The state of real estate across the country is causing brokers and agents to change gears.
The insurance industry and the housing market are very closely related and individuals in insurance jobs, such as brokers and agents, must keep on top of the latest movements in that marketplace in order to ensure that they are spending their time and energy on the products that will be most beneficial to their customers and that will generate the greatest revenues at the same time.
Good or bad, the sale of homes has a considerable impact on brokers and agents.
The latest predictions from experts in the housing market are that the positive trends that took root last year will only continue to blossom throughout 2014. Forecasts from specific states, such as Florida, and cities, such as New York City, are all saying that the recovery of the housing market is continuing. For those in insurance jobs, this means that homeowners coverage will once again become a lucrative focus on top of the auto policies and health plans that have been a main part of the bread and butter for these professionals over the last few years.
As the housing market makes a comeback, agents can focus on offering the best associated products.
Insurance brokers and agents are seeing the robust comeback from 2013 and the positive trends such as increase in insurance sales along with refinancing, which in turn, are two great opportunies for agents to talk to their clients about life insurance or mortgage protection. Also, agents should be offering add on products that best suits their clients like: earthquake, flood insurance, equipment breakdown coverage, jewelry floaters, etc.
All in all, an influx of new buyers on the market just means a healthier bottom line for agents and brokers alike.
The real estate trends that are being predicted in the housing market this year are:
• A gradual stabilization of inventory and a return to seasonal levels traditionally experienced.
• An increase in the number of homeowners returning to positive equity.
• Rising mortgage rates.
• A decline in home affordability.
• Slowing foreclosure activity.
Those within insurance industry should carefully examine these trends and pay attention to the way in which they unfold to ensure that their marketing efforts are continually keeping up with the very latest. Maybe dust off that old business card and start visiting escrow offices once again – oh and don’t forget the bagels or donuts!