Repeat customers are one of the easiest ways for loan officers to find financial success. They require less front-end work to earn their business. Black Knight released data which shows that about only 19% of mortgage customers return to their loan officer.
Many people do not go back to the same loan officer twice. Why is this? They simply may not think about it.
Loan officers are very busy these days. So, now is the time to set up a plan and earn repeat mortgage business. Then, when the market is not great, you will still have plenty of loans in your pipeline.
Keep reading to learn more about the importance of repeat customers and how to keep clients coming back.
Create a great mortgage experience
You are a mortgage professional. So, it is your job to build relationships with your buyer before and throughout the home buying process. Become their trusted mortgage advisor, number one advocate, and reliable friend. When the closing comes, make sure you have done your best to help the customer achieve their dream of homeownership.
Connecting with your borrowers can take time and practice. Walk your mortgage clients step-by-step through the loan process.
Automated loan process updates
Also, communicate frequently with loan process updates. Automated loan process updates in Jungo notify you and your borrowers when the loan moves to a new stage. Borrowers enjoy the consistent updates on the status of their mortgage. When these are automated, you can focus on other important tasks like connecting with new clients and partners. Taking care of existing mortgage clients will lead to more repeat customers.
Once the initial excitement of closing fades, you naturally begin to lose touch with your clients. This may result in less check-in calls and emails. Don’t let it! Post-closing marketing can help strengthen the loan officer and client relationship over time.
A post-closing marketing strategy will allow you to reconnect with closed clients. With your name out there, they will think to come to you when they need to refinance or get another mortgage. Or, they could even refer other clients to you! Keep putting your name out there and stay in touch.
Post-closing email campaigns
Stay on your closed client’s minds by sending emails regularly. Some mortgage marketing platforms, like Jungo, have email campaigns already created for you. So, Jungo’s post-closing marketing email campaigns drip to your closed customers once a month for up to two years. This gives you more repeat customers!
After successfully closing loans, thank your customers for their business in a meaningful way. Gifts and cards leave a lasting impression!
Jungo’s Concierge Program allows you to order customized gifts and cards for your clients. Straight from your CRM, with the click of a button, you can set your borrower up to receive a series of these items. Then, earn mortgage referrals and repeat business from your client database with these thoughtful and personalized packages.
In order to stay in front of your clients among competitors, you should speak to your audience on a regular basis. Contacting someone in your database at the right moment can bring in more repeat customers.
Jungo’s Listing Alerts alert clients when contacts in their database list their home for sale. Right before that database contact may need a new mortgage, you get an alert to contact them. So, these Listing Alerts prompt Jungo users to follow-up on potential opportunities.
How does this work? Well, if your past client lists their home, you will receive an email and have a follow-up task created for you in Jungo. Then, you can call your past client and check in with them.
Use a CRM
Integrate your digital tools into a single portal with a CRM (Customer Relationship Management system). Right when a loan closes, Jungo can place them on a Keeping in Touch drip marketing campaign. Then, clients receive a monthly email from you for two years after they close, and more.
Your CRM can store customer data for easy retrieval. Some even notify you to give closed clients a call one year after closing to wish them a happy loan anniversary. This will remind them of your services and lead to potential repeat customers.
As a loan officer, you already know that about 50-70% of your income comes from past clients through repeat customers and referrals. So, these post-closing steps will help you earn more from your closed customers. These are effective ways to guarantee that you will be their preferred loan officer in the future!