We have developed two robust programs to bring motivated, prospective buyers to your sales offices.
1. The Builder Home Rewards Program
To generate home buying prospects for Builders, CBSI has developed affinity relationships using its Home Rewards and Time to Stop Renting programs (managed by 1-2-3 HomeKeys).
These programs provide members and employees outstanding value in the sale or purchase of residential real estate. Learn more at www.123homekeys.com
How builders benefit:
- Your homes are promoted to potential buyers.
- You have no upfront costs for development or marketing of the program.
- This is far less expensive than traditional broker coop programs. It cuts the broker coop fee by 50%.
How it works
- Customers who use our Rewards programs receive a credit from your company of 1.50% of the new home base price to be used for closing costs or at the design center.
- All participating builders’ Web sites will be linked to our affinity client’s private labeled Rewards Web site. Builders’ Web sites will also be linked to our Time to Stop Renting site. Accordingly, your homes receive online exposure to prospective buyers at no cost.
- Customers will present participation agreements on their first visit to your new home community.
- CBSI will be the cooperating broker of record and be paid the broker coop commission.
Customers are not eligible to participate in Buyer Home Rewards if:
- They are represented by a broker in the new home purchase
- They have registered at the new home community in the previous 120 days from the date of their first visit using our Rewards program
- You have a valid registration on the customer from a real estate broker
What are the costs?
- CBSI is paid a broker coop fee of 1.50% of the base sales price.
- Buyers will be given a credit of 1.50% of the base sales price to be used toward closing costs or credit at the design center. You could designate that your buyer use a preferred lender as a condition of receiving the credit.
2. Reverse Mortgage Program
Our Homeowner Equity Lending Program (HELP) promotes a sales strategy, utilizing reverse mortgages, that helps builders increase sales while not having to make forward cash investments. This is a dynamic loan product that is being vastly under used by the new home industry. The reverse mortgage can be used to either refinance or purchase a home.
Target market
The ideal prospect is at least 62 years old, has a minimum of 50% equity in his/her current home and is at least two mortgage payments behind. CBSI has access to this type of lead.
Lead analysis
- Apparent financial problems
- Probably deferred maintenance on current home
- Equity to protect
- Cannot refinance with a traditional mortgage
- Can sell existing home and purchase a new home using a reverse mortgage
Buyer/borrower benefits:
- Solves current mortgage payment problems
- Sells current home at a reduced commission using the Sellers Edge Program (SEP) provided by CBSI
- Receives an Exclusive Decorating Package free, provided by you, the builder
- Use any additional cash to pay off bills, take a vacation, etc.
- NEVER have a mortgage payment on his or her new home
Builder advantages
- Access to qualified buyers with no upfront cost
- Free marketing at myreversemortgagehelp.com
- Free training for your sales staff on reverse mortgages and on how to present the opportunity to prospects
- Free on site seminars for your prospective buyers on using a Reverse Mortgage in their new home purchase
Costs
- Builder pays CBSI a commission of one and one half percent (1.50%) for referring the buyer to you
- Builder provides buyer a 1.50% Design Center credit referred to above as Exclusive Decorating Package
NOTE: Capital Mortgage will provide the Reverse Mortgage Loan. FHA Guidelines do not allow the seller to pay any of the buyer’s closing costs.