Before all of the social distancing and staying at home started, the circus came to town (yes, a REAL circus) and I was fortunate enough to attend one of the shows. Overall, it was a great experience… with the exception of several of the circus performers trying to wrangle me back to Dr. Bizarro’s Passage of Peculiarity. Fortunately, they quickly realized the error of their ways and allowed me to proceed to the show. You’d think they’d never seen eye stalks before!
Anyhow, as the show commenced, I was fascinated by several of the balancing acts. Since I have no traditional ears, my equilibrium oftentimes succumbs to your gravity and I bob-and-weave a bit. Needless to say, balancing acts such as the high wire walker and ringside comedic clowns were amazing. How they were able to keep everything balanced and in check, I’ll never know, but it was wonderful to experience it.
In my reflections of that glorious day at the circus, I quickly drew some parallels between the balancing acts and the credit union mortgage industry during the COVID-19 pandemic. Since this all started, we’re all performing a balancing act of sorts (not that we weren’t already, but now it’s magnified). The balance we’re most trying to strike is between our members and the business. We need to make sure our members’ needs are being met while keeping our businesses operational and helping to make sure our employees are safe.
At times, I think it might be easier trying to walk the high wire, particularly when you put into consideration that appearances and perceptions weigh heavily in this balance. How do we continue to do business during these unprecedented times while remaining sensitive to the needs of our members and employees?
In previous posts, we’ve looked at ways that can help keep your credit union functioning while helping members by satisfying their needs as best we can. However, with the current interest rates at record lows and the beginning of the traditional home buying season, we can’t turn a blind eye to the hottest real estate market I’ve seen since the Great Podclangor on my home planet some eons ago. To not pursue helping members get new home loans or refinances during the opportunistic time would be a grave disservice to them. So, what’s the first step?
For starters, it’s important to continue to stay in front of your members and demonstrate to them that you’re still there to help them with their financial and mortgage needs. This includes posting regularly on various social media channels, launching targeted marketing campaigns and continuing (or even increasing) traditional communications. Granted, a lot of these communications will be focused on pandemic-driven messages, but there should also be mention of the opportunities available to members to buy or refinance a home.
When you do communicate, keep your tone in mind—be sure to be forthright with your concern for the members’ needs and don’t make hard sales pitches. Rather, stress to them that you’re still there to help them and simply make mention of the opportunities available in this low interest rate environment. Let them know that if or when they’re interested in learning more, give you a shout-out. With a decision this big, whether purchasing or refinancing, encourage them to come to their trusted credit union first.
With today’s market, you need to be proactive. This time of year is traditionally home-buying season, and no pandemic is going to stop that, as the numbers show! Of course, we realize you’re still performing many balancing acts at this time and may wonder how you can be proactive on top of everything else you’re doing. That’s where a good partnership comes into play.
A partnership could be working with a marketing freelancer or an agency. Or, in the case of credit unions that partner with myCUmortgage, it could be using our marketing resources. As part of our partnership with credit unions, for example, we offer a Marketing Portal free of charge. The portal has hundreds of various collateral pieces that can be customized with your credit union logo and, in many cases, contact information (including photo) of your loan officer.
The Marketing Portal offers pieces arranged by topic as well as format. For instance, if you want to promote your first-time home buyer seminars or the availability of government loans, there are several categories from which to choose. Consider our home buying campaign geared to millennials. To help educate your members, take a look at the Home Buying Guide. Or, if you’re interested in launching an email campaign or sending postcards, you can search by those formats and send away!
Just like the circus act with the performer who spins dozens of plates simultaneously, you have a lot on your own plate… but so do your members. This is a great opportunity to show them what the credit union way of people helping people is all about. By doing so, you will undoubtedly be a tough act to follow.