Benefits of Using a Customer Relationship Management (CRM) System
What is a CRM System?
A Customer Relationship Management (CRM) system is a software program that can help you maintain stellar relationships with existing clients, prospects, and referral partners. Essentially, it can help you do as little or as much as you need it to.
As an independent mortgage broker or loan officer, building and maintaining relationships is key to having a successful, long-term business. A CRM system can be your one-stop-shop for everything from tracking leads, to managing sales and engaging with your current and past clients.
Let’s take a look at some of the key ways a CRM system can help you run a sustainable mortgage broker business.
Key Benefits of using a CRM System
1. RELATIONSHIP MANAGEMENT
A CRM system allows you to engage and stay in contact with your network of current and past clients and referral partners. Whether you want to wish someone a happy birthday or alert a borrower when interest rates have dropped in their favor or notify a real estate agent about the status of a loan closing, a CRM system is a great way to ensure you don’t miss a beat.
Depending on which system you go with, some CRM software will simply send you an alert reminding you to reach out to a client, while others can automatically send a branded note out for you. A simple happy loan anniversary message or birthday wish can go a long way when it comes to retaining clients. Not only does it make clients feel seen and understood, but it also keeps you top of mind, meaning when the time comes for your client to refinance or purchase a new home, they’ll remember who to reach out to as their local home financing expert.
2. Gain additional sales
As an independent mortgage broker or loan officer, it’s up to you to consistently bring business in the door. While you’ll be looking for ways to attract new clients, there are also plenty of opportunities to gain repeat business from your past book of contacts.
For example, some CRM programs allow you to set up alerts for when a borrower is eligible to drop their mortgage insurance, or when rates have gone down and they might be ready to refinance. You can also be notified when a borrower reaches a target FICO score, or when they have their credit pulled both signals that they might be in the market for home financing advice. This gives you the perfect opportunity to check-in to see how you can help.
3. Time Management
It’s no secret that maintaining client relationships is a must when it comes to being successful in the mortgage industry. This is no small feat. It takes dedication, a lot of energy, and even more time. This is where a CRM system comes into play.
Having something that can automatically keep you up to speed on your clients and their loans will give you a significant amount of time back in your day. This means you can focus on bringing in new business without sacrificing the strength of your already existing client relationships.
Keep in mind that with so many CRM systems available, it’s important to find the one that works best for you and your business. While you’ll want to find one that is specifically built for use in the mortgage industry, you should also consider what additional features you’ll need. Whether you want branded communications, automatic alerts, compliance features, or all of the above, be sure to take the time to find the system that checks all of your boxes. The good news? There are plenty of low or no-cost resources and CRM systems available from wholesale lender partners and trade organizations that exclusively support independent mortgage professionals.
Are you interested in taking the leap to become an independent mortgage broker or loan officer? Taking the first step is easier than you might think.