Top 3 Reasons Your Organization Needs a New CRM!

By: Blake Boyer, CMO at Mortgage Advisor Tools 

In the ever-evolving mortgage industry, the search for the perfect tech stack has become a top priority for lenders. One crucial element under examination is the Customer Relationship Management (CRM) system. At Mortgage Advisor Tools, the CRM category remains in the top 3 category lenders shop monthly.  However, before you rush into implementing a new CRM, let’s step back and ask a simple question: why? 

If you find yourself struggling to articulate a clear answer, it’s time to hit the brakes. The solution might be as uncomplicated as not fully utilizing the capabilities of your current CRM platform. 

1. The features are weak, frankly non-existent. 

But wait – are you sure? It astounds me how frequently CRMs are left being used short of their full potential. If I may be brutally honest, the struggle for user adoption is real. So, what’s the cause of this recurring issue? Most organizations choose a CRM, launch it, and expect it to work like magic, but that’s simply a fallacy. Flawless integrations, comprehensive initial user training, and ongoing sales enablement programs are critical to success. Right from the start, your end users need to understand “what’s in it for me,” backed by constant reminders of the CRM’s value.

2. Your business model has changed due to the market.

It’s essential to realize that one size does not fit all when it comes to CRMs. Thoughtful consideration of unique variables within your organization is necessary for selecting the right CRM. When organizations fail to fully leverage their CRM’s capabilities, dissatisfaction arises, bringing forth the perception that the product is not adding value.  If you have added a new business channel, product or processes – well then, yes, it is time to evaluate your CRM and whether it can be adapted to the new model.

3. With volume low, your organization needs to cut costs.  

Do you say to yourself, “Yeah – the CRM is awesome, but frankly, nobody is using the CRM that we do have.” If I had a dollar every time I heard this at the beginning of a marketing consulting engagement… Yes, costs are real, but before you throw out something that works, what if you look at the other areas that may be improved?  For example, a 2023 MBA quarterly performance report breaks down the most significant single contributor to the cost of a loan as staff, sales staff to be exact. While at a recent conference, a C-Suite executive told me his retail sales folks were not performing because they “thought” nobody would buy in this rate environment, but his call center was doing fine because people still use equity for financial needs and people still want to own a home.  Maybe it’s a mindset change and not a CRM that could help you use that excellent technology to improve your loan volume. 

So, now what – you were convinced addressing the CRM was the solution, now you are not even sure it’s the problem – what to do? 

Reassessing Your Current CRM Investment

Take a moment to reflect on the time, energy, and money your company has already invested in your existing CRM solution. Engage in an open conversation with your CRM vendor, for if you don’t communicate your needs, they won’t know. I guarantee that since the implementation, there have been significant releases and enhancements that you might have overlooked, leading to an “Ah Ha” moment of rediscovering the potential of your current CRM. 

Evaluating the Value: Efficient Lead Management and Timely Communications

As a mortgage marketer, I thrive on the power of a robust CRM. But let’s be clear: the CRM is only as good as the efforts you put into it. Now is the ideal time to evaluate whether your CRM efficiently manages leads, keeps you connected with clients, and delivers timely and relevant communications during the loan process. 

Revolutionize Your CRM Search with Mortgage Advisor Tools

It’s time to begin your competitive analysis of CRMs, and there’s no better place to start than with Mortgage Advisor Tools. Our platform empowers you to discover, compare, and read relevant CRM reviews. Let our obsession with all things mortgage revolutionize your search for the perfect CRM. 

Wrapping It Up

Before succumbing to the allure of a new CRM, scrutinize the value and untapped potential of your current solution. Explore the features and enhancements provided by your CRM vendor, ensuring you maximize all available resources. Remember, the right CRM is the one that adds maximum value to your organization. If you feel it’s time to embark on the journey of CRM evaluation, go to our CRM Category where you will find several CRMs specializing in the mortgage industry.