be on the horizon. Numerous predictions anticipate a decline in rates later this year, even as soon as May. In their most recent projection, researchers at Fannie Mae anticipate a downward trend for 30-year fixed rates throughout 2023 and 2024.
When you couple an anticipated drop in rates with it also being a prime buying time for Millennials, we're likely to see a huge increase in their purchasing power. And we've noticed that Fairway LO’s are just as excited about this as we are during our chats at the event!
Fairway LOs expressed enthusiasm about breakthroughs, assisting as many individuals as possible, educating clients about the housing market, and driving more purchase business. As interest rates begin to fall, we can expect an increase in first-time homebuyers entering the market. As an LO, it's crucial to position yourself as the preferred lender when this occurs.
As Robb Lapp, Homebot’s Key Account Manager for Fairway reminds us:
“There’s a huge opportunity for generating new purchase business from your client database, especially with the Buyers side of Homebot. Nearly 96% of all buyers used online tools in the search process. This is exactly where a tool like Homebot can help. I’d highly recommend for LO’s to add any buyer leads and/or pre-qualifications into their Homebot account.”
After you upload your buyer leads and pre-quals to Homebot, they’ll start receiving a monthly Buyer Report that allows your prospects to better understand and compare their market of interest, request pre-quals, and start searching for homes. Explore the Buyer Report in the video below:
As we interviewed Fairway LO’s with our tiny mic, we discovered that beyond interest rates and leads, fostering relationships with agent partners is crucial for driving new business growth.
Melvyn Bermudez, Branch Marketing Manager with Fairway shared:
"I'm excited to strengthen our ties with our realtor partners. We've noticed a decline in leads, so adding value through agent partnerships is going to be essential."
Like many other Fairway LO’s we spoke with, Melvyn knows that partnering with agents, especially during a down market is a huge opportunity. Collaborating with agents helps create a support system that can withstand challenging market conditions, allowing agents and loan officers to pool their resources, knowledge, and networks to generate new leads and referrals.
When it comes to forging strong partnerships with agents, this is exactly where Homebot can help. Homebot's co-branding feature enables you to invite agent partners to join Homebot and be prominently displayed in their clients’ Homebot Digests, increasing your visibility and reach among your agent’s audience.
To take your partnership with real estate agents to the next level through Homebot, we encourage you to attend Robb Lapp's informative "Lunch and Learn" sessions. These sessions provide valuable insights into how Homebot can elevate the success of both you and your agent partners. Join us, along with your agents, on the first Tuesday and third Thursday of each month.
The Fairway National Sales Rally provided valuable insights into the top trends and opportunities that have Fairway LO’s energized for 2023. From our engaging conversations to the insights shared in the video at the top of this post, it's clear that Fairway LO’s focused on delivering exceptional service and forging strong partnerships to navigate the ever-changing market.