As the country moved into 2021, the housing market saw a remarkable surge in purchases, particularly at what was (we thought) the end of a pandemic. Housing prices went through the roof, buyers engaged in bidding wars, and the market didn’t have enough homes available to meet the demand. With so many people buying houses, there was also a run on home insurance purchases.
In late June, however, the housing market began to stabilize. Potential buyers weren’t snapping up houses in a matter of days, and they were less willing to pay top dollar. The rush continues to slow, and experts predict that the market will either stabilize or go soft moving in the foreseeable future. With fewer people buying houses, fewer people are looking for home insurance, but there are still opportunities to find new clients if you know what to do.
Look for Current Homeowners Making Improvements
Although home buyers are the most straightforward leads, those making home improvements are also good prospects. After they’ve put a lot of money into modifications or additions to their home, homeowners often re-evaluate their home’s insurance coverage. This is an ideal time to approach them about updating their policy or bringing them on board as new clients.
Look Beyond the Listings
It’s easy to look over the information on home purchases and the sales price to get a start on cold calls, but it is time-consuming, and you don’t always find relevant potential clients. You need to dig deeper to devote your time and energy to potential clients who fit your sales niche. Whether you focus on providing coverage for lower-income houses, upscale homes, or rental properties, the more information you have, the more you can tailor your contacts list. There are great software packages these days that can help you find appropriate home insurance leads. Use these so you can focus on leads that are more likely to pan out and become clients.
Buy Leads from Agents that are Closing
It’s a reality of the last few years that some businesses have closed their doors. When you hear about an insurance agency that has shuttered their company, talk to them about purchasing their leads. It’s a way for them to make a bit of money while you immediately increase your reach.
Look for Life-Changing Events
People buy homes that need to be insured for a wide range of reasons. Perhaps they just got married, retired, or switched careers. Cold calling or cold emailing people going through life changes is often productive because one type of change leads to another. They might be trading up to a bigger home, purchasing a new home together, or downsizing because they are empty nesters. Whatever the reason, many will be open to looking at insurance options at these times.
A fluctuating housing market doesn’t have to derail your efforts to build a strong network of home insurance leads. It requires some work, but you can be successful regardless of the state of the housing market.