Welcome to “Build Up Better,” a new blog series from the mortgage experts at Shape, which will help you emerge from 2020’s unpredictability with the essential tips, tricks, and best practices needed to make 2021 the best year ever for your business.
Although we’re making our way through the first quarter of another record-breaking mortgage market, it’s never too late to invest the time to set your business up for success. Whether your goals for 2021 are growth, saving more time, or just cashing in on the influx of new and refinancing borrowers, much of your focus needs to point toward making your lending workflow more efficient.
In this post, we’re going to cover 3 easy ways to automate the frequent, everyday lending tasks you waste countless hours a day on with a customer relationship manager (CRM). But first, why does this even matter?
When used correctly, software automation can unlock new growth opportunities for your mortgage business, allowing you and your team to focus on building the human connections you need to compete in today’s market!
Studies show it can take up to 52 touchpoints to convert a mortgage prospect, and on average, it may take as many as 4 separate attempts (think back and forth emailing to land on a scheduled time to meet) just to book a meeting with them. If you’re not using a CRM or other calendar automation tool, this is wasting you over 8 hours a month per teammate!
Instead, when you use a calendar automation tool, you can provide prospects with your real-time availability and automatically sync your appointments with your calendar.
The cost of dirty data for brokers isn’t just disorganization: bad data has led to 12% of businesses losing revenue, 28% suffering email deliverability issues (rendering their marketing dollars useless), and 21% experiencing reputational damage. In a business where reputation is extremely important, you can’t afford to have a sloppy Excel database or lose track of important client details because you rely on manually updating your database.
Collecting and maintaining a quality database is a business best practice, and for mortgage brokers, the power of a CRM that can help organize and automate the collection and syncing of prospect and client records to other systems (like your LOS), can’t be overstated enough.
Think about how beneficial it becomes when a lead enters information on your website, and that data automatically syncs to your database, creates a client record, can fire off a welcome email, and kickstart the relationship all within seconds.
If you’re still sending manual emails because you think it shows clients that you’re a real human: stop!
Research shows that not only do most consumers not recognize when a seemingly well-written email is automated, but the cost is too great for manual sends: Automated email marketing generates $38 for every $1 spent!
We get it, the mortgage business must provide soft touches, and you need to form a personal connection as you’re building new client relationships. New buyers want to be reassured you’re providing them with the best rates and best service because there’s no shortage of competition out there. But you can’t focus on building a relationship
when you’re knee-deep in your inbox!