The endgame in your marketing efforts is more than just increasing home equity volume. It’s meeting customers where they are — with a solution that works for them.
Amid high levels of equity in consumers’ homes and a confluence of factors fueling financial uncertainty, you can help your customers have peace of mind by leveraging existing equity. Education about the potential uses of home equity to help customers meet their financial goals, paired with a personalized approach to share the right advice at the right time, can yield a powerful home equity strategy. Read on for our four-pronged marketing approach that can also help you deepen relationships in the process.
1. Educate borrowers on the ins and outs of home equity
Some consumers may have considered utilizing their equity before, but have not followed through due to an incomplete understanding of the intricacies of the process. Education is power — increase your customers’ confidence by walking them through the advantages of tapping home equity and how it works. Highlight important features such as differences between home equity loans and lines of credit, consumer-friendly rates, and monthly payment comparisons.
By bringing transparency to a complex process, you can increase home equity volume while also positioning yourself as a trusted financial advisor.
2. Frame home equity as a smart strategy for financial wellness and beyond
Once your customers understand how to access their equity, walk them through the many ways they can utilize the funds to reach their personal goals. While we often primarily associate home equity with home updates like repairs or remodeling, funds can be used for other essential big purchases, retirement planning, and more.
Regardless of where your customers are in their financial journeys, leveraging home equity can be a sound financial option. Consider focusing your marketing with the following campaign ideas:
Get out of debt faster
The why: By consolidating high-interest debt with a home equity loan, consumers can say goodbye to multiple monthly bills, obtain a lower interest rate, and get on the road to financial wellness.
Channel: Email, direct mail
Messaging: “Make reaching your goals easier by using your existing equity.”
Net worth and retirement
The why: Home equity is an ideal way to educate customers about net worth and initiate retirement-planning conversations.
Channel: In-office, direct mail
Messaging: “Looking for your nest egg? You may already live there!”
3. Deliver your message where customers prefer to be
An omnichannel approach shouldn’t end with your marketing efforts. Once consumers have made the decision to take action, ensure a seamless journey from application to close across channels and devices — with optional in-person interactions.
For example, a customer might first learn about your business from a targeted ad on Facebook. From there, they are taken to your website and complete the application and document submission right from their mobile device. Then, they might pop into your local branch at their convenience to seek personal guidance. Finally, they close digitally while on vacation.
4. Extend seamless digital experiences
Delivering the simple and transparent digital experiences millennials and Gen Z-ers have come to expect is key to winning their business. Because these two age groups collectively make up 45% of homebuyers, meeting them where they are is crucial. Give customers the autonomy to easily and quickly navigate on their own using your digital interface. Plus, leave a lasting positive impression with personalized pre-approvals, instant verifications, and fast time to funding.
Tapping into home equity can be an overwhelming process. If your customers find that they need guidance while navigating the digital application process, offer real-time support features in the moments they need it most.
Kickstart home equity marketing success
By providing strategic recommendations, honing your messaging, leveraging the right channels, and supporting in-person experiences with a cloud-based platform, you can pave the way for customer engagement and retention.
Take action now with this omnichannel marketing strategy built on education and personalization.