According to the Mortgage Bankers Association’s lead economist, the current job market has increased the demand for homes.

And increased demand for homes is good news for your mortgage business.

Even so, you can’t rely on increased demand for your services to convert leads. You need to create a customer-friendly strategy that ensures that potential customers choose you over your competitors this mortgage season.

That said, we’ve provided a list of five things you can do right now to grow your mortgage business.

1. Create a Data-Driven Business Strategy:

Remember when we provided the statement from the Mortgage Bankers Association’s lead economist? We were taking a data-driven approach to teaching you how to grow a business in this industry.

Now listen up:

There’s no reason for you not to use this approach to your advantage as well. You can just as easily track mortgage trends, conversion rates, and a wide variety of other metrics.

Analyzing data can help you with your mortgage lead management efforts. Understanding trends, patterns, and projections can help your mortgage business create a proper sales funnel and tap into leads. This will also show the business are some viable areas that need to be focussed and concentrated upon to generate growth and numbers.

2. Address Borrowers’ Pain Points:

Even with all of the data in the world, you won’t be successful if you can’t analyze that data. This analysis should help you address borrowers’ primary pain points.

Here are a few examples of pain points you might uncover:

1. Client dissatisfaction with the mortgage loan process
2. Consumer distrust of applying for loans online
3. Questions about how to get rid of PMI (Private Mortgage Insurance), etc.

The pain points you discover will be specific to the data you collect, so don’t skimp on data collection.

3. Encourage Customers to Leave Reviews and Provide Testimonials:

Let’s get real:

A sale is only as good as the brand awareness it provides your company. So what good is converting a customer who doesn’t send new leads your way?

Fortunately, you can encourage customers to spread the word via reviews and testimonials. Reviews and testimonials lend some credibility to your business and increase brand awareness.

Sometimes sending a simple email is enough to remind a customer to leave a review. Other times, however, you’ll have to get creative to incentivize this behavior.

4. Develop A Web Presence for Your Mortgage Business:

So your mortgage business has a brick-and-mortar location. That’s still not an excuse not to develop your company’s web presence.

Like addressing pain points, establishing a solid web presence is data-driven. You need to consider several things before optimizing your digital marketing campaign:

• Customer locations
• The websites your customers are most likely to use
• Any complimentary services your clients use

Use this information to create customer personas. You can then use these personas to optimize digital ads, leverage your social media pages to appeal to your audience, and collaborate with complementary service providers.

5. Prioritize Security and Compliance:

Whether you’re running a residential or business mortgage company, you’re handling hundreds (or thousands) of customers’ private data. And you’re liable for anything that happens to this data under your watch.

As a result, you must develop the financial discipline needed to invest in your compliance strategy. Skimping on security and compliance tools only sounds tempting until the Financial Crimes Enforcement Network (FinCEN) fines your business.

The Bottom Line: Develop a Customer Focus

Unsurprisingly, our top five tips for growing your mortgage business are customer-oriented.

Because in this industry, winning consumers’ trust means everything.

If you have any questions about how to start winning that trust, feel free to reach out to Real Wealth Business. All inquiries are welcome.

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