TheMReport — News and strategies for the evolving mortgage marketplace.
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30 | M R EP O RT FEATURE W hen it comes to forward-thinking companies, it's safe to say that any business leader could learn a lesson from Carvana, the online pre-owned car retailer. When Carvana burst onto the scene in 2012, it completely dis- rupted the car sales industry. While many doubted that consum- ers would seriously consider purchasing a vehicle online from a "vending machine," the company defied all expectations and became a huge success. From 2017 to 2018, Carvana reported a 113% year-over-year growth in its number of retail units sold. During that same time period, the company also experienced a 128% year-over-year increase in their total revenue, jumping from $858.9 million to $1,955.5 million in a matter of months. The moral of the story? Carvana saw a massive need in the car retail industry, and the company's leaders knew exactly how to cater to their target customers. Today, Carvana continues to meet the needs of people who want to purchase cars without a dreaded trip to the car dealership. Those of us in the mortgage lending industry could take a page or two from Carvana's book. As we head into a new decade of home loan financing, now is an especially crucial time to take a closer look at our strategies for serving homebuyers effec- tively and for building up strong, confident, and forward-thinking teams within the mortgage lending industry. Without a concen- trated focus on both of these areas, we cannot expect to make any significant strides toward our business goals. Staying Ahead of the Curve O ne of my favorite phrases that I use often at work is, "Nothing changes if nothing changes." This is especially important for those of us in mortgage lending, because we're helping people make one of the most monumental financial decisions of their lives. Because of this, it's Creating an Atmosphere of Positive Disruption Anticipating and embracing change is essential for every successful mortgage lender. By Rich Tucker