Is Amazon Getting Into Mortgages?

A few years ago, Jeff Bezos, Amazon founder, was quoted in INC Magazine as saying

“Your margins are my opportunity!”

…meaning that any business with high margins better beware because Amazon will lower the margins and still make more money (than mortgage companies make) due to its huge customer database.

So, enter Amazon’s ALEXA!

ALEXA is Amazon’s version of the verbal internet—ask a question.  Play your music.  Ask “what are mortgage interest rates today?”  Apply for a mortgage.  Find a home for sale in your city.

I have ALEXA.  While I can ask about the rates, I was not YET able to apply for a mortgage loan—but it won’t be long before that feature is launched in partnership with Quicken Loans (Rocket Mortgage).  Right now, clients who pay their mortgage payments to Quicken loans can make their mortgage payment with just a voice command.

Here’s the link to a December, 2017 article, Quicken Loans brings Rocket Mortgage to Amazon Prime Homeowners.

Here’s the thing – building and maintaining client /past customer relationships is a 10 on the “critical scale”.  And it doesn’t mean that just because your company has a CRM, it’s effective in delivering the right content to the right person.

Connecting with clients on social media will be one of the ways to “individualize” your content/message.

And then there is the old-fashioned way…picking up the phone and talking to them.

Holding events like movie night.

Providing them with an Annual Real Estate Review. (Content available to members only! Not a member? Join now and see what’s included here!)

But, you might be saying to yourself, “I’m so busy!  I don’t have time!”  Well, if you don’t spend the time now, you will have plenty of time later because your clients will be going somewhere else for their mortgage or refinance.

Here’s a link to time blocking articles and video classes to help you find a time each week to build those relationships. (Content available to members only! Not a member? Join now and see what’s included here!)

Oh, and by the way, real estate agents are on Amazon’s “margin hit list” too.