From a mortgage lender’s perspective, the borrowers comprising your client base are the market equivalent stocks comprising a portfolio. As such they are the most vital asset to your long-term success as a Lender. Retaining borrowers can be challenging. However, for most borrowers shopping to find the best deal is inherent in their business plan. Even borrowers who are satisfied with your services may seek more favorable terms with no forewarning. To retain your borrower base, it is essential for lenders to implement strategies and internal procedures geared towards establishing, maintaining, and retaining relationships with borrowers.
Consistent Contact = Consistent Business
Maintaining communication with your borrower base is an essential component of retaining their ongoing business. In-person meetings, casual meetings for coffee, requesting a tour of their office, or in today’s day, scheduling a zoom meeting, going above and beyond to demonstrate your commitment to them will pay dividends for you in the future. Communication is king. Promptly returning calls, emails, and texts coupled with a rapid response time to loan requests and fast processing/closing, enhances the service experience, and increases the likelihood, they will continue to choose you. Be sure to also seek out honest feedback from all of your borrowers and ensure that you follow up with those individuals or the key decision-makers of those entities. Monitor social media reviews and input closely to see how you can adjust your process to fit the needs of your customers.
Add Value to Your Client Base
One of the most efficient ways for any professional services provider to establish customer loyalty is to serve as a resource and actively refer clients for value-added services. Put in the effort to be known as the go-to lender in your business community. This includes encouraging borrowers to contact you for referrals within your network for other services such as real estate brokers, legal, financial, or advertising referrals. Along the same lines, consider building a community forum and forwarding members pertinent trade journal articles or regular subscription emails or establishing a loyalty program that provides member-only perks to long-standing customers.
In a similar vein, be sure to be a regular attendee at key lending industry events and conferences. Networking allows you to be ahead of the curve with the latest up-and-coming trends in the business.
If you are a lender, investor, or developer and have questions about implementing processes to grow your business, please reach out. The Andelsman Law team is here for you and offers our experience in guiding your business to great success.