Welcome, Home Buying Season
With home buying season in full swing, what can insurance agents do to get in front of these new home buyers to close the deal on homeowners and flood insurance?
Throughout the past eighteen months, the housing market has taken its share of twists and turns. Depending on where you live in the US, you may be seeing very low inventory, very high prices, or both.
In some areas, homes aren’t even making it to market before they’re sold for much more than asking price. Welcome to home buying season 2021.
Historically, home buying season has always been a busy time for insurance agents. Purchasing a home may be one of the only times in clients’ lives when they shop for home insurance. Many have their policies escrowed through their mortgage company and don’t even check the price year over year. This begs the question: How can agents get in front of these homeowners?
It comes down to two things: relationships and speed. In this type of market, relationships can mean the difference between closing a deal and waving it goodbye. It’s a good time to solidify your relationships with local real estate agents and mortgage brokers. The market is moving so fast these days, it helps to stay in front of your connections, so you are always top of mind.
You can do this in a few different ways. A phone call, while it may be considered old school, is always a great place to start. From there, if agreeable with the realtor or mortgage broker, you can move into texting/emailing. You could even check in weekly by finding their listings and offering up quotes ahead of time, so the buyer knows what their potential spend for insurance is. Now is the time to get creative with your communications. Many real estate professionals have a social presence. Why not find them on LinkedIn, Instagram, or Facebook and share their posts? You’ll be getting their name out to your contacts, and they’ll be more inclined to send you leads.
Beyond relationship-building, speed can be just as important. Your best friend may be a realtor, but if their customer is shopping for rates, they’ll tend to go with the first quote they receive. It’s important to work the lead as soon as it comes to your desktop. These days, property is a highly competitive market and being the first one in gives the advantage to closing the deal.
It’s also worth mentioning that ease of doing business is important, especially with all the “in-person” limitations these days. Try to meet your clients where they are; ask how they want to connect, whether by text, email, or phone. Now is the time to be flexible, so start stretching your abilities.
In summary, to grow your business during home buying season, build and maintain strong relationships with real estate professionals and mortgage brokers, work quickly, and stay flexible. When you do, you’re bound to close more deals – even in a highly competitive market.