The "Acres of Diamonds" in Your Own Backyard

Yes, you have heard me say it before and you will most likely hear me again numerous times in the future. Today while speaking to Mark Green at Top of Mind, he inspired me to get back on my soapbox again. Why? Because Mark is the top CRM guy I know around and he just plain gets why originators need to keep in front of their database.

So, I have a few questions!

Loan Originators, do you have an automated system that consistently keeps your name and services in front of your clients and motivates them to:

• Come back to YOU for their refinance or purchase needs?
• Refer their friends and family to YOU for their refinance or purchase needs

No Loan Originator has a more valuable asset than their customer base 

Customers who have done business with you or your company represent potential gold mines. Unfortunately, most mortgage companies and originators focus their marketing activities on winning new customers. Instead, they should focus on client retention and not leave their treasured past customers unloved and available for the competition to come in and snatch them away.

Acres of Diamonds- Your customer list

Many originators have recognized the need to have a customer or client list. However, very few know how to truly cultivate their customer list into a constant source of new business. Think about the fact that every customer you have has friends and family that can use your service, either now or sometime in the future. On top of that, many of your customers will come back into the mortgage market for a new real estate purchase, to refinance their present mortgage or for a home equity loan. Plus, banks and credit unions have another huge advantage in that they have additional services that they can cross sell.

The National Association of Realtors stated that 27 percent to 32 percent of homeowners will purchase another property within first two to three years after their initial purchase. Additionally, the Mortgage Bankers Association found a homebuyer will average 8.3 first mortgages (purchase & refinance) over the next twenty years.

That is a huge percentage of your customers coming back into the market in a relatively short period of time.

You Have Control of Your Leads

Another obvious advantage to the "customer for life" concept is the control it gives you. Rather than having to rely on the real estate agent base, the mortgage originator is now the front-runner. Most every loan officer would love the opportunity to be able to call his or her real estate agents and tell them that they have a past customer who is back in the real estate market, and ask if the agent would like to work on that customer's next real estate transaction.

Turn satisfied customers into loyal customers and don't let them get away

Continue reading "Are You Mining the “Acres of Diamonds” in Your Database? " »

Yes, you have heard me say it before and you will most likely hear me again numerous times in the future. Today while speaking to Mark Green at Top of Mind, he inspired me to get back on my soapbox again. Why? Because Mark is the top CRM guy I know around and he just plain gets why originators need to keep in front of their database.

So, I have a few questions!

Loan Originators, do you have an automated system that consistently keeps your name and services in front of your clients and motivates them to:

• Come back to YOU for their refinance or purchase needs?
• Refer their friends and family to YOU for their refinance or purchase needs

No Loan Originator has a more valuable asset than their customer base 

Customers who have done business with you or your company represent potential gold mines. Unfortunately, most mortgage companies and originators focus their marketing activities on winning new customers. Instead, they should focus on client retention and not leave their treasured past customers unloved and available for the competition to come in and snatch them away.

Acres of Diamonds- Your customer list

Many originators have recognized the need to have a customer or client list. However, very few know how to truly cultivate their customer list into a constant source of new business. Think about the fact that every customer you have has friends and family that can use your service, either now or sometime in the future. On top of that, many of your customers will come back into the mortgage market for a new real estate purchase, to refinance their present mortgage or for a home equity loan. Plus, banks and credit unions have another huge advantage in that they have additional services that they can cross sell.

The National Association of Realtors stated that 27 percent to 32 percent of homeowners will purchase another property within first two to three years after their initial purchase. Additionally, the Mortgage Bankers Association found a homebuyer will average 8.3 first mortgages (purchase & refinance) over the next twenty years.

That is a huge percentage of your customers coming back into the market in a relatively short period of time.

You Have Control of Your Leads

Another obvious advantage to the "customer for life" concept is the control it gives you. Rather than having to rely on the real estate agent base, the mortgage originator is now the front-runner. Most every loan officer would love the opportunity to be able to call his or her real estate agents and tell them that they have a past customer who is back in the real estate market, and ask if the agent would like to work on that customer's next real estate transaction.

Turn satisfied customers into loyal customers and don't let them get away

Comments

[Bill Rice]

I can't think of a market where this concept and these techniques of lead management are more critical. After all, with the rapid actions and reactions of banks and government it seems like the profile of a qualified borrower changes weekly.

That means a "no" today could very easily be a "yes" tomorrow--don't you wish you remember where you wrote down Johnnie Smith's name and phone number.

I can't imagine working this market without a mortgage CRM or lead management system.