How To Handle Increased Home Buying and Refinance Season with the Right Business Communication Toolset

Although COVID-19 has had a significant impact on both consumer spending power and the property market, mortgage lenders are having to cope with an avalanche of refinancing requests, with attendant disruption to closing times. And while adjusting to the unique conditions and technologies of remote work, all stakeholders in the real estate ecosystem must figure out how to work, communicate, and collaborate productively, to keep everyone on the same page during this season of increased home buying and refinance.

Maintaining Stable and Streamlined Business Communications with VoIP

From the moment that a mortgage applicant is pre-approved, through negotiations, appraisals, and closure, continuous business communication has to take place between mortgage advisors and realtors. Communication can and should be in the form of a call (using VoIP) or a video conference or chat. This applies whether those contacts occur in a physical office or site setting, or remotely, with a heavier emphasis on remote.  Maintaining close ties with trusted realtors can also assure a steady stream of referral business.

Related: What is VoIP Call?

Keeping clients in the loop is also essential. If you’re a mortgage advisor, you’ll want to be able to communicate the current status of a deal and any ongoing changes to your client and get their approval for your subsequent communication with the realtor. You’re probably doing that with a call, email, or text. Think outside the box and connect on a more human level with a video conference. 

Staying Productive Across Multiple Tasks with CRM Integrations

Any mortgage or refinancing process will include multiple tasks involving the need for voice communications, negotiating, document appraisal, information sharing, and other activities. Time is of the essence, so you won’t want to be incurring delays that can jeopardize the completion of a sale or the approval of a loan.

With a communications system that allows seamless integration between the various business applications and platforms involved, you’ll have greater assurance that essential processes like pre-approval and the transfer of title will occur in a timely and hitch-free manner. Being able to log a call from within whatever system you’re in and take notes about the conversation helps keep records clean and up-to-date.

Enhancing The Customer Mortgage And Refinance Experience

With large portions of the economy drastically slowed or completely shut down, home equity is one of the few relatively stable sources of income that consumers can now rely on. Due to the increase in home equity over the past decade, general loss of income, and low-interest rates, customer demand for cash-out refinancing is on the rise. The economic uncertainty caused by COVID-19 is also giving many customers the hope of finding attractive and affordable home buying opportunities.

In a situation where on-site appraisals for loans or in-person visits to prospective buys aren’t feasible, mortgage lenders and real estate agents are looking to innovative methods like a video walkthrough and drive-through closing to enhance the customer experience -- and to communications platforms with the business systems integration that can make this possible.

At net2phone, we understand the challenges of keeping your agents, office personnel, and clients connected at all times. With net2phone, your local business phone number can be used on any device - desk phone, computer or cell phone (keeping your personal number private). Talk, text, and chat keeps everyone - your clients, your employees in the office and your agents out in the field - always connected.

If you’d like to know more about how net2phone’s business communications platform can help your mortgage or real estate business weather the current season of increased home buying and refinance, reach out to us.