Are you thinking about adopting a customer relationship management (CRM) system? A mortgage CRM can transform your lending practice. But you might worry about encountering snags during the move. Here are some tips for a smooth and quick transition from your current system to a mortgage CRM.

Why Make a CRM Transition?

Is the transition worth it? Yes! Mortgage lenders and brokers can greatly benefit from the right software. A mortgage CRM will give you access to tools that include the following:

• Website builders
• Customer-facing chat features
• Surveys
• A borrower portal
• Marketing templates
• Customized videos
• E-signatures
• Office collaboration tools
• Automated marketing features

This suite of features can empower your practice to reach more clients and network with other real estate professionals. Making a CRM transition will boost your efficiency and let you get more done with less. 

Even your customers will notice the difference. Automated communications keep your borrowers connected throughout the process. Thanks to a mortgage CRM, you’ll have the ability to educate, guide, and satisfy the needs of your borrowers.

Tips for a Smooth CRM Transition

Change may seem intimidating. That’s especially true for lenders who have come to rely on legacy systems. But if you use the following tips, you can complete a quick, smooth CRM transition.

Set Goals Before the Transition

First, identify clear goals for your lending practice. What are your current needs? Pain points? Where does your current system fall short? Think about such things as:

• Data accuracy
• User interface
• Integration with other software

Similarly, you may have specific goals related to customer communication, marketing, or team collaboration. Identifying these goals and needs will help you compare CRM providers and select a platform that aligns with your business.

Select the Right CRM Platform

Now comes the interesting part. Clarifying your goals will help you zero in on a CRM platform that’s right for you. Don’t just focus on cost. When you shop around, consider such factors as:

• Scalability: Will the CRM grow with my business?
• Customization: Can I adapt the CRM to my industry niche?
• Security Features: Will my business and customer data remain secure?
• Integrations: How does the CRM interact with other software platforms?

Most importantly, leaders should seek out a CRM with features unique to the mortgage industry. 

Some platforms offer document management systems, loan calculators, and e-signature options. These specialized features are ideal for mortgage lenders and brokers and make it easier for you and your team to nurture strong customer relationships.

Plan Your Data Migration

Before you make your official CRM transition, you’ll need a strategy for handling your data. Start by cleaning up the data in your existing system. Remove duplicate and outdated information to ensure that only accurate, relevant data is transferred to your new system.

Data mapping can also support a smooth transition. This process involves making sure your data falls into the appropriate locations and fields in your new CRM system. Data mapping prevents documents from being lost and keeps your employees from having to search multiple places for the information they need.

Conduct a Trial Data Migration

Retaining your data is a major concern. Before you migrate all of your data, conduct a trial migration. Simply transfer a small portion of your data and observe the results. This test will help you identify problems and challenges that you can address before migrating the rest of your data.

Make sure to validate the results of this trial. Manually inspect file locations to ensure accuracy. You can use a similar procedure to verify that the rest of your data is transferred once you complete the CRM transition.

Delegate Leadership of the CRM Transition

As a busy mortgage lender, you have more to focus on than your software system. Appoint a key leader to oversee the CRM transition. This individual can serve as a change champion, promoting the benefits of a CRM system throughout your organization.

This same individual can take point in installation, data migration, and staff training. Your existing office manager or IT professional may be an ideal choice, though larger practices might rely on a full change team.

Provide Training to Staff Members

Don’t let the user interface cause hiccups in your CRM transition! Instead, make sure that each staff member receives training on how to use the new system. Along with the basics of navigating the interface, this training should include how to locate important documents or manage automated features.

Training can be iterative; provide initial guidance at the time of implementation, then conduct additional sessions as needed. This ongoing training can be particularly helpful when staff learn disparate components of your CRM system. 

For example, some employees may benefit from training related to website builders or prebuilt marketing content. Larger lending practices might consider department-specific training to cultivate teams of specialists.

Create a Customized Workflow

Here is where the rubber meets the road. Your next step will be to use your mortgage CRM to create a customized workflow. Email marketing may be a good test case. Use your CRM to create workflows that help you stay connected to your customers and provide resources to educate them on the lending process.

Marketing content may require a separate workflow. Your CRM will allow you to build or improve your website or engage your social media followers. The larger point is that your CRM system now offers a centralized means of completing these tasks.

Prioritize Automation

As you roll out your mortgage CRM, focus on automated features. Today’s mortgage CRM systems can automate key tasks, such as sending emails to borrowers as they progress through the lending process. Other tools can send texts to new customer leads or streamline your administrative processes.

Why start with automation? By mastering your CRM’s automated tools, you’ll boost your efficiency. You can then use the time saved to learn the other features of your mortgage CRM or help employees master its key components.

Integrate With Other Mortgage Software

Most CRM platforms are designed to integrate with other types of software. For example, you may already rely on loan origination software (LOS). By connecting your CRM to your LOS system, you’ll streamline the borrowing process still further. As a result, each borrower can expect accurate, reliable updates on their loan status.

Seamless integration ensures a smooth workflow. It also prevents siloing, where data is trapped within separate systems that don’t communicate with each other. By integrating your most important systems, you and your team will achieve end-to-end visibility of your entire lending practice.

Monitor Your CRM System After the Transition

Your CRM transition doesn’t stop after installation. You’ll need to monitor your system to ensure positive performance. You may discover remaining challenges to iron out that will improve your experience with the software.

This need for ongoing monitoring is another reason it helps to delegate a champion. A key leader or team can devote time to monitoring the software and gathering feedback from users. You can rely on this data to make adjustments to your procedures, or seek support in how to optimize your CRM platform.

Rely on Reporting and Analytics

Your CRM is a fountain of usable data. The dashboard of your CRM can provide insight into such things as:

• Conversion rates
• Lead generation rates
• Application approval rates
• Fallout or incomplete application rates
• Cost per loan originated

Using these data points, you can identify areas for improvement. Your dashboard may also illustrate areas of disconnect between your lending options and the customers you reach. 

Become familiar with essential data points, as they can help you hone your strategy and find ways to nurture strong customer relationships.

Seek a Culture of Continuous Improvement

Your mortgage CRM is only as valuable as the way you use it. That’s why it’s important to conduct regular audits. These audits will ensure that your CRM software continues to align with your business goals. That’s important for lending businesses that continue to evolve as they find new niches to explore, such as refinancing or specialized loan types.

What if these audits reveal a gap between your CRM system and your company goals? Don’t jettison your mortgage CRM just yet. Your provider may be able to show you features that help you achieve your most important goals. By seeking continual improvement, you’ll ensure that your software is optimized for your growing business.

Your CRM Transition Starts Here

A successful CRM transition starts with the right platform. 

BNTouch offers a robust mortgage CRM system with features that you and your customers are sure to love: Cultivate a strong web presence with our web builder tools and social media content. Connect with clients through automated email and SMS marketing. Build a borrower pipeline to network with other real estate professionals.

These are just some of the features provided in the BNTouch platform. With BNTouch, you and your team can accomplish more, all while maintaining strong relationships with your clients. To see these features in action, contact BNTouch for a demo and discover a new way to transform your business.

To learn more, request a demo today!

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