7 Data Points your Mortgage Broker Business Needs to Grow

by | Jul 26, 2023

You’ve probably heard that data drives success in business, but how do you actually apply this to your mortgage broker business? Leveraging data takes more than looking at a few spreadsheets – you need a holistic approach to your entire business model, future goals and operating practises to ensure that the data you are using to make decisions is really serving you and your team.

I’ve worked with hundreds of mortgage brokers who want to grow their business, improve their team and set up scalable business processes.

And data is at the heart of every successful mortgage broker business…

When done properly, your data should provide you with valuable insights into team performance, help you to identify areas for improvement and show you where you need to implement strategies to drive productivity and efficiency.

Let’s explore further…

To truly harness the power of data and drive growth in your mortgage broker business, it’s important to focus on the key data points that can make a real impact.

Here are seven crucial data points that your business needs to thrive:

  1. Lead Conversion Rate: Track the percentage of leads that convert into actual clients. This metric helps you assess the effectiveness of your lead generation strategies and identify areas for improvement.
  2. Client Lifetime Value: Understanding the lifetime value of your clients allows you to prioritise your efforts and resources. By identifying high-value clients, you can tailor your services and nurture those relationships for long-term success.
  3. Average Loan Size: Monitoring the average loan size provides valuable insights into the types of clients you attract and the profitability of your business. It helps you identify trends and adjust your strategies accordingly.
  4. Customer Satisfaction: Collect feedback from your clients to gauge their satisfaction levels. This data point helps you identify areas where you excel and areas that need improvement to deliver exceptional customer experiences.
  5. Referral Rate: Measure the number of referrals you receive from satisfied clients. A high referral rate indicates that your clients trust and value your services, while a low rate may signal areas for improvement in client satisfaction and service delivery.
  6. Conversion Funnel: Analyse the various stages of your sales funnel to identify bottlenecks and areas where potential clients drop off. This data allows you to optimise your processes, improve conversion rates, and maximise your business opportunities.
  7. Productivity Metrics: Track key productivity metrics for your team, such as the number of loans processed, average processing time and closing rates. These insights help you identify areas where additional support or training may be needed and improve overall team performance.

By focusing on these data points and regularly analysing the trends and patterns they reveal, you can make data-driven decisions, refine your strategies, and drive sustainable growth in your mortgage broker business.

Final point: Remember, data is only valuable when it’s used to inform action. Embrace a data-driven mindset, leverage technology and analytics tools, and continuously adapt your business practices to maximise the benefits of the valuable data at your fingertips.

Don’t overlook the power of data in your mortgage broker business. It holds the key to unlocking growth, improving efficiency, and delivering exceptional client experiences. Start harnessing the power of these seven essential data points today and propel your business toward long-term success.

If you’d like expert guidance on how to leverage data effectively and drive growth in your mortgage broker business, contact us today to learn more – book your discovery call with Christian Paterson today or fill in this online form for more information.

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.