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Traditional CRMs may offer bells and whistles but often fail to engage both clients and originators

We’ve all spent money on a fancy new kitchen gadget or state-of-the-art app, only to have it wind up unused and forgotten. Despite all their bells, whistles and promises of ease and efficiency, it’s usually not worth our time to figure out how to use overly complicated products. Customer relationship management (CRM) platforms that don’t meet a mortgage originator’s needs and clearly show a return on investment are no different.

As any mortgage professional knows, relationships are foundational to this business. The key to building long-lasting relationships — and generating valuable referral-based leads and repeat business — is through consistent, thoughtful and personalized engagement with the client. Although this industry is essentially about sales, that doesn’t mean a generic sales-based CRM platform is a good fit.

On average, one-third of all CRM projects fail, according to a 2017 CIO Magazine report. Business consultant Scott Edinger noted in Harvard Business Review that among his clients, “the failure rate is closer to 90%.” To get a mortgage originator’s buy-in and engagement, a CRM platform must be super easy to use and automate whenever possible. If the system doesn’t make it blindingly evident to originators what’s in it for them, the system stands a very good chance of failure.

Mortgage originators need to immediately see and understand the value of a platform in order to use it consistently. And they’re wondering one thing: How will this tech help me close more loans without using up a bunch of time I don’t have?

Industry professionals, however, are starting to understand the value of a new model in automated marketing, one that’s more authentic and data intelligence-powered. By fostering strong, engagement-focused relationships that can weather market turbulence and provide clear, immediate value to salespeople, these newer platforms deliver results where generic, corporate-focused CRMs fall short.

Continue reading the full article in the March Issue of the Scotsman Guide

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