What it Takes to Earn Repeat and Referral Business

Mortgage managers and LOs know that capturing repeat and referral business from previous customers is mandatory for long-term success. When selling to former borrowers, the cost of acquisition is much lower than marketing to attract new customers. So, what does it take to keep customers coming back and referring their family and friends?

Simply put, lenders and originators must deliver an excellent customer experience. While this sounds straightforward, it’s not necessarily easy. According to Black Knight’s recent research, 80% of borrowers don’t return to their original lender for future home loan financing needs.

This percentage should be alarming to mortgage managers across the board because it means that the sales force must continuously replace their pipeline with new customers. This challenging task is even more difficult if originators lack the skills to generate new loan demand.

What does a great customer experience look like? While many managers and LOs believe that closing on time is the most important driver of customer satisfaction, earning repeat and referral business requires much more than that.

Financial marketing experts define “a great customer experience” as an interaction that is personalized, timely, relevant, seamless and remarkable. Moreover, lenders need to deliver excellent service at EVERY customer touchpoint by all parties involved in the loan transaction – from originators and processors to closers.

Do your LOs and sales support staff have what it takes to truly “wow” your customers?