Interest rates continue to rise and are impacting mortgage companies’ response rates. Many are experiencing a decline in customer responses. If you’re one of those companies, you know how frustrating it can be to try to find solutions, especially when you don’t know what factors are making the greatest impact.
Data analytics can provide you with answers and help you identify solutions. In order to improve your response rates, you need to analyze your markets, utilize smarter targeting, and invest in high quality data.
Analyze the Market
Every market is unique and what’s happening in California might look very different from what’s happening in Wisconsin or Rhode Island. One market might be heating up while others are cooling down. Even what’s happening in the same state can vary, so it’s important to analyze each of your markets separately.
This will help you gain a better understanding of your markets and what the consumers are looking for in that particular area. Having a market analysis lets you create relevant and customized offers.
Who you market to matters, and when your response rates are declining, it’s even more important to pay attention to who you are targeting. Data analytics can help you pinpoint the best prospects on the list and those most likely to respond. And when you combine data analytics with mortgage data, magic happens.
Mortgage data will help you see where your prospects are in the process. Are they a new mover or a pre-new mover? Do they have a mortgage? If so, when was it taken out? What kind of loan is it? Who’s the lender? Mortgage data will also provide information on 2nd mortgages and structural information. How old is the structure? What kind of utilities does it use?
This information can help you identify customers who are not only the best candidates for your product but might also be looking for what you have to offer.
High Quality Data
Your analysis will only be as strong as the data you have, so it’s important to invest in high quality data. Many companies offer data lists, but not all data is equal. A company who is a 3rd party processor with the credit bureaus will be able to work with the credit data and help you identify the best targets while maintaining all of the credit data regulations.
If your response rates are declining, use this opportunity to really get to know your markets and your customers. The more you understand what the needs are, the better equipped you are to help your customers and provide solutions for them.
Analyzing the data is a great way to get back on track. If you need help understanding how the interest rates are impacting your response rates, reach out to our team. We would love to help you find answers and solutions.