The modern mortgage broker must learn to use analytics if he is to stay competitive over the long term. In simple terms, analytics refers to the systematic analysis of data.
By using analytics, you can customize your business model to better serve customers and generate leads. Below we describe 5 ways you can use analytics to promote your brokerage.
1. Improve lead distribution
While generating a new lead is certainly a win-win for any brokerage firm, it's only half the battle. It's important that you assign this lead to the right team member so they can move on with the prospect.
With this in mind, it can be difficult to effectively distribute leads among your loan officers. By using analytics, you can check the performance of each member. The advanced CRM software even gives you the ability to automatically assign leads based on individual performance data. This takes the guesswork out of lead distribution and improves your chances of closing the deal.
2. Automate marketing to adapt to social trends
It's no secret that social media has become an integral part of digital advertising. Unfortunately, far too many mortgage brokers do not take advantage of these effective advertising platforms.
Analytics can help you imagine which platforms are best for your endeavors. For example, if 60% of your leads are from Instagram, this is where you should allocate the majority of your resources.
Modern CRM software can provide you with valuable feedback on social media marketing. It can also give you the option to automate your marketing campaigns and use templates for designs. That way, you can focus your energy more on active customers while using effective advertising to generate new leads.
3. Configure your CRM functionality to suit your team
It is important that you use analytics to assess the performance of each loan officer. This data can help you assign leads more efficiently.
By reviewing employee performance data, you can configure the functionality of your CRM to better meet the needs of your team as well. You can give any loan officer access to business-critical tools. You can also choose the types of data for which you would like to receive automated performance reports.
4. Train team members
Analytics data can also help you develop new employee training strategies.
If you find that many of your loan officers are having issues with a particular metric, take a proactive approach. Create an in-house training course or address the topic individually. By doing this, you will improve the efficiency of your entire brokerage business while helping your loan officers achieve their individual performance goals.
5. More efficient collaboration
By leveraging analytics, your mortgage brokers can work more efficiently with real estate agents and other professionals. Streamlined communication is essential if you are to build a reputation in the mortgage industry.
As you can see, analytics can help your mortgage broker improve their performance in virtually any category. If you want to incorporate the latest analytics into your business strategy, you need a powerful CRM.
Fortunately, BNTouch has exactly the tools you need to take your business to the next level. We have scalable solutions for mortgage brokers of all sizes. Our affordable software gives you access to a variety of reporting tools and other software to aid the mortgage process.
Request your free demo today and take your business to new heights with BNTouch.