A Bird in The Hand

Fear of a market slowdown has brokers debating whether to search for new clients on rate sites or to redouble their efforts to keep the clients they already have. Anson Martin of Verico Fair Mortgage Solutions is in the latter camp AS MORTGAGE brokers and agents, we’re always hungry for business. Finding new leads can be a challenging process 011 its own, so when we’re able to actually get the deal closed and funded, it’s a welcomed feat. However, what happens after closing is equally as important. To fund the mortgage and move on without any further communication is an opportunity lost. Hoping the client will contact you several years later upon renewal is a perilous way to build your business. What steps can you take to ensure the client not only remembers you, but will reach out down the road? Building trust with the client is key, and it starts even before you place a client with the right mortgage. The earlier you start building this relationship – and your client’s trust – the better.

Next, think about the mortgage at hand. Offer your client sound advice, and discuss various option to ensure they have a clear understanding of how each option would impact their situation. Be sure to explain not only the product itself, but why you recommend that particular product. That way, clients will value your input and not feel as though you are pushing a certain product to get them out the door and move on to the next client. This is especially true for a first-time buyer or a client nervous about making the wrong decision. Other clients may be well-versed in mortgages or have a specific product in mind and therefore require less hand-holding, but them. This will build the groundwork for a long-lasting client-broker relationship that will make your name come to mind whenever they think about mortgage financing.

Based on the time and effort spent helping with their initial mortgage needs, clients will realize they can count on you to provide guidance and advice for their future mortgage needs as well. This also increases the chances of them referring friend and family to you and, in turn, builds your business further. any duplicates, and make sure all your entire are accurate and up-to-date. The slower periods of the year – summer and winter holidays – are a great opportunity to tidy up your CRM system. Even if you don’t have access to these expansive sy terns, with a bit of work and research, you can design and implement your own system to use for your personal book of business. What are some examples of effective ways to reach out to a client after closing?

If you arranged financing for a home purchase, you could check in with them a couple of months after closing to see how they’ve settled into their new home. If you refinanced a client and paid off high-interest credit card debt, you could ask bow things are going with the positive change to their finances. If a second mortgage was arranged in a difficult situation, it’s even more imperative to maintain communication to make sure the client is staying on track for the exit strategy that was planned. Another way to stay in touch with clients is through regular newsletters. These C.1Jl be used to keep your clients up to date with what’s going on in the mortgage world and other relevant topics. Even small touches like remembering a birthday or other event go a long way in building a solid relationship.

Another important ingredient is ongoing communication. This allows your name to be in front of the client long past the closing date of the mortgage and reminds them you’re still active and able to answer any new questions that may arise. Having a solid customer relationship management system, or CRM, is a vital tool to build a lasting relation hip with a client. Many large mortgage brokerages have developed impressive CRM systems that are effective in keeping the lines of communication open with the client. If you’ve let your system become disorganized, spend sometime cleaning it up. Clear out Whatever method you use, what matters most is that the client hears from you far more often than just at renewal time. Taking the time to understand their situation, finding the right mortgage product that best matches their needs, and staying in contact throughout will not be lost on the client – they will appreciate this and be a client for life.

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