When you think of how much you invest to create a new customer, the value of retaining that customer is significant.
As a lending officer, your clients are at the very heart of your business. With today’s competition in the lending industry, it is important to implement smart lending practices that will help retain clients. The likelihood of selling to an existing customer in the future is much greater than selling to new prospects.
Retention is the key. And one of the most effective ways to achieve it is through portfolio monitoring services. Keeping tabs on your clients’ credit activities over a given period can help you gain insight into their financial habits and better respond to their financial needs.
Here’s how it works:
- When a current or former client is in the market for a new mortgage, portfolio monitoring services will notify you within 24 hours of their credit inquiry.
- A custom retention letter is mailed on your behalf, helping you engage and retain your past customers within 24 hours of them signaling a need.
- Clients are happy because you are helping them right when they need it and making sure they are aware of all their lending options.
As we mentioned, happier, non-nomadic clients are the goal. Monitoring services aren’t just a tool to keep early payoffs at bay, they frequently save customers from hidden, costly fees that your competitors never even bother to disclose.
Here are some other ways to leverage portfolio monitoring services to shine in the eyes of your customer:
- Get Their Attention: Eye-catching retention pieces are crucial to set your letter apart from the general mail that consumers receive daily. You want pieces that speak directly to your customers’ needs and remind them of all the reasons that working with you again will benefit them. This will give you the highest chance of engagement.
- Offer Personalized Credit Services: Every client is unique, and what they need from you financially may differ. Using portfolio monitoring services, you can collect and analyze data specific to each client’s financial behavior, allowing you to personalize your offerings and spotlight your customer service skills. Not only do you position yourself as a lender who knows and cares about your clients’ financial well-being, but by offering personalized solutions to your clients, you also build trust and confidence while setting yourself apart from your competitors.
- Communicate with Clients. This is a big one. In today’s fast-paced world, lenders must be proactive in reaching out to clients to update them on their accounts and answer any questions they may have. Portfolio monitoring services provide a blueprint, of sorts, to your customers’ financial needs, which you can then use to drive effective direct mail correspondence. Whether offering advice on how they can improve and maintain their credit score or offering the latest lending options that suit their needs, monitoring services make you a shoo-in for success, while beating your competitors to the punch.
- Provide ongoing guidance. Portfolio monitoring services also allow you to provide ongoing guidance, rather than waiting for them to come to you with questions or concerns. Be proactive with regular educational materials, from monthly newsletters offering financial tips and advice, or quarterly check-ins to reassess a customer’s financial health. Leverage direct mail solutions to remain front-of-mind and reinforce your commitment to their ongoing prosperity.
Camber knows that helping your past clients with their next loan is the fastest and easiest way to generate more closes each month at the lowest cost. Consider: 1% – 3% of your past customers are in the market for a new mortgage each and every month. Implementing our portfolio monitoring services can help to keep clients satisfied – and stationary – while beating your competitors’ best efforts in the process. And did you know? Using direct mail to retarget can deliver up to eight times the response rate of digital marketing. If you would like to set up a time to discuss portfolio monitoring options with one of our team members, Contact us today.