You may be doing all the right things to improve your sales funnel and expand your mortgage business, but how can you be sure it’s working? Measuring whether your business will keep growing in the future can be challenging. There are a few key indicators, though, that will help you determine if your business is heading for long-term success. By paying attention to these areas, you give yourself the ability to gauge where you’re at currently, and then make any necessary changes to stay on course. The key is to have the data needed to see your business’ trajectory clearly. Here are some questions to help ensure your mortgage business is heading toward consistent future growth:
How Many Active Clients Do You Have?
This may be the most obvious way to measure your current level of success, but it can also provide valuable information about the future. If you have a sufficient number of clients moving through the mortgage process at the moment, you may be perfectly content. But if the goal is to bring on more clients and take your business to the next level, you’ll want to compare your client numbers from month to month and from year to year to see if there’s an increase, a decrease, or if things have reached a plateau. If your sales funnel is effective, you’ll see the numbers increasing month after month. If your numbers aren’t increasing, start looking into how to improve your client satisfaction and marketing.
Are You Getting Positive Feedback and Referrals?
Growing mortgage businesses will get positive feedback from clients — frequently. It can come in the form of social-media and online reviews, client-experience surveys, or in person. Feedback tells us a great deal about what we’re doing right, and what we’re doing wrong. Positive feedback is crucial, because our business’ reputation is closely related to our ability to grow and succeed (more on the importance of getting client reviews, here). The number of referrals you receive is another way to measure business growth. They’re a direct result of having built trusted relationships, and they increase your credibility. If these areas aren’t at the level you want them to be, start finding ways to improve your client experience.
Do You Prioritize Efficiency?
You’re more likely to see consistent growth If you’re operating at peak efficiency. If you want to be able to handle more clients in the future, that efficiency will keep the process moving smoothly for everyone involved. Efficient loan officers have clear systems in place that serve as the foundation of their daily work. They use technology to their advantage to streamline processes, and they’re always looking for new ways to save time and improve. If you feel like you’re getting bogged down by your work, look to see if there are some ways to bring greater efficiency into your day-to-day.
Do You have a Marketing Mindset?
Finally, a strong marketing strategy is at the foundation of business growth. Mortgage businesses that operate with a heightened focus on marketing put themselves in a better position to stand out above the competition and succeed. When you have a marketing mindset, you prioritize broadening your reach to an exponentially bigger audience and branding yourself in unique and memorable ways. Clients won’t always find you by name, so you have to market yourself to attract them. Fortunately, there are simple ways to find out if you’re being heard. In the case of social media, you can get insight into who is engaging with you online. You can also track which posts people are responding to, and then produce similar content. If you can reach a sizable group through your marketing efforts, it will be more likely that you’re on track for sustained growth.
Businesses that measure their performance by tracking the metrics we’ve covered will have an easier time assessing their path to growth.
If you’d like to talk more about ensuring you have a growing mortgage business, or if I can be of assistance in some other way, please reach out. I’m always happy to set aside some time to connect.
Also, if you’re considering a move, we have some terrific opportunities for loan officers, sales managers, and branch managers that I’d love to discuss with you.
VP – Retail Market Leader