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 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.
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.