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First-time Buyers
are a 'Two-fer' strategy: credit unions that
embrace this strategy get a bonus.
Here's how we figure
it.
Credit
unions everywhere are looking for consistent,
reliable sources of housing financing
business. First-time buyers
are a market niche tailor-made for credit
unions. They're looking for information,
education and convenience, three things at
which we excel. We're looking for long-term
member relationships. Once members become
homeowners, their financial service needs
blossom. Consequently, it's a perfect match.
We'll close their mortgage, then proceed to
help them with all their future needs.
The other benefit, the second part of the
'Two-fer' strategy, is this: first-time buyers
tend to be younger, in their twenties and
thirties. Credit union membership, as we all
know, is getting older and, as people age they
tend to borrow less and save more. If your
credit union has a goal of lowering the average
age of its membership, then adopting a
first-time buyer strategy is completely
complimentary.
As you begin work on your first-timer strategy,
review Strategy Number Four, Your Product Mix.
Affordability products will be
important.
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