With landmarks like the Chickasaw National Recreation Area and the Black Kettle National Grassland, Oklahoma has a vast range of landscapes to explore if you’re living in the state. From prairies and forests to plains and lakes, Oklahoma has plenty of stunning places to call home. And if you’re looking to live the lakeside lifestyle, Oklahoma has countless lakes that are great for buying a home near. 

At Redfin, we’ve gathered a list of 13 lakes in Oklahoma to buy a home this year. Whether you’re looking for a bustling city by the water or a tranquil retreat surrounded by nature, we can help you find your perfect Oklahoma lake town.

1. Arcadia Lake (Edmond)

Nearest city: Edmond, OK
Median home sale price: $360,000
Average 1-bedroom rent: $1,157
Population: 95,000
Homes for sale in Edmond, OK
Apartments for rent in Edmond, OK

The first spot on our list of lakes in Oklahoma to live on is Arcadia Lake. Located on the eastern side of Edmond, Lake Arcadia creates a serene escape with its clear waters and lush surroundings. This lake is a haven for outdoor enthusiasts, boasting activities such as fishing, boating, and hiking along its scenic trails. You can find parks like Spring Creek Park, Storybook Forest, and Spring Creek Swim Beach. The city of Edmond has a great blend of suburban living and natural beauty. Just a short drive from downtown, residents can enjoy the best of both worlds – lake life and the conveniences of city amenities.

2. Broken Bow Lake (Broken Bow)

Nearest city: Broken Bow, OK
Median home sale price: $308,000
Population: 4,100
Homes for sale in Broken Bow, OK
Apartments for rent in Broken Bow, OK

Broken Bow Lake is a gem located on the eastern side of Oklahoma near Arkansas. This picturesque lake is surrounded by lush forests, like Beavers Bend State Park, and offers a plethora of activities such as kayaking, fishing, and swimming. The nearest city is Broken Bow, known for its friendly community and charming local businesses located along Main Street. Broken Bow provides a peaceful retreat for those looking to live by the water and enjoy the scenic surroundings.

3. Fort Gibson Lake (Wagoner)

Nearest city: Wagoner, OK
Median home sale price: $130,000
Population: 8,500
Homes for sale in Wagoner, OK
Apartments for rent in Wagoner, OK

Fort Gibson Lake, located in the quaint city of Wagoner, is a great spot for those who are looking to be near state parks. The lake is known for its excellent fishing spots and beautiful, expansive waters that are perfect for boating and water sports. The area is home to Sequoyah State Park, several marinas, and boat launches, so there’s plenty to do from hiking to taking your boat out on the water. Wagoner, with its small-town charm and population of 8,500, has a community feel with its local restaurants along Cherokee Avenue. The city’s proximity to the lake allows residents easy access to outdoor activities while enjoying the comforts of town amenities.

4. Grand Lake o’ the Cherokees (Cleora)

Nearest city: Cleora, OK
Population: 1,500
Homes for sale in Cleora, OK
Apartments for rent in Cleora, OK

Grand Lake o’ the Cherokees is situated at the Ozark Mountain’s foothills, offering picturesque views of the mountains. The lake has over 1,300 miles of shoreline so there are plenty of recreational opportunities, including boating, fishing, and water skiing. Grand Lake o’ the Cherokees, often shortened to just Grand Lake, has several yacht clubs, cozy cabin rentals, and campgrounds. There are several small towns surrounding the lake, but the main city is Cleora. Cleora has some waterfront restaurants, local markets, and plenty of marinas to keep your boat.

5. Keystone Lake (Cleveland)

Nearest city: Cleveland, OK
Median home sale price: $159,000
Population: 3,200
Homes for sale in Cleveland, OK
Apartments for rent in Cleveland, OK

The fifth lake on our list is Keystone Lake, with its sprawling waters and natural beauty. This lake is a highlight of the small town of Cleveland and a popular spot for those living in nearby Tulsa. This lake offers residents and visitors a variety of water sports, fishing, and camping. There are a lot of parks around the lake like Washington Irving South Recreation Area, Keystone Ancient Forest, and Keystone State Park, where you can find nature trails. The nearest city, Cleveland, is located at the northern point of the lake. This town of about 3,200 has several local restaurants and easy access to Keystone Lake.

6. Lake Eufaula (Eufaula)

Nearest city: Eufaula, OK
Population: 2,900
Median home sale price: $170,000
Homes for sale in Eufaula, OK
Apartments for rent in Eufaula, OK

Lake Eufaula is one of the largest man-made lakes, with a sprawling 102,500 acres. It’s Oklahoma’s largest lake, offering lots of options for fishing, boating, and swimming. You can find various recreational areas from beaches, state parks like Arrowhead State Park and Lake Eufaula State Park, and waterfront restaurants in the quaint lake towns. One of the nearby cities is Eufaula, home to about 2,900 residents. Eufaula’s community is vibrant and welcoming with its charming Main Street, where you’ll find restaurants, cafes, and shops.

7. Lake Hefner and Lake Overholser (Oklahoma City)

Nearest city: Oklahoma City, OK
Median home sale price: $259,450
Average 1-bedroom rent: $1,002
Population: 655,000
Homes for sale in Oklahoma City, OK
Apartments for rent in Oklahoma City, OK

Lake Hefner and Lake Overholser are both located in Oklahoma City, giving residents lots of options to enjoy waterfront living. These lakes are popular spots for sailing, fishing, and picnicking, providing a picturesque escape from the hustle and bustle. Lake Hefner has several parks around the perimeter, like Lakeshore Park, Stars and Stripes Park, and Bluff Creek Park, as well as a lighthouse. Lake Overholser is located along the west side of Oklahoma City and is a great spot to enjoy a picnic or fish. The lakes’ proximity to Oklahoma’s vibrant neighborhoods and their natural beauty make them great options for those looking for nature and city life.

8. Lake Murray (Ardmore)

Nearest city: Ardmore, OK
Median home sale price: $149,000
Average 1-bedroom rent: $909
Population: 24,000
Homes for sale in Ardmore, OK
Apartments for rent in Ardmore, OK

Lake Murray is located in the middle of Lake Murray State Park so there’s no shortage of outdoor adventures. With its clear waters, beaches, and campsites, Lake Murray is a great place to hike, fish, and camp. The lake is known for landmarks like Tucker Tower and the floating cabins along the water. Ardmore is located just north of the lake and combines the charm of small-town living with the beauty of Oklahoma’s natural landscapes. The area has museums like the Greater Southwest Historical Museum and the charming Main Street where you’ll find local shops and restaurants.

