Last updated: January 16, 2018

5 Tips for Repeat Mortgage Customers

Keeping a mortgage customer is just as important as finding new ones. Marketing costs for mortgage leads can be quite expensive. Every broker knows how important it is to convert as many of those new business leads into happy homeowners, but how many put the proper emphasis on keeping those leads as lifelong customers?

Most Americans refinance or buy a new house several times over the course of thirty years. A recent study by the NAHB shows that the typical buyer of a single-family home stays there for approximately 13 years before moving. There’s an incredible opportunity to help those buyers sell and find new properties, to refinance their mortgage, and to access their equity.

Here are five great tips for repeat mortgage customers.

Tip #1: Get a CRM Tool

The best salesperson on the planet would struggle to remember all of the important details of a particular customer in their head, let alone hundreds. That’s why a customer relationship management tool (CRM) is so important. It allows you track how you interact with each of your customers, the results of those interactions, and to plan for future communication in a searchable database.

Tip #2: Keep Your Promises

The most important thing you can offer to your customers is your word. It’s more important than a great interest rate or driving a hard bargain. If you cannot keep your promises, you will not keep a customer.

Most of the time, broken promises are completely accidental. For instance, promising to call back by the end of the day, but leaving it for the next day because you had nothing new to update. Think of it from the position of the customer. If you do not call, they’ll wonder what is happening. Mortgages are a complicated process with ups and downs. They want that assurance that comes with a courtesy call.

Tip #3: Ask for Feedback

The best thing you can do to find out how your customers are feeling is simply to ask. It’s a novel approach, right? Ask early and ask often. After each meeting with your customer or with each big milestone in the mortgage process, ask how they feel. Ask what they need. Ask if there is anything more that you can do to help. Be open and honest with them and they’ll be open and honest back.

Tip #4: Track Life Events

Here’s a tip that is worth its weight in gold:  Stay up to date with your customers’ lives. Major life events often lead to changes in housing. For instance, did your customers just have a baby? Maybe they need to upsize the starter home to a family home. Do your customers have graduating high school students? Maybe they need to access some of the equity in their home to pay for college tuition.

Tip #5: Stay in Contact

Finally, stay in contact. Different customers will give you different opportunities. Maybe it’s coming by their deli each week to grab a coffee or maybe connecting on social media. There are dozens of ways to keep the communication channels open. You never know when that buyer will decide it’s time to re-enter the market. When they do need to make a mortgage decision, you want to make sure you are the first person that comes to mind.

Pacific Union Financial

Pacific Union Financial, LLC is a full-service mortgage lender providing originations and loan servicing across the United States. A privately held direct lender with Fannie Mae, Freddie Mac, and Ginnie Mae approval, we originate loans through our Retail, Wholesale, and Correspondent channels. Let us know how we can help you expand your business.