Panel at upcoming Canadian Mortgage Summit to discuss ways to boost business in quieter times
It’s no secret that transaction volume in Canada’s mortgage market has slowed since the dizzying heights of the COVID-19 pandemic – but a less frantic pace and cooler activity can also present opportunities for mortgage professionals to streamline and maximize the potential of their business.
One of the ways they can do that is by focusing on “future-proofing” their business so that they have all the required tools at their disposal when things start to pick up again, according to the co-CEO of a leading mortgage CRM.
Tom Hall (pictured top), of BluMortgage, told Canadian Mortgage Professional that plenty of the company’s recent conversations with clients had centred on helping them maximize efficiency and output for the next time the market ramps up.
“I think that for the longest time, people have been a bit more reactionary where it’s not so much about the future, it’s about today: ‘How am I going to get the deals out the door that I need to today, get the things done that I need to get done?’” he said.
“But now with this slowdown, the themes that we’re hearing are people saying, ‘Now let’s look forward. If another wave of busy markets presents itself, what am I doing now and how can I be better equipped to address that – and be even more so a winner in that type of environment?’”
Hall is set to appear as a participant on a panel aimed at exploring ways for mortgage professionals to build their business during quieter times at the forthcoming Canadian Mortgage Summit at Brampton’s Pearson Convention Center on September 14.
Technology can play a key role in the process, Hall said, allowing mortgage professionals to build different automations around repetitive tasks and let them concentrate on less monotonous, time-consuming or peripheral duties.
Discover insights from top industry experts at the Canadian Mortgage Summit on September 14th at Pearson Convention Center. Registrations for mortgage professionals is complimentary.https://t.co/4UV51otAyj#mortgagenews #canadianmortgagesummit #mortgagebroker #mortgageindustry
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 14, 2023
The value of identifying a niche
Building a better business can also mean finding a niche, whether that be first-time homebuyers, investors, commercial clients or other types of borrowers.
The ability of technology to analyze and mine databases to present specialized solutions is a key element of that, something BluMortgage has been closely focused on.
“It is something we’ve thought about – trying to slice and dice in new ways,” Hall said. “What are new ways that we could look at our customers that we maybe didn’t consider before [where] we can provide value in a unique way?
“A lot of what we’re investing in right now in terms of our technology is to say, ‘How do we make it that much easier for people to very quickly look at their database and find those types of opportunities?’”
When deciding upon their choice of technology, flexibility is key for mortgage professionals, Hall said. “That also means integration. I think technology is evolving really, really quickly and so you don’t know what tomorrow’s going to look like,” he explained.
“What serves you the best today is to choose something that yes, is good – but also gives you the flexibility to go and try that new thing, whatever that might be, that might be the difference between make or break a couple of years from now.
“So set yourself up now for success in the future by being flexible and adaptable as new technologies present themselves in the marketplace.”
Much-anticipated event draws closer
The sold-out Mortgage Summit will see some of the leading names in Canada’s mortgage space offer their thoughts on the most pressing market and industry issues of the day, with Hall anticipating an excellent opportunity for mortgage professionals to network and learn new ways to optimize their daily work.
“I’m very much looking forward to the panel. I still feel like I’m shaking off the COVID dust a little bit,” he said. “It’s completely different, I feel, seeing people in person, having that face-to-face interaction, having those candid conversations.
“I think we need more of this. That’s how ideas spread, having those impromptu conversations, bringing different people with different backgrounds together in a single spot. I think there’s a ton of value to it – I’m really looking forward to it.”
Stay tuned for all of Canadian Mortgage Professional’s coverage ahead of the 2023 Canadian Mortgage Summit – and make sure to sign up for our free daily newsletter to get all the latest news from Canada’s mortgage and housing markets here.
