Buy Again After: Nurturing the Comeback Homebuyer

Buy Again After
Nurturing the Comeback Homebuyer
#MTS13OC

My Recent Treadmill Purchase
• Was motivated to buy a new treadmill …
– Went online to look up treadmill info based on my experience and needs.

• Researched info on trusted brands, durability, engine size, length of deck and price.
• I read product descriptions, reports, reviews and consumer comments.
– Weeks later, when it was time to buy I went to the brick and mortar stores.

– The salesman talked to my wife for 30 minutes presenting the features (not
many benefits) of his preferred treadmill.
– I sat and thought to myself, “I can’t wait to get out of here, go home and go
online to verify what he is saying and do my own research.
– I spent a bunch of time on www.treadmilldoctor.com

– And narrowed my potential picks down to two choices…

– I wanted to see them in real life and I found out that they were both in stock
at Sears.

– An hour later the salesman said, “That was the easiest sale I ever made!”

What does this have to do with nurturing
the comeback homebuyer?

What’s
up, bro?

Think about my buying process.
– How did the buying process start; how did it progress?
– Was it an impulse purchase or a planned decision?
– Where and how did I do my research?
– Did I search exclusively online or offline?
– Did I only use a computer? Did I exclusively use mobile devices?
– At what point in the buying process did I start to engage with a live
sales professional?
– Were his sales strategies effective?
• Did he focus on features or benefits?
– Did he leave an impression with me?
– What did I do after talking to a sales professional? I went back online
to verify his assertions and for more research)
– How many opportunities were missed to capture my business (both
online and offline)?

Compare this to the way that consumers now
buy homes.

For mortgage loan originators to effectively
nurture purchase leads (including comeback
homebuyers), they have to understand the
following two concepts:
1)ZMOT
2)The Current Buyer Life Cycle

ZMOT = Zero Moment of Truth
http://www.zeromomentoftruth.com/

ZMOT was mentioned in “The Digital House Hunt: Consumer and Market Trends in
Real Estate, A Joint Study from the National Association of REALTORS and Google”

Zero Moment of Truth … the idea that shopping is no longer about showing up in
a store … seeking advice or counsel on what to buy or how much they should pay.

… at the Zero Moment of Truth, today’s shoppers bounce back and forth at their
own speed in a multichannel marketplace. They switch devices to suit their needs
at any given moment. They search; go off to look at reviews, ratings, styles and
prices; and then search again. They see ads on TV and in newspapers and online.
They walk into local stores to look at products. They talk to friends, over the back
fence and on social media. Then it’s back to ZMOT for more information.

…The story is no different for home shoppers. Real estate professionals know that
their customers are uber-connected and informed. …

The Digital House Hunt: Consumer and Market Trends in Real Estate
A Joint Study from the National Association of REALTORS and Google

First thing: You have to fully commit to the fact
that purchase leads take longer to close.
3 months … I gots
to eat now.
I’m a hunter, not a
farmer!

Second thing: You have to make a lasting impression on
– and keep in contact with – your buyer so you don’t
lose them to “the Google”.

The Current Buyer Life Cycle
http://bit.ly/scM47B

“The Lifecycle of Today’s Home Buyer: What Every Brokerage CEO Must Know to
Survive” by Alex Zoghlin
… the Internet has transformed the way consumers buy homes.

… Today’s consumers are empowered by the web to be more self-directed. It’s
changed every aspect of how buyers behave, the information sources they trust,
how they view the roles of agents and brokers, and even how and when they
make key decisions in the buying process, such as choosing an agent/brokerage.

… Notably, none of the many agents/brokers they were exposed to during their
web surfing managed to make enough of an impression to get the couple’s
business. Nothing about their websites or their online marketing was memorable
or engaging enough to win over Tim and Sarah.

… However, in order to take advantage of those strategies, brokers first need to
grasp the new mindset and behavior of today’s buyers.


In order to take advantage of those strategies, brokers first need to grasp the
new mindset and behavior of today’s buyers.

All consumers, regardless of their age or lifestyle, basically engage in the same
four behavioral phases during the process of buying a new home. I’ll refer to
these phases as follows:

1. Discovery,
2. Research,
3. Selection and
4. Closing.


Phase One - Discovery

The Discovery phase starts the day a buyer first thinks about purchasing a new home.
It can be motivated by the simple desire for a property more to their liking (“We’d love
more space” or “a quieter neighborhood”) or by a pressing event, such as job
relocation, a new baby or retirement. During this phase, consumers acquaint (or
reacquaint) themselves with
• the buying process itself,
• the tools available to assist with their search and, of course,
• the market landscape.


