• Our Address
  • 5757 Kennedy Road, Mississauga, Ontario

Mortgage Database Marketing Untapped Source of Repeat Business

The buck doesn’t stop when a client signs on the dotted line. If you are a mortgage broker or money coach, a simple yet effective strategy to building – and retaining – client relationships is to utilize mortgage database marketing.
The odds are that your client will forget your name a couple months after you have successfully matched him or her to a mortgage. A simple gesture such as mailing a card to welcome clients to their new home or to thank them for their business goes a long way.
By not following up, you lose out on a growth opportunity. The odds are that most clients who apply for a mortgage will, down the line, need more financial advice. Through developing and maintaining a mortgage database, you become your own CRM (Customer Relationship Manager).

How to Build a Mortgage Database

An all-encompassing yet specialized software platform is the best tool to accomplish this. With this interface, you want to easily and efficiently:
  • Enter and capture personal and business data about the client, including their employment information, banking statements and current debts.
  • Develop personalized client mortgage plans and what if scenarios.
  • Monitor and update client mortgage plans.
  • Create a timetable of regular and annual reviews.
  • Accommodate changes so new data and client priorities equal newly customized mortgage plans.
  • Brand your professional identity from business contact details through to your social media presence.
  • Assure security and safekeeping of information, such as through a cloud backup.

How to Market to the Database

Schedule regular client communications. With your clients’ consent, this can range from the specific, such as wishing the client a happy birthday to general financial news. It’s important to be judicious. Nowadays, everyone is stretched for time. You want your communications to be read, not deleted.
Connect clients to financial goal setting. Help clients fine tune a vision of their financial future by developing an overall mortgage plan that integrates short- and long-term goals. Follow up to ensure that goals are being met and that the client is on target. If the plan has taken a slight detour, work with the client to determine a corrective course of action.
Support and anticipate client needs. Life comes with many chapters – some of which are a surprise, good or bad. You can help clients plan for ways to eliminate debt and foster savings at other forks in the road beyond that initial mortgage application.
Share in client success. There is no greater satisfaction when retiring a loan or reaching a savings goal. And it’s not an easy accomplishment. Be sure to congratulate clients on obtaining their objectives.
Of course, staying in touch means keeping your mortgage database constantly updated so that it factors any changes in a client’s information, from a new email address or a job to an addition to the family. Accurate attention to detail is critical to your success.

Keep the Doors Open for Repeat Business

This is a competitive industry and setting yourself apart from the crowd means going that extra mile.
Mortgage database marketing is an effective way to build loyal repeat business. Through mortgage database marketing, you can turn your business from being based on one-off transactions to one being based on ongoing relationships.