The modern mortgage broker must learn to leverage analytics if they want to stay competitive long-term. Simply put, analytics refers to the systematic analysis of data.
By utilizing analytics, you can adjust your business model to better serve clients and generate leads. Below, we outline 5 ways that you can use analytics to promote your brokerage.
1. Improve Lead Distribution
While generating a new lead is certainly a win for any brokerage, it is only half the battle. It is important that you assign that lead to the right team member so that they can follow through with the potential client.
With that being said, it can be difficult to effectively distribute leads amongst your loan officers. By leveraging analytics, you can review each members’ performance. Advanced CRM software will even give you the option 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 Align with Social Trends
It’s no secret that social media has become an integral part of digital advertising. Unfortunately, far too many mortgage brokers underutilize these effective advertising platforms.
With analytics, you can have a better idea about which platforms might be best suited for your efforts. For instance, if 60% of your leads originate from Instagram, then 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 ability to automate your marketing campaigns and leverage templates for designs. This allows you to focus more of your energy on active clients, while deploying effective advertising to generate new leads.
3. Configure Your CRM Functionality to Fit Your Team
It is important that you use analytics to assess the performance of each loan officer. This data can help you to more efficiently assign leads.
Reviewing employee performance data will allow you to configure your CRM’s functionality to better meet the needs of your team, as well. You will be able to provide each loan officer with access to mission-critical tools. You will also be able to choose the types of data that you want to receive automated performance reports on.
4. Educate Team Members
Analytics data can also aid you in creating new employee education strategies.
If you notice that many of your loan officers are struggling in a particular metric, be proactive. Create an in-house training course or address the issue on an individual basis. Doing so will improve the efficiency of your brokerage as a whole while also helping your loan officers to meet their individual performance goals.
5. Collaborate More Efficiently
By leveraging analytics, your mortgage brokers will be able to collaborate with real estate agents and other professionals more efficiently. Streamlined communication is essential if you want to develop a strong reputation in the mortgage industry.
As you can see, analytics can help your mortgage brokerage to improve its performance in virtually every category. If you want to implement the latest analytics into your business strategy, then you need a high-performing CRM.
Fortunately, BNTouch has just the tools you need to take your business to the next level. We have scalable solutions for mortgage brokerages of all sizes. Our affordable software will give you access to a multitude of reporting tools and other software to support the mortgage process.
Request your free demo today and take your business to new heights with BNTouch.