Over the summer of 2022, the number of Americans who applied for a mortgage fell several times, including a 2.3% drop the week of August 12th. As a mortgage and title servicer, you may want to consider ways to expand and diversify your revenue stream. One way to attract new clients and increase profits is by incorporating an insurance offering into your business.
Enjoy Recurring Revenue
Unless you work with high-net-worth individuals or professional real estate investors, chances are you don’t see the same customers more than once or twice throughout their lives. However, homeowners whose mortgages you’ve serviced are excellent candidates for a homeowner’s insurance package, and they may even be interested in bundling their policy to include auto or other coverage. Selling insurance is a great way to add stability and even growth to your income stream during weaker housing markets.
Leverage the Leads You Already Have
Every customer you’ve ever worked with is a potential lead when you incorporate insurance into your mortgage and title company. This may be especially true for recent customers who moved from out of town, as they may not have had time to network and find a local insurance agent. But even with established clients, it’s worth touching base to see if they’re in the market to shop their policy. The trust you’ve built by assisting someone with a home purchase can be a tremendous advantage when vying to become their insurance agent.
Derive Greater Networking Benefits
Most mortgage and title professionals have built a strong network of realtors, bankers and financial advisors over the years. And you may also make referrals to contractors, inspectors and other tradespeople. But those referrals can — and often do — go both ways, which can help you build an insurance book of business. Plus, your new insurance clients may turn to you when it’s time to close on their next home.
The Power of We Insure
We Insure offers a turnkey solution for mortgage and title professionals who want to add insurance to their offering and provide more seamless real estate transactions for clients. We’ll set up your business website and social media profiles and provide you with professionally written marketing and communications content. Our recruiting experts can help you find a licensed agent in charge to spearhead your business. Plus, the We Insure customer support team will manage renewals and answer policyholders’ questions. And from day one, you’ll have access to our network of leading carriers and take advantage of top-tier commissions.
We Insure is expanding rapidly across the U.S. Our agency owners have access to multiple, top-rated insurance providers and a cutting-edge technology platform, and are supported by a proven business model, amazing back-end support teams, and a friendly, helpful network of fellow agency owners. If you’d like to become part of our exciting growth, please learn more and contact us today.
The information contained in this page is provided for general informational purposes only and may not be applicable to all situations. We Insure makes no guarantees of results from the use of this information.