Loan Monitoring & Mortgage Software | Paperless Document Management
Referrals are critical to the success of any mortgage company. You need real estate agents, brokers, and other professionals sending you referrals to keep your business going and growing. Sounds easy, but it’s not. There are several ways to get mortgage referrals, so let’s review how they might help your business.
Passive referrals — Successful mortgage companies might rely on the passive approach if they have a successful track record in the mortgage industry. This is all about reputation, and that takes time to build. The key here is to run your business with integrity and honesty, and over time clients and other professionals will come to rely on you for their mortgage needs.
Active marketing — A new mortgage company or one desiring to grow needs to take an active approach to marketing their services. This involves a commitment in both time and money. Time is needed to have someone in your company be responsible for marketing your services to other professionals and the outside world. The money can come from Chamber memberships, seminar fees, and hosting or supporting public events or business forums. The adage “you have to spend money to make money” is true when you take an active marketing approach to gaining mortgage clients.
Developing a niche — This can perhaps be the most difficult way to market your mortgage business because simply being good or honest is not a niche, it’s a necessary business practice. A niche can be having loan officers fluent in unusual languages to help different parts of your community, or having former bank officials in your business who can speak knowledgeably with banks who don’t offer mortgage services. Having related skills in other businesses can boost your client list, but don’t count on it exclusively to keep your business going.
One good business practice is to use paperless loan processing software, and this is where ATLOS can take you beyond your competitors. Our secure web-based loan processing system will speed up your loan processing, reduce paper storage costs, make your client information more secure, and give you positive feedback from clients for your efficiency that you can use to grow your business. Contact ATLOS today for a consultation.