Case Study: Nationwide Home Ownership Survey with loanDepot

Our national market research company partnered with loanDepot once again to conduct a survey among U.S. based homeowners. The market research findings were featured in Business Insider and Cision PR Newswire. As loanDepot pioneers the next era of financial technology through the expansion of the Mello brand into new real estate home improvements, our market research team was happy to be a part of providing data to support the homeowner story.

Here is a peek at some of the key findings from the national market research survey conducted by Drive Research for loanDepot.


Objectives

Our national market research company worked with loanDepot and Ogilvy to help understand homeowner behavior, frustrations, and needs around vendor relationships and contacts throughout the homeowner experience. As loanDepot looked to launch and announce the Mello brand implementation, the client wanted to better understand homeowner opinions on the process. loanDepot contracted with Drive Research to conduct a national survey.


Approach

This national survey was conducted with over 1,000 homeowners across the U.S. The survey included just over 10 questions and took 2 to 3 minutes to complete. The survey was administered online to a nationally representative panel of respondents. Fieldwork lasted 48 hours and the project was completed from kickoff through reporting in less than 1 week for loanDepot.


Results

The national online survey from our market research company revealed a lot of insightful takeaways and key findings for loanDepot. These are some of the high-level results from the national homeowner survey:

  • Over one-third of respondents stated they worked with more vendors than they thought they would, before they began the home ownership process.
  • Top words used to associate finding and selecting quality vendors to assist with home ownership were: (1) Trust, (2) Stress, (3) Effort, and (4) Overwhelming.
  • Nearly all homeowners in the U.S. (97%) mentioned some level of frustration working with multiple vendors/contacts during the home ownership experience.
  • Top pain points of the process were finding quality vendors (nearly 50%), unsure of which vendors to work with (36%), process takes too long (31%), and not knowing where to start (30%).
  • Nearly all (96%) of homeowners were not fully confident in choosing the best vendor for their home ownership needs (Raw Data File, only 4% answered 100).
  • 4 in 5 (81%) found mortgage lenders recommending realtors to assist with home purchases valuable, including 1 in 4 (26%) who found it very valuable.
  • Nearly all (97%) expressed appeal in the concept of a trusted network of vendors to choose from for home ownership needs (One Brand).
  • Homeowners wanted more connections and greater local expertise to help them navigate hurdles and home ownership projects.

Contact Us

Drive Research is a national market research company located in Syracuse, NY. Interested in conducting a national study for your organization? Contact us at info@driveresearch.com or call us at 315-303-2040. You can also reach us on our website here.

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