9. Lake Texoma (Tishomingo)

Nearest city: Tishomingo, OK
Median home sale price: $190,000
Population: 3,000
Homes for sale in Tishomingo, OK
Apartments for rent in Tishomingo, OK

Lake Texoma is on the Oklahoma-Texas border and is a large lake known for its excellent fishing, boating, and beautiful landscapes. The lake has plenty of marinas and campgrounds, and is home to the Lake Texoma State Park, which has a walking trail. Tishomingo, the nearest city, offers a quaint and friendly atmosphere for residents with its local cafes and museums like the Chickasaw National Capitol Building. There are lots of other small communities surrounding the lake to explore.

10. Lake Thunderbird (Norman)

Nearest city: Norman, OK
Median home sale price: $266,200
Average 1-bedroom rent: $887
Population: 125,000
Homes for sale in Norman, OK
Apartments for rent in Norman, OK

Lake Thunderbird is a peaceful retreat in the bustling city of Norman. Known for its tranquil waters and lush surroundings, the lake is a favorite among locals for boating, fishing, and picnicking. Lake Thunderbird has two main parks located on the north and south ends of the lake – Lake Thunderbird State Park and Little River State Park. You can also find trails like Clear Bay Trails Trailhead and Critter Alley Trail, as well as campgrounds. Norman, with a population of 125,000, is the third largest city in Oklahoma and has plenty to do, from exploring the charming downtown area to checking out museums like the Fred Jones Jr. Museum of Art and the Moore-Lindsay Historical House Museum.

11. Oologah Lake (Oologah)

Nearest city: Oologah, OK
Median home sale price: $129,000
Population: 1,300
Homes for sale in Oologah, OK
Apartments for rent in Oologah, OK

Oologah Lake is a picturesque setting for a variety of water sports and outdoor activities, like fishing, boating, and picnicking. The area is full of trails and landmarks, like Skull Hollow Nature Trail, Will Rogers Country Centennial Trail, Will Rogers Birthplace Ranch, and Blue Creek Park. The town of Oologah, with its small population of 1,300, has a welcoming community feel. Oologah Lake’s clear waters and scenic beauty, combined with the town’s welcoming atmosphere, make it a great area for homeowners looking for a tranquil lakeside setting.

12. Skiatook Lake (Skiatook)

Nearest city: Skiatook, OK
Median home sale price: $179,500
Population: 8,400
Homes for sale in Skiatook, OK
Apartments for rent in Skiatook, OK

Skiatook Lake is a beautiful reservoir known for its crystal-clear waters and stunning sunsets. The lake is a popular destination for fishing, boating, and swimming, with views of the bluffs and rugged cliffs. Skiatook Lake has several marinas, parks, and trails like Osage Park Recreation Area and Stay Gold Sunset Trail. The nearest town is Skiatook where you’ll find coffee shops, cafes, and local restaurants along WC Rogers Boulevard. It’s often called the “Gateway to the Osage” as it’s close to Osage County.

13. Tenkiller Ferry Lake (Cookson)

Nearest city: Cookson, OK
Median home sale price: $292,000
Population: 1,030
Homes for sale in Cookson, OK
Apartments for rent in Cookson, OK

Tenkiller Ferry Lake, often simply called “Tenkiller,” is a stunning body of water located near the small town of Cookson. This lake is awesome for divers, fishermen, and families looking for a scenic vacation spot or a serene place to call home. Tenkiller’s clear waters, recreational opportunities, and the community of Cookson make it a great choice for those looking for a lake in Oklahoma to live on this year.

Note, this list is not comprehensive of all the lakes in Oklahoma. Median home sale price data from the Redfin Data Center during April 2024. Average rental data from Rent.com April 2024. Population data sourced from the United States Census Bureau.

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

Forget the Super Bowl — the NBA is now where it’s at for wholesale lending giant United Wholesale Mortgage’s efforts to market mortgage brokers as the best way to find a loan.

UWM’s consumer-facing Mortgage Matchup website — a searchable database that helps consumers find a local mortgage broker — is the official mortgage partner of the NBA and WNBA, the leagues and UWM announced jointly Thursday.

But Mortgage Matchup also features prominently in a lawsuit alleging UWM has “corrupted” mortgage brokers by prohibiting them from sending business to competitors.

Search results on MortgageMatchup.com are “designed to steer borrowers to brokers who funnel nearly all their business to UWM, regardless of whether UWM offers the most competitive loan terms,” the lawsuit claims. “Conversely, brokers who do not funnel loans to UWM can expect UWM … to decrease the number of borrowers that seek their services.”

UWM, the NBA and the WNBA did not respond to requests for comment about those accusations.

Originally launched as FindAMortgageBroker.com in 2015 by Woodward Loop Properties LLC, UWM took control of the site in 2018 and rebranded it as Mortgage Matchup in January.

Before rebranding the site, UWM promoted it in ads that aired during the 2020 and 2021 Super Bowls that helped UWM surpass its rival Rocket Mortgage — also a prominent Super Bowl advertiser dating back to the days when it was known as Quicken Loans.

But with UWM CEO Mat Ishbia acquiring the Phoenix Suns and its sister WNBA team, the Phoenix Mercury, last year, UWM’s beef with Rocket has moved onto the basketball court. Dan Gilbert, the co-founder and chairman of Rocket Mortgage’s parent company, Rocket Companies, is the owner of the Cleveland Cavaliers.

UWM has denied the allegations in the lawsuit, which center around an ultimatum the company issued to mortgage brokers in 2021. The “All In” policy prohibited mortgage brokers who wanted to continue doing business with UWM from sending loan applications to rivals Rocket Mortgage or Fairway Independent Mortgage.

Ishbia has gone a step further, claiming Rocket and Dan Gilbert are somehow behind the allegations against UWM, which were initially leveled by Hunterbrook Media, a newly formed company funded by a hedge fund that’s taken a short position in UWM.

Rocket and Hunterbrook Media have called Ishbia’s accusations, which he made in April to a sports reporter who covers the Phoenix Suns, baseless.

Before making its April 2 report on UWM public, Hunterbrook Media provided its data analysis and research to the New York City-based law firm Boies Schiller Flexner, which filed a complaint against UMW the same day seeking class-action status to represent borrowers allegedly harmed by UWM’s practices.

MortgageMatchup.com features prominently in the complaint, which points to UWM’s website to back allegations that the site uses an algorithm that favors mortgage brokers who send most of their business to UWM.

According to UWM, mortgage brokers can boost their “PRO Ranking” by submitting loan applications to UWM, visiting UWM’s campus, communicating with UWM account executives, and engaging with UWM’s content online.

“The higher your PRO Score the quicker your turn times will be and the more visibility you’ll have on Mortgage Matchup,” UWM says on its own website.

In a press release, the leagues said Mortgage Matchup “will receive media exposure across a variety of league platforms, including through on-court virtual signage during NBA and WNBA national broadcasts as well as the leagues’ official social and digital platforms.”

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

Forget the Super Bowl — the NBA is now where it’s at for wholesale lending giant United Wholesale Mortgage’s efforts to market mortgage brokers as the best way to find a loan.

