Surviving this Economy for the Long-Term

While the post-Covid economy in the United States is comparably better than many industrialized nations, if you ask the average American all they see is inflation and higher interest rates. So, what do you do to weather the storm? Perhaps more importantly to prepare for future success when rates drop?

There’s no definitive recipe to weather bad economic conditions. However, there are some things you can do to keep your customers close and prepare for an economic up-turn. Here are a few things that are working for me:

Give Your Customers Value. There are a couple of things I do to provide value:

1. Newsletters. I use an automated tool that lets me send regular communications to my customer database. This allows me to share home-owner tips and tricks with my customers in an easy to manage way. I also use an old school method, snail mailed quarterly newsletters, the primary objective to stay in touch with my database. The secondary objective, to educate my database on the market and new products that might benefit them. 2. I recently subscribed to Homebot. This tool shares information with customers regarding the value of their home as well as pertinent neighborhood facts It can help to set you up for refis and can give you a reason for customer outreach.

Stay in Touch. There’s lots of CRM (customer relationship management) tools out there. Find one that works for you. Give a call to ask them how they like the new house. Let them know you’re there even after the deal is done. Remember customer birthdays, anniversaries, the day they settled on that house. And don’t just drop them emails – take a moment to write a hand-written note. Believe me this goes farther with people than you might think!

Know Where Your Customers Are. This also goes to keeping up a good CRM record. Do you know the rate each of your customers has on their current loan? You should. And you should be letting them know when they are ripe for a refinance.

Go the Extra Mile with Your Colleagues. Stay in touch with your realtors, divorce attorneys, and other professionals in your network. You want to be top of mind with these referral sources.

An engaged database of customers is your best bet for continued success. After 30+ years in this business I don’t look for new customers, I simply tap my existing ones. And, because I have laid a strong foundation of trust not only are my customers loyal – they refer me when they hear friends and family are in need of a loan.

Bottom line… your success is not about the loans, it’s about the people!

How are you managing your customers? Let me know in the comments.