Summary
This article introduces a new referral program designed to help mortgage professionals generate more leads and expand their networks. Learn how to take advantage of this program to strengthen relationships and increase business opportunities. By the end, you’ll know how to leverage referral programs for long-term growth.
In any business, putting profits over people can be a recipe for disaster. In the mortgage industry, relationships are at a premium. That’s why lenders should focus on “ethical targeting.” What is ethical targeting? This method is a people-centric approach to marketing and lending. Here are some tips to help you balance profits with borrower well-being.
Focus on Educating Your Client
Ethical targeting demands that you align your mortgage products with your clients’ needs. In other words, don’t simply seek to sell your most profitable services. Instead, focus on products that more closely match your clients’ goals.
This starts with asking your clients what their goals actually are. From there, you can seek to educate them on things like eligibility criteria, lending solutions, and more. For example, clearly educate your client on the pros and cons of home equity. That way, your client can make an informed choice without being “sold” into a product that doesn’t fit their needs.
Communicate Transparently
Pursue total transparency in your communications. How? Think about answering the following questions. What initiatives have you taken to ensure ethical conduct? What corporate policies are in place to preserve the public’s trust? How might you respond to a breach in ethical conduct by an employee?
This level of transparency will show clients that you take ethics seriously. It also reminds your staff of the importance of corporate ethics. Additionally, it reinforces your commitment to the well-being of your clients and not just your bottom line.
Cut Down on Bias through Automation
Loan eligibility is based on a client’s financial history and overall creditworthiness. But a lender’s unconscious bias can unfortunately play a role. Race, gender, and other considerations can influence loan approval — even if lenders aren’t aware of how.
Automation can help. How? Automated software can screen borrowers based on financial data alone. No human bias can interfere with the decision to approve the loan. Borrowers will also enjoy faster approval and a streamlined process. A mortgage CRM can help. Automated tools will improve your approval process while ensuring you make fair decisions for each client.
Adopt New Metrics
How do you measure success? For many businesses, it comes down to profit. Ethical targeting points toward a better way. Adopt a new metric. Instead of focusing on revenue, consider your customers’ satisfaction.
A mortgage CRM can help you conduct surveys of past clients. You can also collect reviews and testimonials to assess well-being. Testimonials already make great marketing content, but adjusting your practices to fit your customers’ needs can help you keep your clients a top priority.
Ethical Targeting and a Mortgage CRM
You can adopt a new marketing approach by using a customer relationship management (CRM) platform. A mortgage CRM includes custom marketing tools and templates to help you connect to clients.
The BNTouch platform helps you refine your methods to nurture stronger client relationships. See for yourself by scheduling a demo, and discover how BNTouch can transform your lending practice.
Key Takeaways
- Expand Your Network Through Referrals
The referral program is a powerful tool for expanding your network by encouraging existing clients and partners to recommend your services.
- Increase Business Opportunities
With an effective referral program, you can generate more leads and grow your client base.
- Strengthen Client Relationships
By offering incentives and encouraging referrals, you foster stronger relationships with clients and partners.
Commonly Asked Questions
- How does the referral program expand your network?
It encourages existing clients and partners to refer new clients, helping to grow your network organically.
- What are the benefits of generating more referrals?
More referrals lead to increased business opportunities, a larger client base, and more revenue.
- How does the program help strengthen relationships?
Offering incentives for referrals helps build stronger bonds with clients and partners, fostering loyalty.
- What is the main takeaway from this article?
A referral program is an excellent way to generate leads, expand your network, and strengthen client relationships.
To learn more or schedule a demo, contact BNTouch today.