UWM’s consumer-facing Mortgage Matchup website — a searchable database that helps consumers find a local mortgage broker — is the official mortgage partner of the NBA and WNBA, the leagues and UWM announced jointly Thursday.

But Mortgage Matchup also features prominently in a lawsuit alleging UWM has “corrupted” mortgage brokers by prohibiting them from sending business to competitors.

Search results on MortgageMatchup.com are “designed to steer borrowers to brokers who funnel nearly all their business to UWM, regardless of whether UWM offers the most competitive loan terms,” the lawsuit claims. “Conversely, brokers who do not funnel loans to UWM can expect UWM … to decrease the number of borrowers that seek their services.”

UWM, the NBA and the WNBA did not respond to requests for comment about those accusations.

Originally launched as FindAMortgageBroker.com in 2015 by Woodward Loop Properties LLC, UWM took control of the site in 2018 and rebranded it as Mortgage Matchup in January.

Before rebranding the site, UWM promoted it in ads that aired during the 2020 and 2021 Super Bowls that helped UWM surpass its rival Rocket Mortgage — also a prominent Super Bowl advertiser dating back to the days when it was known as Quicken Loans.

But with UWM CEO Mat Ishbia acquiring the Phoenix Suns and its sister WNBA team, the Phoenix Mercury, last year, UWM’s beef with Rocket has moved onto the basketball court. Dan Gilbert, the co-founder and chairman of Rocket Mortgage’s parent company, Rocket Companies, is the owner of the Cleveland Cavaliers.

UWM has denied the allegations in the lawsuit, which center around an ultimatum the company issued to mortgage brokers in 2021. The “All In” policy prohibited mortgage brokers who wanted to continue doing business with UWM from sending loan applications to rivals Rocket Mortgage or Fairway Independent Mortgage.

Ishbia has gone a step further, claiming Rocket and Dan Gilbert are somehow behind the allegations against UWM, which were initially leveled by Hunterbrook Media, a newly formed company funded by a hedge fund that’s taken a short position in UWM.

Rocket and Hunterbrook Media have called Ishbia’s accusations, which he made in April to a sports reporter who covers the Phoenix Suns, baseless.

Before making its April 2 report on UWM public, Hunterbrook Media provided its data analysis and research to the New York City-based law firm Boies Schiller Flexner, which filed a complaint against UMW the same day seeking class-action status to represent borrowers allegedly harmed by UWM’s practices.

MortgageMatchup.com features prominently in the complaint, which points to UWM’s website to back allegations that the site uses an algorithm that favors mortgage brokers who send most of their business to UWM.

According to UWM, mortgage brokers can boost their “PRO Ranking” by submitting loan applications to UWM, visiting UWM’s campus, communicating with UWM account executives, and engaging with UWM’s content online.

“The higher your PRO Score the quicker your turn times will be and the more visibility you’ll have on Mortgage Matchup,” UWM says on its own website.

In a press release, the leagues said Mortgage Matchup “will receive media exposure across a variety of league platforms, including through on-court virtual signage during NBA and WNBA national broadcasts as well as the leagues’ official social and digital platforms.”

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

There’s a lot of doom and gloom about the real estate sales business in the world today. However, I’ve never been more excited about what the future holds for professional agents. When you provide great value and needed expertise, you will always be compensated in line with the service you provide.

Here are seven reasons great agents will always be in demand:

1. Experience

Your experience and understanding of the sales process have value. The more experience you have, the more trust your clients will have in you and your ability to help them achieve their goal of buying or selling a home. It is your experience that will help them avoid potential missteps in the process and it is your experience that will guide them to a successful closing.

We live in a society where everyone is looking for the “easy button.” When you are an agent, if they trust that you will help them through the process with the least amount of hassles, they will be happy to trade your expertise for their dollars.

2. Key local insights

Most of the news reported on real estate is done on a national level. Although trends at the national level are important, it is local details and insights that most affect buyers and sellers. Details like:

• the average price per square foot for homes in different neighborhoods
• local trends on whether inventory is up or down from last month
• local absorption rate trends
• average days on market trends
• whether list-to-sell prices are showing a softening.

These are all local insights that affect how a home is priced or where an initial offer price should be made.

A professional agent shares the insights that help buyers and sellers make the best decision for themselves and their families. Without a true understanding of the local trends buyers and sellers could potentially cost themselves thousands of dollars by making uninformed decisions. Become the most educated agent about your local market and you will continue to be a valued and needed part of the process.

3. Network of local resources

Your network of trusted service providers has tremendous value. Most buyers don’t know a home inspector they are confident they can trust. Most buyers or sellers don’t know a handyperson who does quality work at a fair price. But you do, and access to your extensive network of these resources can set you apart from your competition.

A truly professional agent can recommend resources from babysitters to bicycle technicians. They know plumbers, electricians, landscapers and pool companies. When you are the connection point between your buyers or sellers and the people or resources they need, your worth will be recognized and appreciated.

4. Valuation expertise

If sellers trust Zillow for the valuation of their home before listing it for sale, odds are they are going to get it wrong. Your ability to put together a complete valuation analysis and to present it in a way that sellers can easily understand will help them sell their home for the highest price possible in the least amount of time.

Even if the seller wishes the price was higher, the numbers are the numbers. If they decide to list their home with another agent who said he or she thought it was worth more, they will not forget your presentation. The fact that you provided fact-based analysis will give you a good chance at being the listing agent when the home expires and they are ready to get realistic about the price.

When you show buyers an analysis of the value of the home they are considering buying, they are equipped with the confidence to make an offer based on the knowledge you provided. Your valuation analysis helps them make decisions on offers or counter offers based on facts and with less emotion.

A true professional that can exhibit expertise in the valuation of homes will always be desired.

5. Negotiation skills

If you are an astute negotiator who negotiates on behalf of your client at a high level, your value will outweigh the commission they pay you. You can develop your skills as a negotiator in a few ways. The book Never Split the Difference by Chris Voss is a great place to start, but there are tons of resources available through a Google or YouTube search.

The key is to understand that negotiating on behalf of your client is your job. If you are serious about your job performance and serving your clients at the highest level, then you will always be working to develop and hone your skills as a negotiator. When the value of your skill is more than the expense of your commission there will always be a market for your services.

6. Marketing skills

Effective marketing provides the exposure sellers need to garner the number of showings necessary to maximize the sales price of their home. Have you built a social media following or email list that you can market your listings to easily? Do you invest in top-of-the-line videography and understand how to tell the story of a home in a way that attracts buyers? Do you host open houses, door knock or run Google pay-per-click ads better than other agents?

Marketing skills give sellers the confidence that you can present and represent their home at the highest level possible. These are skills that will always be needed and sought after.

