Among many other problems facing many real estate brokerages today, from slowing markets, to higher interest rates, to competition from big-bucks online services that fish further upstream to catch consumers, there's been some difficulty in getting agents to use their in-house mortgage loan services.

Brokers can solve two major problems at once by adding credit counseling services that help homebuyers buy homes. This Buy-A-Home credit counseling idea would allow brokers to get to consumers who are early in the homebuying stage of repairing credit and running what-if scenarios. It would also bring in leads from your mortgage brokers and agents, who would be strongly incentified to work together.

Here's how it could work.

Create a Buy-A-Home program that you can advertise to homebuyers that includes:

• a credit counseling seminar, conducted by your mortgage loan officers

• credit report and credit score check

• one-on-one counseling from one of your mortgage loan officers

• a homebuying seminar conducted by you and your agents

To get around pesky state and federal interference, you can provide these services free of charge, or if your state allows it, charge for the program and refund the cost of the program at closing to insure your buyer will use your mortgage company.

The purpose, of course, would be to educate homebuyers on what to do and what not to do to maximize their credit in order to buy a home, including staying away from fraudulent counselors. But the real win for brokers who implement homebuying programs is that they will be able to generate customers for listings long after the credit has dried up for others.

Here's why. The handwriting is on the wall -- the country has really put about as many buyers out there as it can. Major headwinds include:

• The fact that housing has grown in price by the double digits for over five years in many areas, while salaries have remained virtually stagnant.

• Interest rates are approaching both the psychological and affordability barrier for many at just under seven percent for fixed-rate mortgage loans, but the situation is worse for unsecured credit -- credit card interest rates are escalating forcing borrowers to pay more monthly.

• Inflation is rising in everyday products from gas to milk, causing the trade-in of SUVs to reach record rates, according to Cars.com.

• Home appreciation is softening, so homebuyers can no longer count on record appreciation to offset small or no down payments in the case that they have to sell. With no equity, they can't afford to sell without bringing money to the table.

• With many stretched to their loan limits to get into a home, the outlook is bleak to generate more buyers.

That's where you step in. Take the consumer by the hand. Show them a safer way to buy a home with no strings attached. Build the trust they aren't getting online. Show them that even in a market that's softening, they can enjoy the unprecedented benefits our tax system has to offer homeowners and investors. Your buyers will love it, but your sellers will really appreciate your efforts to bring them buyers.

Published: July 6, 2006

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