4 Reasons Why Your Mortgage Business is Suffering without a CRM


Does your mortgage business have a CRM (Customer Relationship Management software) in place to help you and your team organize contacts, keep notes and record of activities, and manage your prospecting efforts? If your answer is no, then it’s time to stop what you’re doing and focus on getting your business a CRM.

Setting the Records Straight

As the name implies, a CRM is designed to help organizations manage their customer relationships. Beyond a typical contact database, CRM solutions enable the user to organize their contacts in a manner that is useful to their business needs. Instead of having a massive database of names that are listed from A to Z, a CRM user can sort their contacts into various categories based on a variety of factors. For example, if you wanted to build a marketing list that only included former clients that have utilized your services more than two times, a CRM would help you produce that list much more quickly and accurately than a simple contact database.

Noting the Difference

One of the most useful features of any CRM is the ability to keep record of your interactions with clients along with important notes to keep in mind for future conversations. Instead of relying on the fragility of our memory or a handwritten note on the back of that receipt that’s been sitting on the floor of your car, a good CRM solution will provide you with a clean, organized platform for keeping track of important client information. We like to use our CRM to look up specific details about our last conversation with a prospect to weave into our next conversation, a gesture that shows thoughtfulness and builds trust. Other helpful utilities within the CRM include reporting on the number of calls you’ve made to a contact, recording important business information, such as the name or number their secretary, or a contact’s birthday (which ties into our Birthday Program).

Prospecting without a Purpose

One of the first things we teach mortgage loan officers and real estate agents in our coaching programs is prospecting, prospecting, prospecting! Proper use of CRM will increase the efficiency and effectiveness of your prospecting programs by reducing the amount of time spent searching for prospects and increasing awareness of quality leads. By developing marketing lists based upon particular criteria, such as geographic location, income level, or number of answered calls, you can concentrate your prospecting efforts on those who are most likely to utilize your services. Based on your personal notes for each prospect as well as other environmental factors that may be recorded in the CRM, you can use additional analytics software or use your own experience to figure out which leads are the most likely to convert.

Managing Customer Relationships with CRM

Utilizing a CRM is essential for the modern mortgage lender in order to keep your contacts organized, make important notes and keep activity logs, and to improve prospecting efforts. There are several good CRMs out there that you can begin to implement today. Here at The CORE Training, we utilize Microsoft Dynamics CRM which works well for us, but some other good CRM systems include Hubspot’s CRM, Insightly, Zoho, Salesforce.com, or SugarCRM. There are also some mortgage and realty specific CRM tools out there such as the Jungo app for Salesforce.

Use these tips to help you put a CRM in place for your mortgage business, organize your contacts, and track your prospecting efforts. Want to learn more? Next, we will be teaching mortgage lenders how to make more money from their database, so be sure to follow us on Facebook to keep up with our new CRM blog series & more: www.facebook.com/thecoretraining

Blog Contributors

Ben Owens – CRM Specialist

Avalin Inman – Social Media Specialist