Mortgage brokers have a special type of business, a business that needs specific CRM software capabilities. One of the major parts of mortgage broking is client relationships. Not only does the client need to feel confident in your abilities as a broker, but it's also important for your business that the client enjoys the experience so that they will refer you future business.
There is also another unique aspect of a mortgage broker's business, trail commissions. The key point here is that trail commissions end once the client refinances. This means that mortgage brokers need to market to their clients when they are likely to be looking to refinance their loan. That way, the initial work you put in is still paying you because the refinance loan is still done through you.
The catch with needing to market at specific times is keeping track of everything. This gets more difficult as the business grows and your loan portfolio increases. One of the best tools to keep track of these events is to use CRM software. Computers are good at tracking information, dates to remember and also any additional client information you may have forgotten about after you wrote their loan 3 years ago.
Seeing that computers are a great way to keep this type of information, and CRM software is a great tool that unlocks this computing power, why don't more mortgage brokers use CRM software? I'm not sure of the exact reason, and I'm sure there could be a lot of theories, so maybe I'll use an example of what CRM software can do for a mortgage broker.
Firstly, CRM software can help keep track of the information on a client: their kids names, the dogs name, their address and phone number, also, when their home loan settled. The last one is important. As a mortgage broker, if you had a database of all your client history, imagine that each week, you ran a check on your system to see who settled their home loan this week, 4 years ago. CRM software can give you a list of these clients that you can market to each week. How much more trail commission could you keep if you had this kind of power?
About the author: Dan Harper is the CEO and co-founder of Leopard Software, creators of CRM software, Leopard CRM.