An unorganized mortgage database is a world of missed deals. Fixing your mortgage database can create opportunities and help you build relationships with your contacts. Whether you choose to change companies in the future or want to pave the way for future deals, having your database at the ready is key to your business. We have put together an infallible strategy to help you manage your database and put your best foot forward in 2021.
Sign into your CRM or CDP daily
While MS Excel is a database platform, it just isn’t a very good one. Ideally, you will want to make use of a CRM (Customer Relationship Management) or CDP (Customer Data Platform) and be sure to sign in on a daily basis. Signing in means you understand the importance of each contact, and your goal should be nurturing those relationships.
Add, subtract, delete
As you scrub your mortgage database, you will likely encounter a lot of old information. As a rule of thumb, information in your database older than 3 years is probably going to be worthless. Subtracting people you don’t want to work with and deleting bad or old data will keep your database clean and up-to-date. While you are sorting out your contacts, make sure to add all of your referral sources, business associates, friends, neighbors, and anyone in your sphere for that matter. These are people you need to be marketing to.
Segment your audiences
Your next step is to break down your contact list into real estate agents, referral partners (financial advisors, CPAs, other LOs), closed borrowers, interested borrowers, first-time borrowers (renters) and so forth. That way, when you want to send out an email blast, you can filter based on audiences.
Understand personalized marketing
Mortgage marketing is often tone deaf to its audience. If you are sending out a marketing piece for refinances to people who don’t own a home or your marketing is geared toward agents but it’s going to your buyers, you aren’t segmenting correctly or marketing effectively. Think about your audience before creating your marketing strategy each month.
Fill out contact records
Most CRMs have places for notes and many may offer social media linking so you can quickly review what your contact has been up to before making a call. Leaving friendly notes about their favorite things or members of their family also helps make cold calls warmer.
Know your tech
A good martech CRM will have many campaigns to choose from as well as avenues of communication. Know when emails and texts go out so you won’t double up on work or messaging.
Keep it clean
Set aside one day each week when you add, subtract, update and review your data. Remember, this is your life’s work. The bigger your database and the better you treat it, the more you will receive in return.
Be creative. Send messages that will produce a good open rate. Sign in every day and be dedicated to growing your mortgage database.
Intent can help you fix your mortgage database! Contact us today!