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Starting and Building Your Database

In ACT!, CRM, CRM Best Practices, Database Management, Drip Marketing, drip marketing CRM Mortgage Mortgage marekting to clients mortgage markeitng to realtors, Loan Officer, Loan Origination Software, Marketing tools for loan officers, Mortgage, Uncategorized on August 12, 2016 at 5:37 pm

Across the mortgage industry, there is a fundamental truth that you may have heard of on more than one occasion.  This truth is build your business by design, not by accident. This is true for any business and is especially potent in the mortgage industry. This is because providing mortgages for people is almost more relationship driven than it is transactional.

As a mortgage professional you are privy to some of the most private information a person has, their financial status, their financial dreams, and since personal and financial is so closely interwoven you usually end up knowing a lot about their family, personal relationships etc. In order to provide the highest service levels, you must be able to keep track of not only the data on their loan transaction, but also all the related information about their life, their dreams etc., as it pertains to their financial needs. You also need to stay in touch with them between loan transactions. The only way to do this effectively is with a database tool.

If you have any fear about building your database or don’t consider yourself to be “good with systems”, you should stop thinking that way. It can be what stands between you and high sales volume, as well as a quality life/work balance. Most of today’s contact management tools are much easier to use and navigate than ever – and that’s great news. A contact management tool can be something as basic as an Excel spreadsheet or Outlook or something more robust like the ACT! contact relationship management (CRM) tool.

Below are 7 tips for building your database. Go at this task with confidence and get help when you need it!

Top 7 Tips for Building Your Database from Scratch:

  1. Start with the list of names and numbers in your phone and email system. Add them into your database.
  1. If you have any hard files or printed applications transfer those contacts into your database. Sound time consuming? Hire your kid, one of your friends’ kids, post the project on local college job boards, Craigslist, or any of the many job sites on the internet.  Depending on your comfort level, you can give them direct login access, have them enter data, and then change your password for security reasons afterwards.  A tip is that after you show them what you need, check the results after they enter about 10 names with contact information to make sure there is nothing missed or incorrect. You do not want to wait until the project is done to find out they were entering information incorrectly. Not comfortable with someone accessing your database directly? You can still scan and send your hard files over a secure online document center like www.Hightail.com , and have them manually enter the information to an Excel spreadsheet which you could then import into your database. There are many loan officers that have a variety of separate Excel files with contact information. Hire someone to compile them into 1 cohesive Excel worksheet for easier data import.
  1. Gather names, address, email and phone information from your family, friends, work out buddies from the gym, people from your church or place of worship, community groups, and more. Simply let them know what you do and ask for their permission to send them mortgage and financial strategies tips from time to time.
  2. Start with people you know, then network to get to the people they know! Ask your relatives and friends for the contact information for any of their friends, co-workers, and other acquaintances that they feel comfortable sharing with you.
  1. Utilize social media. Before you start, make sure you have social media pages you are happy with. Facebook and LinkedIn pages should be enticing, professional and clear. These sites need to highlight your skills in helping people realize their dreams of property ownership. If you are not a marketing or social media expert, good news! As mentioned in item 2, http://www.Fiverr.com is a great resource for projects. Use search keywords like “Improve” and “Consult” along with the social media site you need help with and see the long list of results that show up. For example “Improve my LinkedIn page”.  Again,most projects are only $5.00!

    Next, search social media sites for anyone you have crossed paths with, even if they do not live in your market area. Ask to be their friend in Facebook and ask to link to them in LinkedIn. Your contact may not be local but may know someone who is. While that contact may not be a great lead or referral source right now, they have the potential to become one.

    You would be surprised how getting the word out about the services you offer,without holding back, will help create new leads.

  1. Branch Out. Perhaps you have heard mixed reviews on getting involved with networking functions and groups. However, do not let the experiences of some people deter you from having your own. One of the most well-known networking groups is http://www.bni.com. Business Networking International (BNI) is one the largest worldwide companies that offers meetings and services to connect professionals and business owners in a particular community. Even better is to join groups that you are passionate about and then take opportunities to offer your services, such as veterans assistance groups, hospital volunteer groups, animal rescue groups, bike clubs, book clubs, the list is endless. Your passion for the cause or group comes first. Getting new business from the group is secondary. This will absolutely expose you to more opportunities to help others with the expertise you offer.