Phase Two – Research
The Research phase begins when the buyer starts to actively seek out more specific
information about neighborhoods or property attributes, such as square footage,
number of bedrooms/baths, taxes, local schools, transportation, community services,
culture, nightlife, crime and so forth. As in the Discovery phase, buyers continue using
the web to find information.

Mortgage research includes:
• local lenders
• loan programs and guidelines
• waiting period information
• mortgage calculators
– payment calculator
– prequal calculator
• down payment assistance


Phase Three - Selection

Buyers become more discriminating during the Selection phase.

At this point, they feel comfortable with their knowledge of the marketplace and have
a good idea of what they want and what they can realistically get.

The number of home attributes they are considering increases substantially as they
shorten their list of target homes.


Phase Four – Closing

The Closing phase is the purview of the professional agent. It’s a sales function as
opposed to marketing.

The buyer’s search has come to an end and it’s time to seal the deal.


s

Nurturing the Comeback Homebuyer

Target the Market
– Where?
• Blogs, Guest Blog, Zillow Mortgage Advice, Trulia Voices, etc.
• Retargeting (Remarketing)
• Craigslist
• Your Database (leads, inquiries, incomplete applications, declines)
– query database for credit info (collections, bk, 1003
declarations)
• Referral partner turndowns and short sale clients
• Homebuyer shows
• Call capture from sign riders and bandit signs
• Renters (apartment complexes)

Get them into your database.

Example keyword searches that were hitting my
blog post about bk, foreclosures and short sales

can i buy a home after a short sale with a fha loan fha waiting period deed in lieu
can i buy a house with 30% down after a foreclosure and bk fha waiting period for bankruptcy foreclosure
can i finance with fannie mae after foreclosure fha waiting period foreclosures
can i get a conventional home loan after a 2 year old dismissed
bk fha waiting period if you have a foreclosure
can i get a conventional loan after a short sale fha waiting period on repo
can i get a fha after short sale fha waiting period on short sale
can i get an fha loan after a deed in lieu of foreclosure fha waiting period to buy after foreclosure
can i get an fha loan after a short sale fha waiting periods
can i get an fha loan with a repossession on my credit wait for fha if included house in bankruptcy
can i get an fha loan with short sale on record? wait time for short sale
wait time from bankruptcy until new mortgage can be
can i get fha loan with multiple bankruptcies obtained
can i obtain an fha loan after bankruptcy waiting period after a short sale
can i qaulify for an fha loan after a short sale waiting period after bankruptcy
can i qualify for a fha if chapter 13 bankruptcy waiting period after foreclosed
can i qualify for a mortgage after a short sale? waiting period after foreclosure
can i qualify for a mortgage with a joint car repossession waiting period after foreclosure to purchase again
can i qualify for a mortgage with credit cards maxed out waiting period for bankruptcy after first bankruptcy
can i qualify for an fha loan after a short sale? waiting period for buying home after short sale
can i qualify for home loan if a repo on my credit waiting period to buy a home after bankruptcy
waiting period to buy a home after foreclosure

Keyword Research
Google AdWords Keyword Tool
https://adwords.google.com/o/Targeting/Explorer?__c=1000000000&__u=1000000000&ideaRequestType=KEYWORD_IDEAS

Keyword Competition Global Monthly Searches Dec-10 Nov-10

after foreclosure process 0.21 590 480 480

buy a home after foreclosure 0.13 1900 1900 2400

buy again 0.1 6600 4400 3600

buy again after - - - -

buy home after foreclosure 0.13 1900 1900 2400

buying a house after a foreclosure 0.17 3600 3600 3600

buying a house after foreclosure 0.17 3600 3600 3600

buying after foreclosure 0.16 3600 3600 3600

can i buy a home after foreclosure 0.11 1300 1300 1600

can i buy a house after a foreclosure 0.11 1300 1300 1600

can i buy a house after a short sale 0.08 880 1000 880

can i buy a house after foreclosure 0.11 1300 1300 1600

Initial Rough Draft of Sitemap

• Additional things I would include:
– Instructional videos (think zappos)
– Links to critical tools offered by referral partners

Capture the Lead
– Buyer is probably in the Discovery Process or Research Process.
– You have to modify your “closing statement” to match the borrower’s
current needs, gain their confidence and leave the right impression.
• Bad: “Would you like to apply for a loan so I can pull your credit
and make you feel bad … and not contact you again?”
• Good: “Would you like to work together so I can provide you with
the information and tools that you need to take the steps
necessary to buy another home?”
Prepare
Present
Close
Resolve Concerns if Needed
Close Again
…
Get them into your database.

