As a coach and consultant to leaders in the mortgage industry, I get to have conversations with people in a lot of different organizations. One of the things I’ve discovered over the years is that the organizations that have demonstrated the greatest growth are often those who place the greatest amount of emphasis on sales. These organizations spare no expense to give their originators the resources they need to go out and bring in new business. Revenue is the fuel that keeps a company going, and the best companies develop originators that are good at filling up the tank.
That being said, I have noticed a trend in some organizations that works against revenue generation. While originators may be great at going out and generating new business, they often miss opportunities by neglecting past customers. In recent years, technology in the mortgage industry has enabled most companies to keep thorough databases of their past customers. And yet, many loan originators still fail to mine these databases for leads on new business.
There are essentially two ways of getting business: waiting for customers to come to you or going out and finding them. Most originators wait for inquiries from home buyers, but the best originators will maintain relationships with previous home buyers and leverage that relationship into more lead generation.
So, what about you and your organization? Do your originators look at past customers as sources for referrals? Your past customers can turn out to be your best prospects, because you’ve already laid the groundwork of building the relationship. And once you have that trust, everything else will fall into place.