Creating Customer Champions: How Lenders Can Secure New Business From Past Customers

Customer Service Matic Insurance

Providing a seamless experience to your existing customers is a must when building your referral business. In fact, 92% of consumers rate word of mouth as the most trustworthy form of advertising. When people start to shop for homes and consider their financing options, they’re likely to reach out to their family and friends for recommendations. That’s why it’s important to motivate your clients to rave about their loan experience. Here’s how to do it.

1. Respond to requests promptly

In today’s real estate market, you’re likely working with overwhelmed home buyers who are navigating an intensely competitive housing market. They’re stressed out even before they start the mortgage application process. Earn their trust by quickly responding through their preferred method of communication, whether it’s email, text, or a phone call. If you know your customer is house hunting over the weekend, be prepared to draft an approval letter on Monday morning.

2. Create a service-driven team

The customer experience should be smooth every step of the way. Introduce each client to everyone on the team they may hear from, including your loan processor and any administrative assistant who may be helping. Create a culture where your staff members are motivated to foster the best customer service possible.

3. Provide transparent expectations during the mortgage application process

Let your customers know what’s coming next, especially when working with first-time home buyers. Be clear of what information and documents you need from them and what’s coming up next. Err on the side of over-communicating to let them know where their loan application stands in the underwriting process.

4. Offer a complementary product, like home insurance

Borrowers are experiencing a lot of stress during their home closing, since there are so many small details to take care of. They’re already overwhelmed, so anything you can do to streamline the process is helpful. For instance, offering insurance through Matic makes it easy for the buyer to purchase a home insurance policy. With the click of a button, you can offer your customers the best rates and carrier network, saving them both time and money and helping you close the loan faster.

5. Ask for reviews

Once the mortgage has closed, don’t hesitate to send an email requesting a review from your client. Make it as easy as possible by including links to your preferred platforms, like Google and Zillow. A client who directly posts their own review offers third party validation to potential leads researching your company.

6. Create an automated email marketing campaign

Continue to foster the relationship with your former clients by setting up an automated email campaign. This could include sending regularly scheduled content such as:

  • Personalized messages on their home purchase anniversary
  • Local real estate market updates
  • Tips on hometown activities and events

You can also include a quick reminder about referrals, with some extra incentives to recommend your services to their friends. For instance, you can offer a cash bonus or gift card, like $50 to a local restaurant for referring a friend, or run a contest for a larger prize.

This is a preview of our report “8 Tips To Build Your Referral Business.” Click here to download the full guide.

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