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Who is The Future Buyer that the mortgage and real estate industries should be preparing for?
At our recent #CreateWOWSummit we placed a rockstar lineup of industry luminaries fireside to discuss The Future Buyer, including:
- Rick Sharga from Carrington Mortgage
- Rick Arvielo of New American Funding
- Eddy Perez from Equity Prime
- Jon Gwin from American Financial Network
- David Kawata from Docitt
- … and of course, our masterful moderator, Barry Habib from MBS Highway
The panel and the audience gathered around for a “fireside chat”—quite literally, which included a burning full-screen presentation, a faux fire pit, and even some surprise s’mores to share with attendees.
From the countless feedback of our many attendees and team members, The Future Buyer Session was the most well-received.
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Read on for some key takeaways…
In 2008, there was much conjecture on where the future of mortgage was going to be—nobody could possibly know where we would be a decade later. As fully digital mortgages came into view, along with instant verification and approvals, there were many technological culminations converging and adding to the mystery of what next. Who could have predicted that an online bookseller would charge like a bull into the mortgage world? … or that Bitcoins and the digital wallet will one day replace cash and plastic.
With so much more to unpack from our session at the #CreateWOWSummit, check out a few of these highlights from our panelists to guide the way…
Meeting the Buyer of the Future
“The future’s happening really fast, and there are companies, there are originators that, and there are certainly real estate agents, they’re about to go extinct…
Take a lesson from the stockbrokers …, because here’s the deal for stockbrokers, they were on every corner, and then out came nine dollars per trade. So who’s gonna pay two hundred bucks a trade like we used to…? Those of us who did that, when you could pay nine dollars a trade?
…The answer is, become advisors. Make the transition. Don’t take it as a bullshit term. Live it as life. Work with your marketing departments to convey the message through their knowledge. And that, in my most sincere way, is what we have to do over the next few years to meet the Buyer of the Future.” — Barry Habib.
Who is the Future Buyer?
“Millennials are the current home buyer. Right now, they are the biggest cohort of people buying homes—they are buying more homes than boomers and Gen X’ers.”
The future buyer is Gen Z—and they are Millenials on steroids when it comes to technology and social media.” — Rick Sharga.
Overall Market View
“There’s a good couple of recession indicators. By December, you will see an inverted yield curve. Nine out of the last ten recessions occurred, as you can see here, when that yield curve went inverted. I think an even better indicator of recession is the unemployment rate bottoming out.
Every time the unemployment rate reaches its trough, which you think ‘the times are great, right?’, that’s when a recession follows approximately six to twelve months later.” — Barry Habib.
Technology for the Future Buyer
“They do wanna deal with the local guy. I think that you have to provide the tools for a salesperson to work like the call center.” — Jon Gwin
“The touchpoint is not picking up the phone and talking them through every single part of the process anymore. We can do that a few times a week, but the future buyer has had technology since they were two, they’ve had a smartphone since they were two.” — Jon Gwin
“One of the areas of efficiencies should be better targeting upfront. I think casting a broad net into today’s market because of margin compression is a bad idea.” — Rick Sharga.
“More and more borrowers are starting the journey online and then move them into the local markets (to your local representation) – that seems to be an advantage in the marketplace right now.” — Rick Arvielo.
“The borrowers of today have grown up with Google, and grown up with 1-click checkout at Amazon. They want to push a button and get an answer.” — Rick Arvielo.
Thank you for looking into the future with us. We hope you learned as much as we did from our savants (thank you panelists!).
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