7. Legal navigation through the process

We live in an ever-increasingly litigious society. We began with the value of experience, and this is an area where that experience is paramount. Your ability to help navigate clients through the buying or selling process, avoiding potential pitfalls or liability, is needed now more than ever.

Understand how to properly word contingencies that protect your client. Provide updates on upcoming contingency deadline dates. Be the professional agent your clients need and deserve by understanding your contract completely. By doing so, you will not only be protecting your client but also protecting the need clients will have for your service.

Now is the time to expand your skill set, broaden your knowledge, and provide value at a higher level than you’ve ever provided. By doing so, not only will your business survive these changing times, but it will thrive like never before. 

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

In today’s real estate market, the dominance of national companies like Zillow and Homes.com makes it challenging for regional brokerages to rank for broad keyword terms like “homes for sale in [City].”

To compete effectively, it’s essential to shift the focus toward content creation that educates, informs and entertains potential clients before they even know where they will be moving or searching for a home.

The strategy will become even more powerful when replicated into other major markets that have highly competitive education and large companies with an international presence, including ideally New York City; Washington, D.C.; Philadelphia; Los Angeles; and San Francisco.

How creating unique content for a real estate website helps increase organic search traffic, total impressions and average keyword position 

Challenges

1. Broad keywords saturation: National real estate companies hold dominant positions for broad keyword terms.
2. Limited regional reach: Regional brokerages have a smaller market footprint compared to national companies.
3. Uncertainty of relocation needs: Engaging future clients who aren’t yet certain where they will move can be difficult.

Where is your next buyer from?

Your next client is probably not even from the area, so create a content strategy that will focus on what information someone moving into the area may research before they start looking for real estate.

Solution: Unique and engaging content strategy

To capture an audience early, the strategy will focus on two key areas: education and companies/jobs. By providing valuable insights related to schools and business opportunities, we can build brand awareness and trust, engaging future clients well before they decide on a specific location.

As the unique content starts to rank with the search engines, it will also help boost the real estate-specific content that can help attract a wider audience.

Section 1: Education-focused content

Objective: Attract families by offering valuable information on educational options, particularly for those prioritizing good school districts.

Content themes:

1. School district guides:

• Create comprehensive guides detailing various school districts, including rankings, special programs, and facilities
• Highlight lists like “Top 5 School Districts in [City/Suburb] for Families” 
• The School district guides will be linked to a saved search that contains the homes for sale within the attendance boundaries of those schools

2. Gifted and honors programs:

• Write about specific schools known for their gifted and honors programs
• Showcase success stories and highlight the admissions process for specialized programs

3. Bilingual education and language immersion schools:

• Offer guides on bilingual programs available across districts, focusing on Spanish, French, German or other immersion schools
• Interview parents or school administrators to provide insights into these unique programs

4. Extracurricular activities and sports:

• Create articles detailing schools with standout extracurriculars and athletic programs
• Testing prep
• Types of testing to help prepare the parents and caregivers

Content types and formats:

Blog posts and articles:

• Detailed guides, parent testimonials, school program comparisons

Videos and webinars:

• Virtual tours of top schools, Q&A sessions with school principals

Infographics:

• Visual comparison of school districts and educational programs

SEO keywords and queries:

• “Best school districts in [City]”
• “Gifted programs in [City]”
• “Top bilingual schools in [City]”

Section 2: Companies and jobs-focused content

Objective: Engage potential clients by offering valuable insights into job markets and business opportunities in different cities. This will also increase exposure to large companies that may use our relocation services to help buy/sell.

Content Themes:

1. Job market insights:

• Create market overviews highlighting top industries, employment trends and growth opportunities
• Develop city-specific guides like “Job Market Insights for [City]” or “Top Employers in [City]”

2. Relocation guides:

• Provide detailed relocation guides including housing, job market insights and living costs
• Incorporate specific employer programs and incentives

3. Top companies lists:

• Develop comprehensive lists of the top companies in various markets (e.g., “Top 10 Tech Companies Hiring in [City]”)
• Interview recruiters or HR representatives for exclusive advice

4. Spouse/significant other employment opportunities:

• Create guides for spouses relocating with their partners, including job-search strategies and companies with dual-career programs

Content types and formats:

Blog posts and articles:

• Job market trends, company profiles, relocation strategies

Videos and podcasts:

• Interviews with recruiters, webinars on job search strategies

Infographics:

• Visual insights into job growth trends, salary comparisons across industries

SEO keywords and queries:

• “Job market insights in [City]”
• “Top companies in [City]”
• “Relocating to [City] for work”

Implementation plan

1. Content calendar:

• Develop a 12-month calendar, balancing educational and job-focused content (all linked to real estate content)
• Schedule blog posts, videos, and infographics at regular intervals

2. Keyword research and optimization:

• Identify long-tail keywords for each theme
• Optimize content for search queries related to schools, job markets, and companies
• It’s important to remember that we are NOT keyword chasers

3. Distribution and promotion:

• Share content on social media platforms, real estate forums and LinkedIn
• Partner with local school districts, businesses and relocation services to distribute content
• Use email marketing to target families and professionals

4. Engagement metrics:

• Monitor engagement metrics like time on page, bounce rate and click-through rates
• Track lead generation through landing pages and downloadable guides

5. Continuous improvement: 

• Regularly analyze metrics to refine and adjust content strategy
• Gather feedback through surveys and comments to tailor future content

While national real estate companies dominate broad keyword searches, a regional brokerage can capture an audience by offering unique, engaging, and highly specific content focused on education and job markets. By becoming a trusted resource for families and professionals, the brokerage can build brand awareness, create lasting relationships, and ultimately convert future clients.

No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the future and join us at Connect.

First Team Real Estate, the largest privately held brokerage in the state of California, has left the Christie’s International Real Estate network and promoted Michele Harrington to CEO, the company told Inman exclusively.

With its transition away from Christie’s International Real Estate, the brokerage is also launching a brand refresh to symbolize a commitment to its independence and the “agent first” model it pioneered when the company started back in 1976.

“Christie’s will be a great franchise, but First Team is something different from that,” First Team founder Cameron Merage said in a statement. “We felt that our independence is what got us to where we are today and what will enable us to continue innovating on behalf of our agents. We provide them with what they need to grow their businesses, offering the opportunity to be part of a great company culture while empowering them to develop their own teams.”

As the market continues to prove challenging for agents during this time, First Team is doubling down on the company’s brand and specialty marketing programs, as well as training and coaching for agents. First Team is also providing new options to agents for marketing qualified luxury listings through the firm’s affiliation with Luxury Portfolio International.

Harrington joined First Team when the firm she owned at the time, Star Estates, was acquired by the company in 2018. Since then, she has served in roles as managing broker, and most recently, chief operating officer.

