The Importance of CRM in Mortgage

It’s no secret that finding and organizing leads, categorizing information, and maintaining relationships are key in the mortgage business. That’s precisely why a customer relationship management (CRM) platform could make or break your work as an MLO.  

Just imagine - what if you could seamlessly finetune sales pipelines, store client data, and even schedule marketing emails, all with the click of a button? The many benefits of CRM technology are critical for mortgage professionals to understand and, potentially, implement.  

What Is a CRM?

A CRM is software designed to manage interactions with current and potential clients. While there are dozens of impressive brands on the market, any solid CRM seeks to improve relationships, drive revenue, and grow your business overall.  

CRMs function by streamlining the many activities you carry out day-by-day, scaling your lead nurture efforts, and even aggregating important data from previous, current, and future clients. In today’s highly-connected world, you can also access many CRMs through a mobile app, so you can streamline customer relationships on the go, too.  

Benefits of Using a CRM in Mortgage

If you’re not yet sold on the overarching concept of a CRM, let’s dig into some of the many benefits for MLOs. Keep in mind that the technology exists solely to make your job less stressful, provide an improved client experience, and maybe even encourage repeat business.  

Here are some of the biggest opportunities that come with investing in a CRM:  

Improve Client Experience

Whether you have five leads or 500, offering an exceptional experience is key. A CRM ensures that you’re making contact with each and every lead, at various points in the sales process. For example, the software can track initial touchpoints with new leads, ensuring they don’t get lost in the shuffle, as well as any follow-up interactions.  

You can also create a webpage with an opt-in form, wherein entries are automatically uploaded to the CRM. In other words, no more copying and pasting to a clunky, old Word doc!   Essentially, CRMs offer a toolbox for an improved client experience. Whatever your needs or preferences, this technology will simplify getting from point A to point B.  

Store Important Client Information

It’s no secret that MLOs are stewards of highly-important personal financial information. Names, phone numbers, notes, and even preferred methods of contact should be treated with similar care. After all, organized client information can translate to repeat business or referrals.  

Most CRMs offer complete customization when it comes to data storage. You can dictate exactly what should be collected by the software, where it goes, and who has access. You’ll save valuable time by no longer implementing manual updates, rifling through file folders, or trying to track down stray business cards.  

Launch and Track Marketing Campaigns

Whether you’re a new or veteran MLO, you understand just how important thoughtful marketing is to success. Luckily, a CRM provides a simple and sophisticated shortcut to improved campaigns and comprehensive data.  

You can use your CRM to update your website, assign marketing-related tasks to fellow team members, schedule emails, and track the progress of marketing campaigns. Plus, if you’re not exactly the creative type, many mainstream CRMs also offer templates and guides for users. These might include templates for materials ranging from visually-engaging emails to neat and tidy Excel sheets.  

Improve Efficiencies Overall

After a period of record-low interest rates and amid a red-hot housing market, modern MLOs must be quick on their feet. A CRM could also help streamline many of the more administrative aspects of your business.  

For example, consider using a CRM for appointment management, document collection, or task management. Spend less of your days completing tasks that can easily be automated, as it frees you up to focus on the big picture.  

The Importance of a CRM in Mortgage

It’s no secret that MLOs have a lot on their plate. Luckily, investing in software can curb some chaos and (hopefully) improve outcomes. 

There are dozens of efficient CRM options on the market, with plenty of free trials and demos to take advantage of. Just make sure the CRM you choose can integrate with your loan origination platform –  your future self will thank you!  

Looking for the latest mortgage news, tips, and updates?  Sign up for the wemlo Weekly newsletter where the #teamlo provides everything you need to know all in one place!