Automation is the key to having a diverse business

A good CRM can help you have time to solicit refinances while you focus on meeting with and serving real estate agents for purchase business

Automation is the key to having a diverse business

Part III: I had planned to focus entirely on real estate agents this year because I was convinced that the refinance boom was over. Turns out I was wrong. It seems like my turn towards agents was wasted. What could I have done differently?

--Mario from Arkansas

Thus far we have spoken about the importance of diversity and how your sphere can lead to that diversity. This week, we will end the series by talking about the importance of automation. The issue is having enough time to solicit for refinances while you focus upon meeting with and serving real estate agents. That is why it is important to have a database system, or CRM, "locked and loaded." There are three parts of this equation. The first part is compiling your entire sphere in your database. The average loan officer has a database of approximately 300 contacts. We see your sphere as a compendium of your life and therefore it should be thousands rather than hundreds. This is a topic for another time.

Secondly, you must have an automated system which will enable you to get the word out about falling rates at a push of a button. This automated system leaves you free to do what is most important – reach out to hot refinance prospects and meet with real estate agents. Finally, you must have content which is up-to-date and relevant. Having to come up with content yourself is a waste of time and, if you are busy, you will wind up missing opportunities. This is why I have specialized in providing the industry with the best content over the past three decades. Not handy homeowner hints, but hard-hitting economic news and alerts about changes in the markets and industry in general. Content which is designed to help you look like the expert in the field of residential finance.

--Dave Hershman

Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].