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Getting
That Competitive Edge
July 04, 2004
By
Anthony Garritan
Looking
for that competitive edge? Trying to stand out in the crowd? Well,
San Jose-based Myers Internet Inc. has just released a new website
product that will make it possible for originators to tap the
For Sale By Owner Market (FSBO).
At
this year's National Association of Mortgage Brokers Convention
held in Salt Lake City Myers gave me a tease of the product. When
you get down to it, the functionality is a way to dress up the
offerings on your website in a pretty creative way.
"Refinance
volumes are decreasing as rates rise. Mortgage originators are
increasingly looking for new channels to originate mortgages,"
said Warren Myer, CEO of Myers Internet. "Our FSBO website
product enables mortgage originators to market home listings on
the Internet. Mortgage originators can easily upload pictures,
add links to virtual tours and provide detailed property descriptions
on their own websites by using this product."
Going
back, this product was usually marketed strictly to Realtors looking
to make the sale, but Myers has now expanded its reach to make
it available to mortgage brokers looking to differentiate themselves
from the crowd of competitors in today's market. In addition to
just making a website look better, the FSBO product has options
that can provide the prospective borrower with a more interactive
experience.
"Mortgage
originators can place these FSBO listings and open house schedules
on their website and market them to prospective homebuyers as
well," said Mr. Myer. "Second, they can pre-qualify
homebuyers who are looking to buy the home. Third, they can originate
a mortgage for the next home the seller is looking to buy.
"Through
this product, mortgage originators can generate as many as 20
to 50 leads per home listing," he continued. "Finally,
if the homeowner is unable to sell their own home, mortgage originators
can refer the homeowner to a Realtor, thereby generating goodwill
with Realtors as well."
An
optional subscription service that provides a daily list of new
FSBO home listings on the market can also be viewed through the
product. Mortgage originators get the name, phone number and address
of new listings daily.
As
far as price goes, Myers' FSBO website carries a setup fee of
$199 and a monthly fee of $39. The site can be setup within a
week. Myers also offers training for mortgage originators to help
them learn how to upload listings on their website. The monthly
fee to obtain a daily list of new FSBO listings is $39.
No,
this isn't the one thing that's going to move your business to
the next level, but in an extremely tight and competitive market,
it is a good way to differentiate your shop and get that competitive
edge.
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