Meet Needs, Gain Confidence
and Leave Impression
Things That You Have To Provide To The Borrower At
This Stage Include:
– Hope
– Knowledge
– Tools to Keep Them Off Google
– Resources

Knowledge

– Get Started Booklets
• Target Date for Purchase
• Copy of Credit Report
• Personalized Consultation
• Agreed Upon Milestones
• List of Resources

* pdf and hardcopy

Tools & Resources
to Keep Them Off Google
– Information on Your Website
– Entry Into Your CRM
– Mortgage Calculators
– Preferred Partner Credit Repair Company
– Preferred Partner Real Estate Broker
• Quality Source of Home Buying Process Info
• Home Search Tools (IDX)
• MLS Client Portal

Tools & Resources
to Keep Them Off Google

Meet Needs, Gain Confidence
and Leave Impression
What You Need To Know:
– Detailed Product Knowledge
• Underwriting Guidelines
• Waiting Periods
– Credit Analysis and Repair Strategies
– WCGW

WCGW

Loss of money and reputation

Cultivate the Lead
– You need automation for your follow up campaigns. Don’t
rely on yourself to follow up with your clients because you
won’t.
• LMS = Lead Management System
• CRM = Customer Relationship Management
• MLS Client Portal

Lead Management System
A typical outline of a lead management process might follow the following steps:

– Business engages in a range of advertising media (Lead generation).
– Recipients of advertising respond, creating a Customer inquiry, or lead.
– Respondent's information is captured (Inquiry Capture).
– Captured information is then filtered to determine validity (Inquiry filtering)
– The filtered leads are then graded and prioritized for potential (Lead grading)
– Leads are then distributed to marketing and/or sales personnel (Lead
distribution).
– Leads are contacted for prospecting (Sales contact).
– Contacted and uncontacted leads are entered into personal and automated
follow-up processes (Lead nurturing).
– End result is a new business sale (Sales result).

My Favorite: Leads360

Customer Relationship Management

Customer relationship management (CRM) is a model for managing a company’s
interactions with current and future customers.
It involves using technology to organize, automate and synchronize sales,
marketing, customer service, and technical support.

My Favorites: Top of Mind and ApprovalCoach

• Dear [[First Name]],
•
• As we begin the processing of your loan on [[Property Address 1]], I wanted to take just 60 seconds to remind you of the ten commandments of mortgage lending.
•
• The Ten Commandments
•
• 1. Thou shalt not change jobs, become self-employed or quit your job.
•
• 2. Thou shalt not buy a car, truck or van (or you may be living in it) !
•
• 3. Thou shalt not use charge cards excessively or let your accounts fall behind.
•
• 4. Thou shalt not spend money you have set aside for closing.
•
• 5. Thou shalt not omit debts or liabilities from your loan application.
•
• 6. Thou shalt not buy furniture.
•
• 7. Thou shalt not originate any inquiries into your credit.
•
• 8. Thou shalt not make large deposits without first checking with your Loan Officer.
•
• 9. Thou shalt not change bank accounts.
•
• 10. Thou shalt not co-sign a loan for anyone.
•
•
• Warmest Regards,
•
• [[L O]]
• Mortgage Professional
• Academy Mortgage
• Phone: [[L O Phone Phone]]
• NMLS #: [[NMLS Number]]
• AZ Lic [[StateIDforLO]]
• Corp NMLS #3113
• MB #0904081

Cultivate the Lead
• To maximize opportunity, you need to work with a preferred partner real
estate agent / brokerage.
– Pick the right one!
• They have good volume.
• They can reciprocate referrals.
• They have good systems and knowledge of lead cultivation.
• They have a desire to work with re-entry buyers.
• They have a working knowledge of the barriers to re-entry.
• They understand realistic timeframes.
– They can provide information, tools and resources that you don’t have.
• Agency
• Call Capture
• Home Search Options
– IDX and Mobile Geographic Search Aps
– MLS Client Portal

To Maximize Opportunity, You Need To Work With A Preferred Partner
Real Estate Agent / Brokerage.

Capture the Agent
Capture the relationship by focusing on creating a backlog, not
through the presentation of “the next best thing”.

• Backlog refers to unfinished work or to customer orders that have been received
but are either incomplete or in the process of completion.
• Backlog analysis lets you to investigate the potential revenue by reporting all the
work that have been received but not yet fulfilled. If you assume that you can
fulfill all the remaining work in your backlog, you can predict how much revenue
you will generate over the remaining period.
• Contract and backlog value is a strong base for forecasting revenue.

Buy Again After: Nurturing the Comeback Homebuyer

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Buy Again After: Nurturing the Comeback Homebuyer