From the initial onboarding process through the closing of a loan, your mortgage clients expect a comprehensive mortgage marketing system, which are the tools that help you provide strong customer service and consistent communication.
Unfortunately, over the last two years, the mortgage industry has missed the mark on meeting these consumer needs. According to a 2017 U.S. Mortgage Servicer Satisfaction Study, by J.D. Power, happy mortgage customers are on the decline after a multi-year increase in perceptions.
The primary cause of dissatisfaction is “a significant increase in the number of customers indicating that their mortgage servicer is focused more on profit than on their customers.”
Luckily, you just need to reimagine your approach to client satisfaction and use these strategic mortgage marketing tools to improve client relationships.
1. Self-Service and Digital Capabilities
In a world of diminishing interpersonal skills, studies of customer feedback show that clients across all industries would rather help themselves than contact a customer service representative.
According to Zendesk, 91% of respondents in their recent survey say they would rather use an online knowledge base over a customer service representative.
In the mortgage industry, marketing tools like a website can double as a self-service customer portal and a marketing channel where clients can:
- Find pertinent resources
- Schedule meetings
- Contact you digitally
- Submit documents
- Submit payments
The J.D. Power study shows that a digital approach improves customer satisfaction:
- Clients who do not use a mortgage website have lower satisfaction scores compared to those who visited their servicer’s website in the last 12 months.
- Customers who visit a mortgage website three or more times in the last 12 months are more satisfied than the average customer.
The proof is in the numbers. Create a highly-functional mortgage website and encourage your clients to use it for increased client satisfaction.
2. Truly Listen to Your Clients
We have short attention spans. Research shows our capacity to listen and pay attention may be continually shrinking as our dependency on technology and fast-paced information grows. In Edgar Dale’s Cone of Experience, he suggests that we only retain 25- 50% of what we hear. This means, in a 20-minute client conversation, at best you will hear at most 10 minutes of what your customers need from you.
Therein lies a problem.
In the 10 minutes of poor attention, it’s possible you missed important pieces of your client’s puzzle:
- What is your client’s pain point?
- What motivates them?
- What are their long-term career goals?
- What are their long-term financial goals?
By asking the right questions, and paying special attention to the answers, you will be better equipped to serve your clients.
Develop and practice your active listening skills. During client conversations, be present and ask questions to stay engaged. Actively listening will help you build a strong connection with your clients and positively impact your business.
3. Know Your Market for Customer Benefit
To provide great customer service, it’s important to be able to relay complex information in a way that’s digestible to everyone.
The easiest way to become a master of customer service is to become an expert in your industry. The 2017 ‘Customer Service Barometer’ survey conducted by American Express found that 62% of respondents believe knowledge or resourcefulness is the key to superior customer service.
Becoming an expert in your industry takes a combination of tenure and commitment to continued learning.
Take your expertise a step further and provide exceptional customer service by addressing the niche needs of your trade.
For example, let’s say a client comes to you wanting to be pre-approved for a mortgage, but you notice their credit score won’t qualify them for a loan. Or worse, if they are able to qualify for a loan, their interest rates would be sky-high. Rather than turning them away, what if you could offer credit repair advice that eventually lands them a loan or a loan with a better interest rate?
This is an example of exceptional customer service that requires resourcefulness and niche market expertise.
Know the intricacies of your industry, continue to learn as the market evolves, and be prepared to offer advice that is outside the box. Your resourcefulness will increase client satisfaction and can close more deals for your business.
4. Disrupt and Differentiate
Market differentiation is an important mortgage marketing tool, but also a way to increase satisfaction for a larger pool of candidates.
Ask yourself:
- Is there an underserved demographic in your industry?
- Is there a unique service that addresses this group?
Credit repair can be a key differentiator.
By offering credit repair services to clients who want to be homeowners, but don’t quite have the credentials to do so, you can help get them back on track and prepare them for their next financial milestone. Once your client’s score is repaired, they can qualify for a mortgage — which, will surely make your client happy.
In turn, their happiness is the purest form of customer satisfaction. Helping underserved clients builds trust and long-term relationships.
By offering your client credit repair you become unique, valuable, and appreciated in the mortgage space while helping clients repair their credit and qualify for their dream home. You will increase their trust and customer satisfaction level which can translate into profit for your business.
Customer Service Matters
76% of consumers view customer service as the true test of how much a company or service provider values them. When a customer feels valued they are more likely to:
- Convert
- Share their experience with others
- Become a champion for your brand
Investing in tools like Credit Repair Cloud can help you create a better customer experience through organization and diligence. Credit Repair Cloud’s comprehensive mortgage marketing system can help you qualify more leads, organization client communication, and make meaningful improvements to your client’s financial well-being.
Are you ready to close more mortgage loans and increase client satisfaction?
