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Tech Insights 5 min read

Stand out from the competition with a Mortgage CRM

There are few fields that are as highly competitive as that of mortgage brokers. After all, mortgages are a commodity that offer little chance for variation between competitors. It’s hard to be unique in a domain where there’s a good chance that your competitors can and will offer exactly the same program as you. So what is a mortgage broker to do to stand out from the crowd?

The name of the game in mortgage brokering is relationships. Everything hinges on them. So, it makes sense that the one way you can differentiate yourself from your peers is by having a software solution that can help you build and enhance your relationships: a Mortgage CRM.

A Mortgage CRM is a Customer Relationship Management tool that offers multiple features to help you develop, maintain and retain the relationships that are so incredibly vital to your work, and here’s how.

A Mortgage CRM ensures better communication

A Mortgage CRM allows you to automate many of the repetitive tasks that take up a lot of your time. For instance, drafting and sending emails. Thanks to your Mortgage CRM, you can create automated emails, personalize them, and arrange for them to be sent in advance. That way, it’s one less thing for you to think about on a daily basis, and it’s also one more way to build an excellent relationship with your clients and partners.

Regular and personalized emails can take a lot of time to write, but with the Mortgage CRM, you won’t have to spare them a second thought. When your clients and partners receive email updates from you, thoughtful notes recognizing anniversaries or holidays, or periodic check-ins, it helps to keep you top of mind. In a business where word of mouth can be your greatest asset, you know that communication is vital.

Furthermore, you can integrate other software solutions as Teams or Outlook to your Mortgage CRM. This offers better communication with your clients but also increase your team collaboration. It is a fast and easy way to share documents.

Benefit: A Mortgage CRM offers you better communication for less effort, freeing up your time for other important work. Also, it helps you stay in contact, saves time and ensures fewer errors or omissions. All to help you close more loans, faster

Better understanding of your clients thanks to CRM analyses and reports

Being a Mortgage broker is all about relationships, and relationships come down to three main questions:

  • Do they like me?
  • Do they trust me?
  • Do they understand me?

By communicating more frequently and more efficiently with clients thanks to the Mortgage CRM, the answer to the first question should be YES. By providing the forms they need, by reducing the number of possible errors, and by using the Mortgage CRM to be more efficient, the answer to the second question will also be YES. And now, thanks to the artificial intelligence (AI) capabilities in the Mortgage CRM, the answer to the third question can also be a resounding YES!

The Mortgage CRM collects, organizes and analyzes client data, allowing you to have the best read on your client’s wants and needs. It will give you a better understanding of the best products and propositions for each individual client based on their profile.

Benefit: By customizing the right offer to the right person at the right time, you will save time, earn trust, and demonstrate your understanding of the client. Ultimately, you’ll be offering them a better service offer than anyone else, and you’ll build loyalty because they will feel that you really get them. Everyone wants to be understood. You will give them that validation, and in turn, they’ll give you their business for years to come.

Create a long-term relationship

One way to think about a Mortgage CRM is as your own personal assistant who keeps track of your relationships so that you can direct your energy towards other, more important things that require your hands-on attention. The Mortgage CRM’s database will save all the information about your clients, and all the past interactions you have had with them. You will always be able to remember what the last thing you talked about was, the names of their four children, that they’re allergic to bees, and whatever other information you learn about them over the years. If your clients feel that you are engaged in knowing them, then they will stick with you through thick and thin. In this modern world where everything feels replaceable, the one thing we cling to tightly are people of value who make us feel valued.

That giant database of client information will also allow you to offer them personalized offers. The Mortage CRM’s internal AI system will be able to identify the best products or services for your clients based on the information you have about them. That means that you’ll be reaching out to your clients with a clear idea of what they need, and they will appreciate the personalized attention.

The CRM will also remind you about important events, like client birthdays. Finally, a system that allows you to show that you care as much as you really do. You can finally do all the things you thought you would be able to, but rarely find the time for.

Benefits: All the steps you take to improve your relationships with your customers will serve to enhance your brand, create a better client experience and more loyalty, and increase the likelihood of word-of-mouth referrals.

The Mortgage CRM’s automation features save you loads of time

Once you have a Mortgage CRM, you’ll wonder what you ever did without it. Imagine doing in minutes or seconds what used to take you hours or days. You can automate the sending of emails, and even follow-up emails.

You can also automate the generation of analyses and reports. For example, you can arrange to have a report generated every month, every quarter, every year or more that shows the profitability of each project and/or client. You can track which of your marketing efforts worked and which did not, which will allow you to make data-driven decisions moving forward. And all of this can happen automatically.

The real question you should be asking yourself is, what will I do with all the extra time?

Benefits: The Mortgage CRM helps you save time, feel less stressed and be more efficient.

A Mortgage CRM: Take the first step

We’re only just scratched the surface of the potential of a Mortgage CRM to completely change the way you do business and create, maintain and sustain relationships for the better.

And while you are thinking about the ways in which a Mortgage CRM could be beneficial to you, it’s also important to consider what it might be doing for your competitors who already have one, or who are in the process of implementing one. Whether or not you feel ready to take the first step in getting your own CRM, we do invite you to have a chat with us to understand not only what it can bring to you, but also what you might be up against if you ultimately decide it’s not for you. Knowledge is power, and we want you to make the most informed decision possible.

To learn more about what a Mortgage CRM can do for your business, contact our specialists for a consultation.

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August 17, 2020 by Frédéric Charest VP of Marketing

Data-driven Growth Marketer with a Passion for SEO - Driving Results through Analytics and Optimization