Managing Your Database with a Cup of Coffee

A New Post by Rhonda Porter
Mortgage Broker/Licensed Originator 510-LO-32047 - Washington
Read other posts by Rhonda Porter

Saturday mornings, I typically find myself having a hot cup of coffee (while my husband sleeps in) updating my client database.  I've used ACT for the past 15 years and really haven't tried any other system.   There may be better--any database management system is good as long as you use it!   

With ACT, I'm able to sort my contacts into different active fields using "ID/Status".  This helps me track what phase my clients may be in during a transaction or if they are getting ready to obtain a mortgage.  Here are some of the fields I use:

• Phase 1 - Honeymoon. (This is a "fresh lead" that has not immediately moved to prequal or beyond).
• Prequal
• Preapproved
• In Processing
• Locked and Approved
• In Escrow
• Closed
• Credit (If the client has credit issues they need to work on before they can/should obtain a mortgage).
• Lead. (If the contact does not become a client, they will eventually move from "Phase 1" to a "Lead".

ACT also allows you to create groups which are separate from "ID/Status".  Here are some of groups I have for my clients:

• A List - Clients who are strong supporters.  They actively refer friends and family to me.
• Renters
• Investors
• Jumbos
• ARM
• Mortgage Insurance

A Client can belong to more than one group.   Groups allow me to send specific information to a smaller group of people.   For example, when the media started blasting how dangerous ARMs are, I did a mailing to my clients who have ARMs with a "mini-review" of their existing mortgage and inviting them to contact me for a full review.

I use ACT to track scheduled events for clients as well, such as birthdays (who doesn't like to receive a card on your birthday!), when an ARM is scheduled to adjust and the anniversary day of the mortgage so I can provide an Annual Review.

I religiously use the "last results" field on ACT which keeps a history of what I've done with my client.   It's amazing to see the histories of my first clients--eight years of notes.   I find myself getting sentimental when I read their stories...maybe I helped them buy their first house and then a second...the better notes you keep using "last results" the more you will know your client.  When my clients return to me, they're amazed at how much I remember about "their story" or our transaction. 

I do hope that you're reading this post and saying "Duh, Rhonda! Of COURSE I have a database...I'm way ahead of you Girl!"  Truth is, I know many Loan Originators who do not stay in touch with their clients after closing.  They're transactional instead of "referral based".   If you're someone without a database, I highly encourage you to spend a weekend importing all of your past clients (some LOS will import or offer their own database systems).

Watch for my follow up post--I'll share some tips on how often and what I send to my database.  Keep in touch!