While most housing markets have recovered from the 2007 subprime mortgage crisis, consumers are still feeling the lingering effects. North American homebuyers have experienced a decrease not just in overall wealth, but also in confidence. This is certainly true among the millennial generation, who came of age during these tumultuous times and now make up the majority of homebuyers.
To stay competitive in this new world, financial institutions must offer consumers a platform that integrates every step in the homebuying process, including finding a realtor. By building a “realtor network” of trusted real estate professionals, mortgage lenders can create a seamless homebuying experience that builds client loyalty.
The Confidence Problem
Nearly two-thirds of millennials believe that living through the financial crisis made them more conservative investors. This may explain why around 40 percent of homebuyers who have contacted a loan officer have not yet found their ideal home. More than ever, buyers seek education and certainty before they’re comfortable taking the leap into home financing. Nevertheless, there’s more to this confidence problem than conservative investing. The truth is, the traditional loan origination process is failing to meet millennials’ needs and expectations.
According to a survey from “The Financial Brand,” around 70 percent of all home buyers find buying a home to be stressful. Yet there’s evidence to suggest that millennials are having the most difficulty: overall, millennials find understanding the homebuying process and filling out paperwork to be more challenging than any other generation.
One of the most significant challenges homebuyers face is the fragmented experience of coordinating with different stakeholders during the process, including banks, mortgage brokers, and realtors. Indeed, nearly everyone seems to agree: over 97 percent of US homeowners saying they find working with multiple service providers frustrating. For millennials, who are accustomed to the integrated and streamlined digital experiences provided by giants like Amazon and Uber, it’s easy to see why trust is in short supply.
Thankfully, realtor networks are here to reinstate that trust.
What Is a Realtor Network?
Simply put, a realtor network or real estate network is a group of pre-qualified real estate professionals who partner with a financial institution to serve its clients. Members of a lender’s realtor network must meet or exceed a certain standard in order to join, increasing conversions and ensuring that clients have the best possible experience.
Through a realtor network, financial institutions can generate mortgage referrals by sending consumers to high-quality agents and working closely with them to guide homebuyers through the purchase process. Those agents can then refer clients back to their partner loan originators, creating a cycle of trust and efficiency.
About NestReady’s Realtor Network
NestReady’s extensive realtor network incorporates the most qualified agents across North America. These agents are pre-screened to meet NestReady’s qualifications, which include at least 7 years of experience as a licensed real estate professional and a 90% client satisfaction rating.
In addition to these overall standards for realtor quality, NestReady’s network also uses proprietary matchmaking technology to pair each of a financial institution’s mortgage leads with the local realtor with the skills and expertise best suited to their needs. In turn, when a homebuyer is ready to discuss financing, their agent can point them back to the referring lender. All of these moments are integrated and tracked by the NestReady platform, enabling our customer service team to monitor each homebuyer’s journey and step in to streamline the process even more.
Finally, NestReady’s realtor network is constantly improving to create long-term value for homebuyers. For instance, NestReady uses client feedback and reviews to refine its selection criteria and ensure that participating realtors continue to meet the network’s standards. Financial institutions, meanwhile, receive valuable insight on their clients’ real estate needs and habits, helping them optimize their processes to deliver superior service.