To CRM or not to CRM
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To CRM or not to CRM and that is the question.
Well to me it’s not really even a question.
You should CRM there’s no question about it.
I talked to a number of loan Originators who have not had a CRM and whose company did not have a CRM or they never implemented one themselves.
As a result they’ve lost all of their customer data.
So imagine 5 or 10 years of customer data of people that you have done business with, that may have loved you and have been very satisfied with your service and you now have lost touch with them.
It’s an incredible source of opportunity for the future.
Those customers have needs.
Some in as little as a year or less.
If those folks need to refinance because they need to put an addition on their house because they had another child, or any other reason they may have a need for other lending opportunities, you could reach out and help them.
They may also be in a position at some point in time to sell, and you knowing that in advance and having the ability to direct them to one of your partners could be incredibly valuable to you for future referral business.
So along implementing a CRM you can totally build out and automate an annual review process within your CRM to create partners leads and new loan opportunities.
The idea behind that is that you annually you reach out and touch base with your customers, your past customers, and find out what’s going on with them.
Do they have ongoing or future needs that they are anticipating or that you can help him with?
Are they satisfied with their CPA or their investment advisor?
Again, one or two more sources of potential referrals for you and your Partners.
So again you have to think of this customer data as incredibly valuable information.
Even if your company has their own CRM and you have done business with these clients, you need to be able to export that data in some fashion to your own CRM on a regular basis so that should you decide to go elsewhere, or should your organization decide to downsize, you have access to all your past client information.
These are clients you’ve done business with. That you found and you’ve originated the business with. It is important that you maintain this information to stay in touch and help with future business needs.
It doesn’t mean you can mine that information all the time.
Some companies control your access with non-competes that you signed – I get it.
You should not take the data in those cases.
But there’s such a thing as you reaching out and staying in touch with those clients that you have done business with over the years, so if your organization doesn’t have a CRM to better serve customers, or if you are out there on your own, then I would say you need to go for it. Just make sure it is legal for you to retain this customer information.
So my recommendation is to find a good CRM that will allow you to stay in touch with your past clients.
There are lots of good tools and resources out there. We have several recommendations that we would point you towards.
Some are more expensive and more capable of integrating with LOS’s. The right CRM may depend on what your loan origination system, and how well it’s going to integrate.
It may also depend on your marketing aspirations and how much you want to automate.
There are different levels of tools out there that can help you achieve the goals that you want to with a fairly automated process.
We are happy to make some recommendations for you should you have those needs. We have the opportunity to see what is really working for others on similar systems.
I hope this helps you as you think about your need for a CRM. . . if you don’t have a CRM, you need to get started. . . and be serious about it.
It’s a great tool that will cost a little bit every month, but here’s the deal… you’re going to wish you had that client data some day and with a CRM, you will always have it!
To your success for the rest of 2018.
More about the MDO Training System:
The Million Dollar Originator System is a proven system that will improve the value and strength of any origination business, regardless of expertise level.
Unlike most courses, coaching and training systems that rely too heavily on outdated strategies, chasing realtors, pay-to-play, over-sold lead lists, and over-priced online advertising channels, while leaving you frustrated with only pieces of the puzzle, the MDO System IS the puzzle itself.
All you have to do is complete the work in the proper order and we’re right here beside you, on your journey to the top.
Phase 1- Architect: Assess your foundation, Fix all issues limiting your growth potential. Install measures that will ensure maximum efficiency and success
Phase 2- Attract: Establish goals and key initiatives of success. Build a multiple-stream network for 24-7 lead generation. Grow your influence to dominate your region.
Phase 3- Automate: Amplify your reach with technology and lead generation funnels. Multiply and scale your pipelines and team. Direct your empire to unlimited heights!
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To Your Success!
Tim Scholten – Founder – The Million Dollar Originator (TM)