5 Mistakes to Avoid when Choosing a CRM for your Mortgage Broker Business

by | Dec 13, 2022

When it comes to choosing a CRM for your mortgage broker business, there are a few common mistakes that you want to avoid. In this blog post, we’ll go over five of the most common mistakes made when choosing a CRM system and how to avoid them.

1. Not doing your research and taking the first CRM you come across

When it comes to selecting a CRM, doing adequate research is critical. Taking the first CRM you come across without considering the big picture can be a costly mistake for a business in the long run. It’s important to find the right tool based on specific business needs and objectives, as each system provides different capabilities. Additionally, user experience should also be taken into consideration as an inadequate or confusing system may make things worse for you and your team.

Conducting extensive research, speaking to other users, and taking demos will help businesses make an informed decision that meets their needs and expectations before committing.

If you’re not sure which CRM is best for your mortgage broker business or you’d like me to walk you through an example workflow, just connect with me and ask, I’m happy to help.

2. Not considering all the features and functionality that you need

When deciding on a purchase, it’s important to thoroughly research all your options and not settle for the first one you find. It’s easy to focus on the flashy features of a product or service, but that alone won’t get you what you need. Only by considering all the features, functionality, and cost can you make an informed decision about what will best suit your needs. Doing that extra bit of research ahead of time can save a lot of headaches later on if you end up with something not quite as perfect as you hoped. Take the time to look around and consider all your options before making any commitment.

With our preferred CRM for mortgage brokers, Salestrekker can offer brokers the whole package – now, as well as for future growth. Some of our favourite features include automation of tasks and communications, workflow management, the fact that it’s fully customisable, and API integrations. Want to see more? I’m happy to share more, book a time with me here.

3. Opting for a CRM that is too complex and difficult to use

Every mortgage broker needs to ensure that their customer relationship management (CRM) system meets their particular needs. It can be tempting to opt for a more comprehensive system with more features, but it’s essential to recognise that complexity may create difficulty in implementing and using the CRM. If your employees are put off by a complex interface or find themselves unable to access key functionalities quickly and easily, there’s a good chance you’ll struggle to maximise the value from the system and may even cause delays. To avoid this problem, you need to select a CRM solution that offers the necessary features without being overly cumbersome. By finding the right balance between usability and a complete feature-set, businesses can go on to reap all of the rewards of their new CRM.

4. Not thinking about scalability and growth potential when choosing a CRM

This is a big one we see with mortgage brokers who know what they want to achieve business-wise but struggle to see how (the right CRM) could be the missing piece of the puzzle.

When it comes to choosing a CRM, making sure scalability and future growth potential are taken into account is essential. If your business plan involves scaling quickly and expanding operations down the line, investing in a platform that can grow with you is essential. A culture of scalability should be kept in mind when selecting any software or technology – thinking long-term ensures that money won’t have to be needlessly invested later on when readjusting to the changing needs of an organisation. Choosing the right CRM with the right support partner will ensure your success now and in the future.

5. Not having your business processes in a robust state before diving into a CRM

The best CRM out there won’t matter much if your processes are not in a good state, to begin with. By this, I mean if you can’t easily tell me your lost lead rate, email nurture opt-in rate, or average loan processing time, then your processes are priority #1.

The good news is that this doesn’t really take that long when you have the right support in place. When I work 1:1 with mortgage brokers, I spend significant time up front mapping out your processes, bridging any gaps and inefficiencies, and then optimising them before we even log in to your CRM. Why? Because this is the foundation of your business and your growth. Get this right from the start, and the sky’s the limit for your growth.

Making a decision about which CRM to use for your business can be a daunting task. There are so many options out there and it’s hard to know which one is right for you. To make sure you choose the best CRM for your business, avoid making these 5 mistakes. Do your research, consider all the features you need, think about scalability, and get your processes in place from day one.

Christian Paterson, Auctus Coaching

Christian Paterson

Director, Head Coach

I love nothing more than helping hardworking brokers to work smarter and enjoy their business while growing an incredibly profitable and efficient operation.