    Procure another mortgage originator’s or real estate agent’s database. Do you know of a mortgage professional or realtor that is about to move or retire? If so, they may be willing to sell you their database, along with a co-branded transition and introduction email to their entire database. This is a powerful way to get qualified leads that are usually immediately open to checking out you and your services.

 

We can help you with any of your contact database management and marketing needs. Contact us today to learn more!

Donna Quisenberry is a Certified Consultant with Q2 Database Consulting Service. Q2 is a full service company providing complete solutions for your database and marketing management needs. Reach Donna at info@proassistmarketing.com, or (760) 434-3431.

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Keeping Your Database Information Current so You Reach Your Customers

In ACT!, CRM, Database Management, Facebook, LinkedIn, Loan Officer, Loan Origination Software, Mortgage, Social Media, Synchronization, Uncategorized on November 20, 2013 at 9:45 pm

There are two main areas to address when putting together your strategy for keeping your contacts information up to date in your database:

1.   Upman mail delivery1dating your ‘old’ or legacy contact information

2.   Managing your new and on-going contact information

There are a number of ways to update your legacy data.  The areas to focus on include: current mailing address, phone numbers, email addresses and specific industry information when available (ie last loan data).

Based on USPS statistics*, about 17% of American move each year, that equates to about every  1 in 6 contacts. For a database of 2000 records that is about 340 people per year.

For mailing address clean up, the most potent approach is to use a service that will run your contacts address information against USPS certified tools such as CASS and NCOA.   CASS is address matching software that will bring back address syntax and ZIP+4 information for an address.   For example,  ‘7895 Lakeview Str    Canton, OH   55412’ will be updated to ‘ 7895 Lakeview Drive    Canton, OH   55412-8945’.

NCOA (National change of address) database will bring back any address updates based on a change of address card being filled out and provided to the post office. For example, ‘Frank Russell at 326 Julian Street  Canton, OH   54311’  will come back as ‘Frank Russell at 111 Partridge Place   Canton, OH   54455-8945’.

For phone numbers, there are services available that will run your contacts name against public phone company records and come back with current home and/or mobile phone numbers. The return rate of these types of services run between 30 and 50%.

Email addresses are a bit trickier due to email service providers policies protecting email addresses. There is not currently any publicly available national database  to run against to check email addresses. I think we would all agree that is a good thing !  There are services that can run your list of emails and report back any syntax updates (ie ‘ted@.gmail.cmm’   is corrected to ‘ted@gmail.com’), as well as any identification of a bad domain. For example for  ‘susan@rainmaker.com’, the report would indicate that the domain ‘rainmaker’ is no longer a valid domain.

The only complete assurance that you have the right email is that the customer responds to an email you send.   For wrong or missing emails, the only way to update your database at this time, is to send a note or letter asking for their email, or making a call to ask for the information.  Most people do not have time to call hundreds of people in their database to get email address information, so you could do a mailing that includes asking for email addresses, or hire a college student or temp to do this for you.  A friendly script that includes something like “What is the best email to use for you to receive my monthly newsletters and market updates ? I would like the opportunity to keep you informed with new information that can help you and your family save money etc”.    You could also ask for an email address verification whenever you make or receive a call from a contact that you have not emailed or spoken to recently.

In terms of managing your new and on-going contacts information, the most obvious is to get the contacts complete address, phone and email information when you initially speak to them. This is also the time you would ask permission to send them communications via email or mail etc.

Another approach is to have your Loan Software automatically synching to your contact database to avoid you having to do duplicate data entry, as well as getting highly valid contact information to your database.  The contact information on a loan application is usually very accurate due to the information validity required in this process.

Hopefully this information is helpful in putting together a strategy for your database ‘clean up’ and day to day management of contact information.  Stay in contact with as many of your contacts as possible over time !   Having accurate contact information is a must for you to effectively work this strategy.

USPS Move Statistics*: http://pe.usps.com/businessmail101/addressing/checkingaccuracy.htm

Donna Quisenberry of Q2 Database Consulting Services.  Donna has been a database and marketing consulting specialist for over 15 years.  Donna/Q2 provides database implementation, training, automated synchronization from separate applications to ACT!, as well as automated marketing solutions. Besides staying technically current for database/CRM solutions, Donna also attends business technology and strategy events every year to stay on top of the specific best winning ideas and concepts in order to bring those same winning strategies to her customers.