A press release noted that the firm’s rebrand would also serve to solidify its positioning as a leader in the luxury real estate space while maintaining a brand that translates across all price points. First Team is a founding member of Luxury Portfolio International.

“I’m excited not only to launch our new look but also our brand mantra, ‘Behind the Agent,’” Harrington said in a statement. “We have always been a company focused on building agents’ businesses, and now we are promoting what we stand for. We are a company made by Realtors for Realtors, which is exceedingly rare in our industry today.”

Christie’s International Real Estate replied in a statement sent to Inman that the parting of ways was “mutual.”

“Orange County includes some of the most high-end markets in the U.S., and as a luxury brand, Christie’s International Real Estate is focused on building our network, here and around the world, with next-generation, independent firms that embrace luxury, technology, white glove service, and the unique opportunities that arise from our partnership with Christie’s auction house,” the statement read. “We appreciate First Team’s years in the network; however, we are excited to announce, in the near future, a new affiliate that will enhance the level of luxury service in Orange County and extend our brand into San Diego.”

First Team affiliated with Christie’s International Real Estate about 10 years ago. Merage founded the brokerage in 1976 and served as CEO throughout that time. Now he will transition into an advisory role as chairman of the board.

First Team currently has about 30 offices with roughly 2,000 real estate agents across Orange County, L.A. County, Inland Empire and San Diego County.

Buying a house in another state can feel like navigating a maze blindfolded. You’re leaving a market that you feel comfortable and familiar with and entering another that’s unfamiliar. You don’t have relationships or connections and have to learn everything about neighborhoods, cost, and offer culture. Furthermore, every state has its old legal environment.

Whether you are relocating, investing, or buying a vacation home, you need to know how to buy a house in another state before moving. 

This article gives you step-by-step guidelines for finding and buying a house in another state. Learn what local real estate laws, financing, and offer processes you need to familiarize yourself before your next real estate purchase. 

Can You Buy a House Out of State? 

If you are moving and crossing state lines, you’ll be happy to know that there are no restrictions on buying real estate in another state for US citizens or permanent residents. Many people purchase homes in different states for various reasons, such as for investment purposes, as a vacation home, or in preparation for a future move.

However, the process can be more complicated, especially if moving to an unknown market. You have much to learn, starting with connecting with the right real estate professionals.

Start your search with FastExpert. Connect with top local real estate agents and mortgage brokers to streamline your out-of-state home purchase. 

Steps to Buy a House in Another State 

Buying a house in another state is very similar to buying a home in your local market. However, you must learn about the market and connect with local real estate professionals.

The buying process can change slightly from state to state and can even be dependent on the micro market. Be prepared to spend more time researching and getting to know your market. 

The steps to buy a house in another state are as follows:

• Step 1: Define Your Goals and Budget
• Step 2: Research the Target State and Area to Select Your Preferred Neighborhoods
• Step 3: Secure Financing
• Step 4: Hire a Local Real Estate Agent
• Step 5: Begin House Hunting
• Step 6: Plan a Visit to the Target Location
• Step 7: Make an Informed Offer and Negotiate
• Step 8: Conduct Due Diligence
• Step 9: Finalize Financing
• Step 10: Prepare for Closing and Relocation
• Step 11: Consider Temporary Housing Options

When preparing to buy a house out of state, have confidence that the process isn’t completely foreign. You just need to take more time to build relationships with the right professionals to guide you through the process and to get to know your new area.

Define Your Goals and Budget

When changing states, you need to get acquainted with the cost of real estate, closing costs, homeowners insurance, property taxes, utilities, and the cost of living. A budget in one state might be completely different than another.

For example, property taxes in Texas are notably higher than in California, but the purchase price of homes is usually more affordable in Texas. Talking to a mortgage lender and even getting a mortgage pre-approval can be a great place to start when determining your budget.

Budgeting for a Home

Budgeting for a home purchase in another state means you need to understand the costs of buying a house in that area. Research expenses such as: 

• Property Taxes: Property taxes change by state and county. 
• Homeowners Insurance: How much you spend to insure your home will depend on your area and associated risks. For example, southern states like Florida and Alabama have some of the highest homeowners insurance costs due to hurricane risk. 
• Closing costs: Closing costs vary by state and provider. The average is between 0.7% and 5.4%, depending on the state. 
• Interest Rates: Banks charge different interest rates across the country. Look into the market interest rate in the area you’re buying. 
• Homeowners Association (HOA) Fees: If buying into a community with an HOA, expect to pay a monthly fee. 
• Private Mortgage Insurance (PMI): If your down payment is less than 20% of the home’s purchase price, your mortgage lender will usually require PMI to protect themselves if you default on the loan.

Once you understand these expenses, you should understand how much you have left for your down payment. Your downpayment amount can greatly impact how much you can afford to pay for a home. A higher downpayment makes homeownership more affordable and gives you greater flexibility in your budget.

Assess the Cost of Living

Cost of living changes based on state and city. The cost of living is more than just how much it costs to own a home; it includes all your expected outgoings. Make a budget of your total expenses and then look into what those expenses cost in your new area. 

Think about expenses like: 

• Groceries
• Utilities
• Gym memberships
• Clothing
• Transportation
• Childcare 
• Education
• Entertainment and recreation
• Pet expenses

Considering these costs will help you create a realistic budget that reflects your lifestyle and financial obligations.

Research the Target State and Area to Select Your Preferred Neighborhoods

When venturing into the unfamiliar territory of another state’s real estate market, your first order of business should be thorough research to identify the most suitable areas for your needs. The location of your future home influences not just your lifestyle but also the long-term value of your investment.

Start by gathering information from a variety of online platforms that provide insights into different neighborhoods. Websites like Zillow, Niche, and Realtor.com offer comprehensive data on housing market trends, demographics, and local amenities.

Also, look for community forums and social media groups where residents share their experiences and advice about living in those areas. Look into historical price trends, current market conditions, and future predictions to understand the economic stability of the neighborhoods you are considering.

Quality of life is paramount when choosing a new neighborhood. Consider what matters most to you: proximity to good schools, access to public transportation, safety statistics, availability of parks and recreational facilities, and cultural amenities. Each of these factors can dramatically affect your satisfaction with a location.

Nothing beats visiting a potential new home and its neighborhood in person. Plan a reconnaissance trip to walk the streets, visit local businesses, talk to potential neighbors, and get a real feel for the area. This firsthand experience can be invaluable and might be the deciding factor in your decision-making process.

Secure Financing and Mortgage Pre-Approval Letter

Securing financing is a crucial step in the home-buying process. It not only solidifies your purchase budget but also positions you as a serious buyer in the eyes of sellers. You should get a mortgage pre-approval before you start house hunting. The pre-approval process involves a lender reviewing your financial information to determine how much they will lend to you. 

