For 18 months,the same refrain has resonated in the industry: a massive wave of renewals is approaching. Brokers need to prepare for this. This is their big chance.
The reality is quite different.waiting for renewals to generate business leads to failure. When a customer’s mortgage comes due,the banks have already captured it.
### Renewals: a false promise
The incumbent lender enjoys an overwhelming advantage. Renewing represents ease for customers. Financial institutions have colossal resources and are going on the attack. They invest more than you in marketing. They offer a lower rate than the one negotiated for hours. The possibility disappears even before the renewal.
### The real opportunity: mid-cycle
Brokers need to focus their efforts elsewhere. The crucial moment occurs in the middle of the cycle, well before renewal. Life changes then transform needs: divorce, birth, moving. Market fluctuations create new mortgage opportunities.
The problem? Moast Canadian homeowners miss out on these opportunities. They may not know that their growing home equity would allow them to move from condos to townhouses. They may not understand what a reduction in the key rate means in concrete terms for them. They won’t do the calculations themselves.They won’t make an appointment just to find out.
Your customers are busy like you. Unlike you, they don’t think about mortgages all day! Most brokers don’t stay on their clients’ minds in any meaningful way. These opportunities remain untapped.
### The failure of old tactics
Birthday cards aren’t enough anymore.Neither do emails announcing a rate change. These tactics don’t make you stand out. The owners are looking for something else: personalized advice to make better financial decisions regarding their largest asset.
In the age of AI, data-driven personalization is no longer a nice-to-have. It’s an expectation.
Banks have no incentive to provide this type of advice. Here is precisely where brokers can benefit.
### Ownwell: an approach that changes everything
Ownwell revolutionizes the equation. Our automated monthly real estate property reports reveal opportunities well before renewal season. These opportunities elude banks. Or rather,they prefer that your customers do not see them.
Each report provides the details most valuable to a homeowner: the value of their home, possible interest savings, current purchasing power, accumulated equity. These data arouse curiosity. They naturally lead to conversations. You then demonstrate your value.Ownwell creates ongoing engagement around real estate and mortgages.You automatically remain present in the minds of
Worth a look