Expert advice for lasting client connections
With soaring mortgage rates, retaining clients has become more vital than ever.
In the latest edition of Mortgage Professional America’s (MPA) ‘The Big Question’ series, industry experts shared their insights on a crucial aspect of the mortgage business: client retention. Patrick Creek, from Deephaven Mortgage, Chris Vinson, of Windsor Mortgage, and Carl Markman, of REMN Wholesale, weighed in with their strategies for maintaining a strong client base.
Embracing non-agency products
Creek, western divisional VP of wholesale sales at Deephaven Mortgage, emphasized the importance of diversifying offerings beyond standard agency and government products.
“They’re going to have to learn what products are out there,” he said. “How to sell the products on non-agency products instead of just standard agency and government type ones.”
Creek said Deephaven Mortgage supports this approach by training loan officers and helping them partner with professionals like realtors and CPAs to target and market effectively. This strategy allows brokers to stay competitive and relevant in a changing market.
Relationship building and system implementation
Windsor Mortgage CEO Vinson pointed out a critical gap in many brokers’ approaches: “One of the things that I think that a broker needs to do today is they need to have a plan. There are many brokers out there with zero plans - like we have gotten into such bad habits through COVID. And now we’ve got to change them.”
Vinson challenges brokers to recognize the untapped potential within their existing databases and to actively nurture those connections.
Watch next: Learn how to see 10x ROI using your existing database
“If you want to increase retention, you’ve got to be able to have a system to connect to your database, connect to the realtors, connect to what we call VIPs on a continuous basis,” he continued. “I think the loan officer today does not understand how much their database is worth.”
Personal touch and realistic expectations
Markman, director of national sales at REMN Wholesale, brought attention to the over-reliance on digital communication methods like social media and emails. He reminisced about his early days as a loan officer when personal phone calls were key.
“I would reach out to my customers periodically with a phone call just to find out how the family is doing,” he said, suggesting that this personal touch is even more crucial now to stand out amid fierce competition. Setting realistic goals and managing expectations effectively were also highlighted as essential practices.
“Set realistic goals,” Markman said. “If you have a closing and you need to meet a close of escrow, the lender is going to do as best they can to meet that close. But do your best to create extensions if need be. So just keep realistic expectations, and you’ll have repeat points.”
If you want more expert perspectives like these, watch the latest “Big Question” episode for more insider scoops.