While national banks might offer familiarity, find local lenders who provide valuable insights into the real estate market of your target state. They are often more adapted to the local economic environment and may offer more competitive or flexible terms based on local conditions. Furthermore, they can expedite the closing process as they know local real estate laws and requirements. 

Make sure you shop around for the best rate. Don’t hesitate to compare offers from several lenders, including credit unions, mortgage brokers, and online lenders. Pay special attention to interest rates, loan terms, fees, and any penalties. Each lender may have different offerings, and the right choice could save you thousands of dollars over the life of your mortgage.

If you’re unsure where to start, consider using FastExpert. This platform can help you connect with and review local mortgage brokers across the country. FastExpert provides access to a network of professionals rated and reviewed by real homebuyers, giving you confidence in their reliability and expertise.

Hire a Real Estate Agent

When buying a home in another state, it’s important to hire a local real estate agent experienced in assisting out-of-state buyers and those relocating.

Your agent brings invaluable insights into the specific conditions of the local market. They understand the neighborhood dynamics, trends, pricing, and inventory levels of homes that match your criteria. Their expertise can help you make informed decisions, ensuring you’re using your time wisely and looking at the right homes in the right places at the right prices.

Let your agent be your local guide to: 

• Local laws and regulations.
• The closing process. 
• Manage appointments.
• Conduct virtual inspections. 
• Connect with the community.

A local agent is your on-the-ground liaison, ensuring your interests are voiced and addressed. They are skilled negotiators who can engage with sellers to get you the best terms and prices.

With a vast database of professionals, FastExpert takes the guesswork out of finding an agent. Review agent profiles, read customer reviews, and choose someone who fits your needs and buying situation.

Begin House Hunting

Once you’ve secured your financing and teamed up with a knowledgeable local real estate agent, the exciting phase of house hunting begins. Before diving into home viewings, clearly define what you want in a property.

Consider factors such as the size of the home, number of bedrooms and bathrooms, layout, and any specific features important to you, like a home office, backyard, or proximity to certain amenities. Make sure your expectations fit within your budget, or you will be left disappointed.

While knowing what you want is important, keep an open mind. Sometimes, a property that doesn’t tick every box can still be a fantastic home if it meets most of your important criteria and feels right. Be open to suggestions from your local agent, who may understand nuances of the market that aren’t apparent online or in data.

Utilize Online Tools

Make the most of online real estate listings to begin your search. Websites can provide detailed information and virtual tours of available properties. These tools allow you to refine your search based on your criteria and see potential homes without having to travel immediately, saving both time and resources.

Ask Your Agent For Virtual Tours but Commit to In-Person Inspections

In today’s market, virtual viewings are a standard practice and can be especially beneficial for out-of-state buyers. Request virtual tours from your agent to get a better feel for the layout and features of each home.

However, if possible, scheduling in-person inspections of your top choices is crucial. An actual visit can offer insights no virtual tour can, such as the neighborhood’s atmosphere, noises, traffic patterns, and other subtle yet critical aspects of living in a new area.

Plan a Visit to the Target Location

Visiting your target location in person is an invaluable part of the home-buying process. A physical visit allows you to immerse yourself in the community, experience the local lifestyle firsthand, and inspect potential homes beyond what photos and virtual tours can offer.

Take the time to explore the community beyond the homes you’re considering. Visit local shops, parks, and restaurants.

When planning your visit, aim to maximize your time. Coordinate with your real estate agent to schedule multiple property viewings each day you’re in the area.

During property tours, ask your agent detailed questions about each home and the surrounding area. Inquire about the property’s history, any recent renovations or repairs, and potential issues that might not be immediately visible. Also, discuss the home’s long-term value and how it has appreciated over time.

Document Your Visits

When visiting homes, take notes and photos to help you remember and compare properties later. This documentation can be invaluable when you need to make decisions and can’t recall specific details about the numerous homes you’ve viewed.

Consider Temporary Housing Options

Temporary housing reduces the pressure to quickly buy a home that may not fully meet your criteria. With a short-term rental, you can take the necessary time to attend showings, evaluate different neighborhoods, and make a well-informed decision.

Consider options like: 

• A short-term lease
• Airbnb or VRBO rentals
• Extended stay hotels

While living in temporary housing, keep your belongings in storage if necessary, and plan the transition to your permanent home. Stay organized with timelines and checklists to ensure you can move smoothly once you purchase your new home.

This approach allows you to make thoughtful decisions about your permanent residence without feeling rushed or inconvenienced.

Make an Informed Offer and Negotiate

Once you’ve identified a potential new home and have a solid understanding of the local real estate market, the next crucial step is making an informed offer and entering negotiations. This phase requires precision and strategic thinking, especially when handling it remotely.

Be Ready to Move Quickly

In many markets, desirable properties can go off the market quickly. Be prepared to make decisions promptly. This means having your financing in order, knowing your must-haves versus nice-to-haves, and staying in close communication with your agent to schedule viewings and discuss potential offers.

Your Offer Strategy

Ask your agent for a list of the recent selling prices of comparable homes (comps) in the area. Have a detailed discussion with your real estate agent about your offer strategy. Factors such as the amount of earnest money, the proposed closing date, and contingencies like home inspections and financing can all influence the seller’s response.

Your agent’s expertise is crucial as they understand what is likely to appeal to the seller and what might cause them to reject an offer. If your initial offer isn’t accepted, be prepared to negotiate. Your agent can guide you through this process, advising you when to stand firm and when there’s room to adjust your offer.

Be Available 

Effective communication is crucial, especially when negotiating from afar. Keep your phone close and your ringer on loud. Regular updates and discussions with your agent can help you stay on top of any developments. This open line ensures that you are promptly informed of any changes or new information that could affect your offer or negotiation strategy.

Conduct Due Diligence

Once your offer is accepted, you may have the opportunity to do further due diligence to clear contingencies before the contract is unconditional.

Some items to consider are:

• A home inspection to check the condition of the building, roof, plumbing, electrical systems, and HVAC systems. 
• A title search and title insurance to ensure the title is clear. 
• A review of any HOA or community bylaws. 
• A property survey to clarify property lines.

If you uncover major issues in the property you are buying, you may have the opportunity to negotiate a price reduction or seller concessions.

Finalize Financing

Once your offer on a home is accepted, it’s important to lock in your interest rate with your lender. Interest rates can fluctuate, and locking in a rate can protect you from increases while your loan is being processed.

Ensure that you promptly submit all required documentation to your lender. Delays in submission can lead to delays in closing. Documents you should be prepared with include: 

• Financial statements
• Proof of income
• Employment verification
• Any additional documentation requested by the lender 

Your lender will provide a Loan Estimate (LE) document that outlines the mortgage terms, the interest rate, monthly payments, and the closing costs associated with the loan. Review this document carefully to ensure all the figures and terms are as expected. If there are discrepancies, address them with your lender immediately.

