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Retaining clients is essential for both maintaining and scaling a mortgage business. But it doesn’t happen magically. Similar to the work you put into nurturing the mortgage lead in the first place, it takes work to foster a relationship that keeps those clients around. Here are the top reasons it’s worth the effort to re-engage previous clients and the strategies to help you do it right

Re-engaging Past Clients Bolsters Your Reputation

The decision to buy or refi is not an easy one. So when clients choose to work with you, they’re also choosing to entrust you with a significant financial undertaking.

By continuing to engage with clients even after funding, you underscore the concept that you care about the well-being of your borrowers, and they are not “just another loan.” It’ll implicitly demonstrate that you see people as more than just dollar signs, further solidifying their trust in you.

Aim to be known as a trusted loan advisor beyond the life of that one deal –one that helps them make sound financial choices to refinance when rates are low, cash out of their investment when the market is high, or help find a property to grow their wealth.

Your reputation is the key to mortgage business success, and when you re-engage with your clients, you establish a reputation as a go-to resource for all present and future mortgage needs.

Re-engaging Clients Encourages Repeat Business

A fact that often gets overlooked is that most home buyers are not first-time homebuyers. According to the National Association of REALTORS®, only 31% of the homes sold in 2021 were purchased by first-time buyers. This means that 69% were repeat borrowers.

Failing to keep up with your previous borrowers gives them a reason to seek another mortgage pro for the next transaction. So if you’re not re-engaging your past clients, you’re likely leaving money on the table.

Re-engaging Clients Boosts Referrals

Even those past borrowers who never plan to buy another home or refinance anytime soon will likely know someone who will. Consistently re-engaging those previous clients with authenticity will encourage the referral and motivate a glowing recommendation.

Remember that people want to work with professionals they trust. And without a frame of reference in the home financing, they’ll rely on the recommendations of the people they know.

Ideas for Re-Engaging Past Clients

Thank them for the referrals they sent.

We’ve already discussed the incredible value of leads that come from referrals, but did you know that you can use this event to re-engage your past client again? You can do this in a couple of ways. First, establish that the new lead is a referral by asking prospective clients how they heard about you. Alternatively, if the client provided the referral which you later engaged, make a note to follow up with your past client to thank them for that lead.

Re-engaging doesn’t have to be complicated. A quick call, text, or email to say thanks, plus adding an open-ended question, will feel natural and be welcomed.

Use your mortgage expertise and past notes on the client (you’re saving notes in your CRM, right?) to develop good open-ended questions. Considering their current loan, would they possibly benefit from a refi? Briefly discuss current market rates. Are kids nearing college age? Mention using equity for college tuition. Have they outgrown their home, or are they now empty-nesters? Go over home financing options for this next stage in life.

Even casual conversation can reveal a wealth of information. For example, they may be excited about becoming grandparents for the first time or a vacation to Greece they have coming up to celebrate a wedding anniversary. Offer congrats, and if there’s any value you can bring (like recommending a can’t-miss winery in Greece), let them know!

Of course, if the referral they sent you uses your services, be sure to follow up with a gift and a second thank-you.

Send a mortgage rate or market update.

Even with easy access to rate information online, many homeowners are unaware of or make an effort to stay up-to-date on the refinance market.

So as part of your plan to re-engage former purchase loan clients, you can send a rate update a few times a year. There’s no need to be “sales-y” when using this approach. The point is to provide the information, re-affirm your relationship with the client, and pique their interest.

Share home improvement ideas.

A home is an investment, so sharing ideas on enhancing it makes sense. Not only does it provide value to your client, but it also keeps your name at the top of their mind. You can do this by creating a homecare email campaign where you share home improvement tips and suggestions with past clients.

You can do this in a couple of ways. You can hire a copywriter to create 12 articles for you (or write them yourself) and email one every month. Alternatively, you can search the web for 3-4 pieces and write a summary of each, link it back to the original article, and email those summaries to your past clients.

You can also partner with a local professional, like a contractor or landscaper, and have them write an article. Your clients will get valuable information, you’ll get free professional content, and the partner will appreciate getting their name out.

How do you re-engage with past clients?

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