Fix Your Mortgage Database
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.
Use it!
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!
Forget a CRM. You need a Mortgage CDP.
Are you using a mortgage CDP?
You can’t have a conversation in the mortgage space without someone asking for advice on which CRM is the right mortgage CRM. While we answered this question in another article, we would certainly say that CRMs are a thing of the past. CRM stands for Customer Relationship Manager, which was great when all business was referral-based, but in this current age of lead management and machine learning, we need to be looking forward.
CDP stands for Customer Data Platform, and that’s a place where all data can be stored, analyzed for behavior and opportunity, and used effectively. A mortgage CDP could save a mortgage originator time and energy when building acquisition strategies. With any platform, it’s the integrations and the UX that make the product important. Knowing when to talk with your database, how to talk with them and the method of communication they prefer goes a long way toward understanding and listening to their needs, respecting that balance and providing excellent marketing solutions.
You don’t need a mortgage CRM, you need a mortgage CDP that finds leads, nurtures them and keeps you updated on what actions are needed to close the deals. Intent is the only mortgage CDP on the market that provides an all-in-one mortgage marketing, management and sales solution. Contact Intent today to learn how you can increase your sales.
The Best Mortgage CRM Is the One You Use
Ask any mortgage professional about CRMs and you likely will hear feedback that goes something like, “We have one, but I just don’t use it.” Whether you love or hate technology, a CRM for your database creates opportunity. In the mortgage industry where trusted relationships are formed, offering a concierge level of service means looking out for that home buyer long after they have the keys to their house. For example, when the time comes to eliminate PMI, who is going to inform the customer? If you have a renter who is considering a home purchase but does not have the credit to qualify, how are you helping them reach their goals? How do you know when it is time to pull credit again?
CRMs are morphing into systems that are not only necessary but that will provide incredible value as a digital mortgage experience becomes more and more of a reality. People want a seamless experience with plenty of information they can opt into as well as communication of value. Being the one who is providing that information on the platform of their choosing is also incredibly important.
At the end of the day, though, the best mortgage CRM is simply going to be the one you use. If you view technology and growing your database as too overwhelming, chances are that you won’t find a CRM to fit your needs. But if you understand that relationships you cultivate by technology and personalized nurture are the future of the mortgage industry, start spending a lot more time updating your CRM. Your future self will thank you.
