So these last couple of weeks have hit the nation hard. I have heard “on the TV” that there are no loans available – no car loans, no mortgages, that the banks are going toÂ rescindÂ all the outstanding credit lines on credit cards, that my FICO score will drop because the bank isÂ rescindingmy credit line AND that I will not be able to buy gas.
WOW. That does NOT seem like a good thing.
That having been said, what we need to do as marketers is to get some facts into the market about mortgages, home prices and banks.
I am NOT an economist and do not EVER want to be one, but I know some feet on the street bankers who can get me information. I asked Brian P. Forrester of Tri-County for something that I could send out to my clients to reassure them. NOT to blow sunshineÂ under their skirts but REAL information to combat the talking heads on TV. According to Brian:
I want you to know that there are many banks out there who were more conservative in their lending practices that are still here and ready to lend money to your customers.Â Also, now that Fannie Mae and Freddie Mac have settled down, they are performing as they were originally chartered to do, by providing money for banks to lend to consumers.Â
I would expect a little more tightening in guidelines going forward as all of this plays out, but as I have always said, if you have a job, can prove your income, have some money for down payment (as little as 3%), and fair credit, you can get a loan.Â
He has great ongoing information about the lending industry on his blog www.mortgagecommunicationspot.com.Â
So what does that mean to me as a marketer (and a human)? We need to combat misinformation with facts. The fact that there are loans, and that the economy has not shut down.Â
Go to your trusted sources, get quotes like this one and send them to your clients. I have aÂ financialÂ planner who is a great economist but not a great marketer. I feel like I am hanging out in the wind since he has not sent me any information about what my 401Ks are doing, or even just some general reassurances that I am safe in keeping my money with him.
Don't leave your clients swinging in the wind. Call your sellers and let them know that there are loans, call your buyers and let them know there are loans, and then email your ENTIRE database with facts about what is going on with the market, where we are now and let them know you will keep them apprised in the future. Be an expert and a professional.
If you are a realtor, send out information relating to the real estate and mortgage market. If you are a mortgage banker or broker, an insurance agent, a financial planner, an accountant, etc., offer your information to anyone you come accross who has access to humans (that is everyone BTW). Become a trusted source for information and you will help your business connections communicate with their clients more effectively.