“Is it the right time? Will it ever be the right time?” First Community Credit Union in Chesterfield, Missouri wrestled with this question for many years before deciding to take matters into their own hands. They created a full-service real estate company to streamline the homebuying process and connect members with a local a real estate agent.
Financial Institutions lose, on average, 93% of their current customers who are shopping for a home-to-agent referrals to the competition.
Banks, Credit Unions, and Mortgage Lenders work tirelessly to solve an age-old problem of losing customers to the competition. Real estate agents refer their homebuyers to their preferred partner(s), and it is impossible for financial institutions to secure a business relationship with every real estate agent in the market. Meanwhile, real estate companies continue to create joint ventures with banks, credit unions, mortgage companies, title companies, and insurance companies to control all service providers involved in the real estate transaction.
This begs the question, do you have the time or resources to start a full-service real estate company? Additionally, would you be ready to start navigating the intense regulations surrounding financial institutions and real estate activities?
There are a number of hoops to jump through in order for a lender to open a real estate company. It is difficult and often problematic for Banks to own a real estate agency due to long-standing federal regulations. Credit Unions have a little more flexibility but still face strict scrutiny from fair housing regulators.
Thankfully, you don’t need to start a real estate company to have a fair shot in the increasingly competitive real estate market environment. HomeTraq is a fully licensed real estate brokerage that partners with financial institutions, credit unions, and lenders to help market to customers. As a result, you retain more business from within your customer base. You can become a one-stop-shop for all your customers’ real estate needs.
First Community Credit Union’s solution was to create an agency to keep customers in their funnel. That doesn't have to be the solution you take. Partnering with HomeTraq produces the same outcome without the stress or financial burden of creating and running a whole new company. With over 15 current partners, we’ve established a turnkey approach to marketing, serving, and retaining mortgage customers.
Relying on real estate agents to send you buyers can be frustrating. So don't let it be.
Our solution gives you the opportunity to generate your own mortgage opportunities without waiting for customers to approach you. Are you interested in learning when your own customers or members are searching for properties and actively touring them? You could get real-time notifications for active home shoppers.
Best of all, real estate agents in our network have agreed to a non-solicitation policy, so you’re protected against agent referrals to the competition. Additionally, most real estate agents love HomeTraq because it is a cost-effective avenue to supplement their business and meet new home buyers. Meanwhile, your home shoppers are notified that you are their sponsored lender during the home touring process, and they (along with the real estate agent) are encouraged to contact you about mortgage financing and approval.
Interested?