How Can You Measure the Growth of Your Mortgage Business?

Every successful business puts a high priority on consistent growth. You may be doing all the right things, but if you have no concrete evidence of growth, it’s probably time to dig a little deeper. It can be challenging to forecast what the future holds, but there are some key indicators that will help you determine if your business is heading for success. There’s some useful data that will help you gain clarity on your business’ trajectory. Here are some of the ways you can measure the success of your mortgage business:?

How Many Active Clients Do You Have?

This is an obvious one, but revealing nonetheless. Start by looking at the number of clients currently in your pipeline while making note of where they are in the process. Then you’ll want to do a month-by-month comparison going back a year or two to chart the progress. An effective sales funnel will produce increasing numbers, which is a sign that your business will likely continue growing. If your client numbers aren’t increasing over time, it’s time to look at your client satisfaction and your marketing, to see if you can make any improvements.

Are You Getting Positive Feedback and Referrals?

A growing mortgage business will also see an uptick in positive feedback and referrals. Just like with active clients, you should also track this month by month going back for a year or two. Reviews, whether they come to you through social media, customer-service surveys, or in person, will tell you a great deal about your reputation. Since your business reputation is closely connected to your growth and success, having positive feedback is crucial. Referrals are a direct result of the relationships you’ve built, and your reputation and credibility. If these numbers are where you want them to be, then you should look into how you can improve your client experience.

Do You Value Efficiency?

There’s a direct correlation between efficiency and business growth. If your plan is to accommodate more clients in the future, you’ll need to work efficiently to keep the process moving smoothly for everyone. Mortgage professionals who value efficiency have clear systems in place that form the foundation of their daily work. They utilize technology to their advantage to streamline their processes, and they regularly look for ways to save time and improve. If you find that you’re getting bogged down with work, see if there are some ways to bring more efficiency into your days.

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Do You Have a Marketing Mindset?

Effective marketing is at the foundation of business growth. Mortgage businesses that focus on marketing have an easier time standing out from the competition, and an easier time attracting prospects. When you adopt a marketing mindset, you prioritize spreading your reach to a broader audience and branding yourself in a unique way. Prospects will rarely seek you out by name, so your marketing has to capture their attention. Fortunately, there are clear ways to see if you’re being heard. Social media is one of the top places to market your business today, and it will also provide valuable insight into who is engaging with you online, and what they’re specifically engaging with. When you uncover which of your online activities are getting attention, then you know to do more of those, and less of the activities that aren’t getting any attention. The better your marketing reach, the greater the likelihood that you’ll continue to grow.

How Many Long-Term Partnerships Do You Have?

Finally, you should look at the number of long-term partnerships you have in place. We all understand the importance of referral partnerships, and what they can mean for our business down the road. We’re not looking for the Realtors or CPAs who have referred business at some point, but instead, count up the number of partners you have the refer business consistently. Just putting together a list of your current partners may show you that a) you may need to add more, or b) you may need to work harder to maximize some of your existing relationships.

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These metrics can give you a realistic idea of where’s you’re at right now, and where you’re headed in the future. By keeping an eye on these factors, you can ensure that your business stays on track for long-term success.