The Importance of Pipeline & Database Management

In a nutshell, sales pipelines are a set of steps allowing to determine the current state of a lead with only giving a glance at the process.

Sales pipelines and database management work together to assess lead value from the moment they get into the system to the point where contacts are no longer interested in the product. 

Loan officers could use the same principles applied in other types of businesses to manage prospect clients and referrals. Data management oversees possible ways to store contact information, manage private data from current clients and the revenue brought from realtors referrals.

Sales pipelines helps to identify whether prospects are positively responding to sales strategies and if there is a different way to approach to them, depending on the current step they are in the sales process.

The sales pipelines change once the loan officer already closes the deal, and the information gathered from the client must be treated differently. For instance, it should be stored only during a certain amount of time, while the referral responds favorably or not to a new sales strategy.

As loan officers highly rely on customer relationship to land future prospects and connecting with real state agents to get referrals

LOs should put efforts on building processes related to keeping themselves informed with trends and finance struggles (as much as they can) of their former clients. 

Staying in touch with referral sources helps loan officers to oversee market changes and build relevant sales strategies.

Investing time in setting up a database to manage information and pipelines bring excellent benefits, some of them are:

Strengthen Customer Relationship

Follow-ups are an excellent way to let former clients know about availability for future business.

Using emails or calls to get an update on their overall experience with the service and provide with financial advice depending on the type of loan they got, helps to boost trust on the loan officer. 

In that manner, it would be easy to get recommendations and even build case studies on very satisfied clients.

Better Resource Allocation

Each former client stored in the database should be managed in accordance with the score allocated during the sales process. Unresponsive leads, for example, should be deleted as they take storage space and potentially change results during follow-up strategy assessment.

In that way, it is possible to put more resources and create a complete strategy to keep current and former referrals in the loop on what’s going on in the housing market. Loan officers could use emails and calls to offer financial advice regarding the type of loan clients acquired.

Research Possible New Markets

Loan officers can take advantage of the flow of referrals given by real state professionals to figure out whether there is a peak in the number of potential clients or there is a valley approaching.

They could devise possible new markets by taking a look at the number of clients landed and deals closed with specific realtors.

This information is stored in a database alongside with the profile of the referral. Maybe certain neighborhoods are gaining value in the city, and they can market their services around them.

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