Every client has the potential of becoming a million-dollar sale.
Once you realize the value of each borrower, you can begin
to implement a system so you don’t lose them to
the competition without even knowing. >>>
A quarter century later, CRM software
proves essential for attracting repeat business
“If you look at the numbers,
you can create a story that will
help to outline a borrower’s
overall lifetime value.”
A mortgage company’s reputation is
one of its greatest assets in attracting
and securing clients. It’s also one of the
most important things potential borrowers consider when deciding with
whom to do business. If a client comes
to you for their financial needs, that
means they have trust in your business.
The goal of CRM software is to create a seamless client experience. With
the right CRM, you can create an experience that will make sure your clients
don’t forget about you.
In fact, research shows that the
average lender receives a 97 percent
customer-satisfaction rating. Prompting clients to write a review for your
company online, or even refer a friend,
can build social proof and help you
earn new and valuable leads.
This means that your mortgage CRM
can drive your online reputation if it
includes a way to generate customer
reviews and post them online. With
technology, you can maintain better
communication and generate leads via
online contact forms that feed back into
Social media networks also have
helped companies secure clients, as it
allows originators and lenders to open
up another line of communication.
This is especially useful to community
banks, as they continue to face competition from national lenders.
With the functionalities of a mortgage CRM, residential originators also
can better respond to their clients’
needs. This will help them secure their
trust and make a living throughout the
ups and downs of the housing market.
Many originators struggle with the concept of the lifetime value of a client.
If you look at the numbers, you can
create a story that will help to outline
a borrower’s overall lifetime value.
Let’s conservatively assume that you
make $2,500 on an average closing.
Borrowers will need another mortgage
about every seven years. If you start
working with them at age 25, they will
need six mortgages in their lifetime.
Let’s also assume they also will buy one
investment property and one second
home. They will refer one deal each time
they do business with you.
Using these numbers, you end up with
a lifetime value of $40,000. This could
be much larger if you’re in a high-end
market, however. When you have this
kind of information, you will be better
prepared to serve and invest in every
prospective customer you interact with.
The best referral sources include past
clients and real estate agents. If you
want to secure lasting clients, then utilizing the right technologies and the
right CRM is vital.
<< Clients continued from Page 72
When you use a mortgage CRM —
especially one that can solve borrower
issues in a scalable, cost-effective
way — you can streamline the various
day-to-day processes of client management. This will then allow you and your
mortgage originators to focus on your
company’s core objectives.
Your borrowers are always going to
be your most important asset. Generating leads and maintaining healthy client
relationships is the key to success.
It not only helps you reach new markets, but it also will equip your company
to provide for your borrowers in the
best ways. With the right CRM, you’ll be
provided a better, clearer way to understand your clients and deliver on their
every need and expectation. n