Where should you start when setting up your CRM?

How many times have you invested in a CRM, then abandoned it after a few months? You are not alone. Most mortgage brokers give up because they skip one important step: having a clear plan. Here’s how to finally set up your CRM correctly.

First, we need to establish your goals with your CRM. For most mortgage lenders, your goals are likely to be a combination of the following:

• Deliver a consistent client experience.
• The market for those who want to borrow more effectively.
• Market to potential referral partners more effectively.
• Market for successful recruiters.
• Streamline workflow by integrating technology and communication tools.
• Engage with the highest volume of leads in the most efficient way possible.
• Keep track of transactions and ongoing loan commitments.

This list is not exhaustive, and you may have additional or different terms. However, in my experience, the needs of loan officers fall within these categories.

Depending on how many goals you have found, you may need to prioritize them before moving on to the next step:

Mapping your pipeline sections

Some systems allow you to create an unlimited number of pipes. This means you can manage all your efforts across the board Renting, To look (both referral partners and borrowers), and Loan Continued.

However, if you’re using a CRM that doesn’t support a “pipeline” view or only allows one pipeline, you’ll need to get creative. You can use “condition” fields or custom fields to manage your pipeline sections instead.

We generally recommend setting up different pipelines based on your goals. For example:

• Leading
• Loan Continued
• Referral Partner Prospects
• Renting

Other variations are possible. For example, clients working with a high volume of Internet leads often divide their “Leads” pipeline into two parts: “Preliminary request” again “Request Accepted”above them “Loan Continues” pipe.

Defining pipe sections

Once you’ve decided on your pipeline, define each stage you want to follow within it. Here is an example of a Leading pipe:

1. New lead found
2. Trying to communicate
3. Ghost contact/retries
4. Appointment booked
5. No show
6. The request is pending
7. Request accepted
8. Working for fitness
9. It has been previously approved
10. Shopping

You may need more or fewer sections based on your workflow. If you find yourself with more than 10 segments, consider splitting your pipeline into multiple pipelines (if your CRM allows it). The more sections you have, the more difficult it is to view your pipeline in its entirety, undermining the main benefit of pipeline visualization.

Creating your own automation path

After you’ve set up your pipeline stages, it’s time to map out your automations, tasks, and workflows. I recommend building pipelines first because the easiest way to create a workflow is to write down what you want your client, prospect, or recruit to hear in each stage.

Let’s use the Leading a pipe example to demonstrate this:

1. New lead found
   • Review lead information and connect with your referral partner.
   • Try communicating by phone, text, and email.
   • If there is no contact: Move to “It’s trying to communicate.”
   • If contacted: Remove the lead properly and update the transmission partner.
2. Trying to communicate
   • Add leads on social media.
   • Follow up using email, text, social media, and phone.
   • If no contact after 12 attempts in 3 weeks: Mark as “Abandoned.”
   • Follow up once every 2-3 weeks.
3. Ghost contact/retries
   • Follow up 15 times in 4 weeks using various communications (texts, emails, social messages) with two phone calls and a video message.
   • If no contact at the end of 4 weeks: Mark as “Abandoned.”

You get the picture.

This seems simple though powerful the process creates a clear list of:

1. Tasks you need to do yourself.
2. Follow-up campaigns you need to create.
3. A CRM framework is used until automation is implemented.

Avoid common pitfalls

Often, mortgage professionals jump straight into CRM integration and automation without a solid plan. This approach leads to CRM fatigue and abandonment before it gets off the ground.

Whether you’re new to setting up a CRM or a seasoned pro, I encourage you to try this approach. It will help you take your CRM implementation to the next level and set you up for long-term success.

Michael McAllister is the founder and president of Empower LO.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected].

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