Prepare for Closing and Relocation

Coordinate with your lender and real estate agent to schedule a closing date that works for all parties involved. This is when all parties meet to sign the final paperwork, and property ownership is officially transferred to you.

Conduct a Final Walkthrough

Before the closing, conduct a final walkthrough of the property. This is your last chance to make sure that the home’s condition is as agreed upon in the contract and that any required repairs by the seller have been completed. If you can’t do your final walkthrough in person, ask your agent to do it via video chat.

Prepare for Relocation to Another State

The demands of the physical relocation are often overlooked during the excitement of buying a home. Early planning is particularly important when moving to another state, as it involves more logistics than a local move.

Start by researching moving companies that specialize in long-distance relocations. Check for reviews and ratings on platforms like the Better Business Bureau (BBB), Yelp, and Google to gauge their reliability and customer service quality. Request quotes from multiple movers to compare prices and services.

Once you have selected a moving company, book their services as early as possible. Movers can get booked quickly, especially during peak moving seasons like summer and at the end of the month.

Discuss the timeline of your move with your movers. Depending on the distance of your relocation, transporting your belongings could take several days to a week or more.

Virtual Closings are an Option Depending on Local Real Estate Laws

As of 2024, 45 states allow remote online notarization (RON), meaning buyers and sellers do not need to be physically present at closing. States that do not allow virtual closings include: 

• Connecticut
• South Carolina
• Georgia
• Alabama
• Mississippi 

Close on Your Home

On the closing day, you will sign a lot of paperwork, including your loan documents. Your lender will then fund your loan, which may happen on the same day or shortly thereafter. Once the documents are signed and the funds are disbursed, you will receive the keys to your new home.

Ready, Set, Move: Wrapping Up Your Interstate Home Purchase

Buying a home in an unfamiliar state can seem daunting, but it doesn’t have to be with the right preparation and support. Rely on the expertise of local real estate professionals to gain insights into neighborhood trends, navigate local laws, and find the best properties.

Your team is invaluable in providing tailored advice and ensuring your purchase aligns with your personal and financial goals.

By leveraging expert guidance and detailed planning, you can easily navigate the complexities of an interstate home purchase. Let Fast Expert help you connect with the right professionals to make your home-buying experience as seamless and positive as possible.

Begin your journey today by contacting a local real estate agent and setting the foundations for a successful move.

At Inman Connect Las Vegas, July 30-Aug. 1 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

Digital mortgage lender Better says it’s in growth mode again, hiring industry veteran Chad Smith to supervise operations at its mortgage unit and shifting to a commission-based compensation structure that’s allowed it to hire more experienced loan officers.

In reporting a $51 million first quarter net loss Monday, Better said Q1 mortgage volume was up 25 percent from Q4 2023, to $661 million.

The New York-based lender said it’s on track to originate $800 million in loans in Q2 as it ramps up spending on marketing and advertising while continuing to cut costs in other areas.

This year’s loan production will inevitably fall well short of the $58 billion in loans Better originated in 2021 at the height of the refinancing boom, and might not even equal 2023 loan volume of $3 billion.

But Better founder and CEO Vishal Garg says the company is now learning to find its way in a world where higher rates mean mortgage lenders do the vast majority of their business with homebuyers.

“We’ve adopted a new operating model and compensation structure for our sales teams, with lower basis and higher commissions to better align costs with volumes and drive conversion outcomes — and also enable us to recruit seasoned loan officers and empower them via our tech platform in a way we were never able to do before,” Garg said Tuesday on a call with investment analysts.

Better’s future, Garg said, “lies in Uberizing the loan officer, giving them leads generated by our proprietary tech platform and customer interface, and having them be more productive.”

Better Q1 2024 loan production, by type

Better boosted its refinancing volume by 232 percent quarter-over-quarter, to $79 million, and home equity line of credit (HELOC) lending also grew by 54 percent, to $53 million. While purchase lending grew by a more modest 12 percent, to $529 million, homebuyers accounted for 80 percent of Better’s loan originations.

The shift to hiring more experienced loan officers means Better’s loan officers are closing “significantly more loans per month” than other consumer direct lenders, Garg said.

Last year Better loan officers were able to close 17.7 purchase loans per month, compared to “mid single digits” for competing direct lenders, Garg claimed, citing a third-party benchmarking study Better participated in.

“One of the things that these experienced loan officers know how to do — that I would admit that our unexperienced loan officers that we hired primarily for our refinance business in the first 8 years of the company, didn’t know how to do — is talk to the Realtor and inject confidence into the product,” Garg said.

Better is currently advertising openings in sales, mortgage operations, finance, legal and compliance, human resources and data and analytics. Some positions can be filled remotely, while others are based at on-site locations including New York, Las Vegas and Irvine, California. A number of positions are based out or supervised by employees in Better’s offices in Gurugram, India.

“Better is growing again!” Garg posted in April on LinkedIn. “As we are scaling our loan officer teams, we are also looking to recruit sales managers.”

Last week Better hired Smith, who most recently was CEO of Irvine, Calif.-based Mission Loans, to oversee much of that growth.

Smith, 49, who had previously held executive positions at Discover Home Loans, loanDepot and Caliber Home Loans, was appointed as president and chief operating officer of Better Mortgage Corp. by Better’s board of directors on May 8.

He’ll earn up to $2 million a year in base salary and bonuses, and is eligible to receive up to 8 million in restricted and performance-based shares in Better over a three-year period, the company disclosed Friday.

“With Chad’s valuable experience and deep expertise, I feel confident he will help drive our growth and contribute meaningfully to the success of better,” Garg said on Tuesday’s earnings call. “Chad will be responsible for helping us set our long term strategy and scale our marketing sales and operations teams as well as drive performance and accountability for delivering results that align with our strategic vision.”

While Better is investing in growing its direct-to-consumer business, business-to-business (B2B) business generated close to half (46 percent) of Q1 loan volume.

Better has had a strategic partnership with Ally Bank since 2019, and last fall announced it had teamed with Infosys to launch a “mortgage-as-a-service” platform for lenders.

In another B2B development, in Q1 Better launched a partnership with Beyond.com, which owns brands including Overstock, Bed Bath & Beyond, Baby & Beyond and Zulily.

Beyond.com customers can now shop for a mortgage with Better, earning those who take out a loan a free year of membership in the company’s Welcome Rewards program and up to $500 in Welcome Rewards points to spend at Bed Bath & Beyond.

Better Chief Financial Officer Kevin Ryan said that Better’s “primary targets” on B2B are banks, but “a lot of banks have pulled back in mortgage — it’s been tough to make money for them.”

But home loans are “a core offering for their consumers and anybody who is in consumer banking wants to offer mortgage, and so our dialogues are very strong.”

Ryan said Better has a partnership with Mphasis, a provider of business process services to “hundreds of banks across the United States” which has facilitated introductions.

“The only thing to say about B2B is we love the channel,” Ryan said. Some banks are locked into long-term contracts with tech providers, so signing new partners takes time.

But “We’re going to grow the channel,” Ryan promised. “It’s a big focus of ours.”

Better revenue, expenses and earnings

Better execs are bullish on the prospects for growing the company’s mortgage business, but many investors remain focused on the company’s bottom line.

While Q1 revenue was up 26 percent quarter over quarter, to $22 million, that wasn’t enough to cover $73.6 million in Q1 expenses, down 30 percent from a year ago but up 6 percent from Q4. Spending on marketing and advertising was up 27 percent from Q4, to $4.6 million.

At just over $51 million, Better’s Q1 net loss was down 41 percent from a year ago, but only a slight improvement from Q4

Better had previously announced it would release first quarter earnings before the market opened Tuesday, but ended up releasing them the night before, after markets closed Monday.

Shares in Better, which in the last year have traded for as much as $62.91 on July 28 and as little as 34 cents on Oct. 13, were down 10 percent Tuesday, briefly touching a new 2024 low of 37 cents before rebounding to 42 cents at the close.

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

At Inman Connect Las Vegas, July 30-Aug. 1 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

Digital mortgage lender Better says it’s in growth mode again, hiring industry veteran Chad Smith to supervise operations at its mortgage unit and shifting to a commission-based compensation structure that’s allowed it to hire more experienced loan officers.

In reporting a $51 million first quarter net loss Monday, Better said Q1 mortgage volume was up 25 percent from Q4 2023, to $661 million.

The New York-based lender said it’s on track to originate $800 million in loans in Q2 as it ramps up spending on marketing and advertising while continuing to cut costs in other areas.

This year’s loan production will inevitably fall well short of the $58 billion in loans Better originated in 2021 at the height of the refinancing boom, and might not even equal 2023 loan volume of $3 billion.

But Better founder and CEO Vishal Garg says the company is now learning to find its way in a world where higher rates mean mortgage lenders do the vast majority of their business with homebuyers.

“We’ve adopted a new operating model and compensation structure for our sales teams, with lower basis and higher commissions to better align costs with volumes and drive conversion outcomes — and also enable us to recruit seasoned loan officers and empower them via our tech platform in a way we were never able to do before,” Garg said Tuesday on a call with investment analysts.

Better’s future, Garg said, “lies in Uberizing the loan officer, giving them leads generated by our proprietary tech platform and customer interface, and having them be more productive.”

Better Q1 2024 loan production, by type

Better boosted its refinancing volume by 232 percent quarter-over-quarter, to $79 million, and home equity line of credit (HELOC) lending also grew by 54 percent, to $53 million. While purchase lending grew by a more modest 12 percent, to $529 million, homebuyers accounted for 80 percent of Better’s loan originations.

The shift to hiring more experienced loan officers means Better’s loan officers are closing “significantly more loans per month” than other consumer direct lenders, Garg said.

Last year Better loan officers were able to close 17.7 purchase loans per month, compared to “mid single digits” for competing direct lenders, Garg claimed, citing a third-party benchmarking study Better participated in.

“One of the things that these experienced loan officers know how to do — that I would admit that our unexperienced loan officers that we hired primarily for our refinance business in the first 8 years of the company, didn’t know how to do — is talk to the Realtor and inject confidence into the product,” Garg said.

Better is currently advertising openings in sales, mortgage operations, finance, legal and compliance, human resources and data and analytics. Some positions can be filled remotely, while others are based at on-site locations including New York, Las Vegas and Irvine, California. A number of positions are based out or supervised by employees in Better’s offices in Gurugram, India.

“Better is growing again!” Garg posted in April on LinkedIn. “As we are scaling our loan officer teams, we are also looking to recruit sales managers.”

Last week Better hired Smith, who most recently was CEO of Irvine, Calif.-based Mission Loans, to oversee much of that growth.

Smith, 49, who had previously held executive positions at Discover Home Loans, loanDepot and Caliber Home Loans, was appointed as president and chief operating officer of Better Mortgage Corp. by Better’s board of directors on May 8.

He’ll earn up to $2 million a year in base salary and bonuses, and is eligible to receive up to 8 million in restricted and performance-based shares in Better over a three-year period, the company disclosed Friday.

“With Chad’s valuable experience and deep expertise, I feel confident he will help drive our growth and contribute meaningfully to the success of better,” Garg said on Tuesday’s earnings call. “Chad will be responsible for helping us set our long term strategy and scale our marketing sales and operations teams as well as drive performance and accountability for delivering results that align with our strategic vision.”

While Better is investing in growing its direct-to-consumer business, business-to-business (B2B) business generated close to half (46 percent) of Q1 loan volume.

Better has had a strategic partnership with Ally Bank since 2019, and last fall announced it had teamed with Infosys to launch a “mortgage-as-a-service” platform for lenders.

In another B2B development, in Q1 Better launched a partnership with Beyond.com, which owns brands including Overstock, Bed Bath & Beyond, Baby & Beyond and Zulily.

Beyond.com customers can now shop for a mortgage with Better, earning those who take out a loan a free year of membership in the company’s Welcome Rewards program and up to $500 in Welcome Rewards points to spend at Bed Bath & Beyond.

Better Chief Financial Officer Kevin Ryan said that Better’s “primary targets” on B2B are banks, but “a lot of banks have pulled back in mortgage — it’s been tough to make money for them.”

But home loans are “a core offering for their consumers and anybody who is in consumer banking wants to offer mortgage, and so our dialogues are very strong.”

Ryan said Better has a partnership with Mphasis, a provider of business process services to “hundreds of banks across the United States” which has facilitated introductions.

“The only thing to say about B2B is we love the channel,” Ryan said. Some banks are locked into long-term contracts with tech providers, so signing new partners takes time.

But “We’re going to grow the channel,” Ryan promised. “It’s a big focus of ours.”

Better revenue, expenses and earnings

Better execs are bullish on the prospects for growing the company’s mortgage business, but many investors remain focused on the company’s bottom line.

While Q1 revenue was up 26 percent quarter over quarter, to $22 million, that wasn’t enough to cover $73.6 million in Q1 expenses, down 30 percent from a year ago but up 6 percent from Q4. Spending on marketing and advertising was up 27 percent from Q4, to $4.6 million.

At just over $51 million, Better’s Q1 net loss was down 41 percent from a year ago, but only a slight improvement from Q4

Better had previously announced it would release first quarter earnings before the market opened Tuesday, but ended up releasing them the night before, after markets closed Monday.

Shares in Better, which in the last year have traded for as much as $62.91 on July 28 and as little as 34 cents on Oct. 13, were down 10 percent Tuesday, briefly touching a new 2024 low of 37 cents before rebounding to 42 cents at the close.

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter