Face the Facts
FACT: Mortgage agents will typically spend 10 times more money on acquiring new clients than they will on keeping existing clients happy.
FACT: Most mortgage agents will lose 60-85% of their current book of business every 3 years to 5 years.
FACT: Many agents keep a “database” of client information and sincerely believe that someday they will get around to actually doing something with it.
FACT: The most successful mortgage brokers in our industry cite 80% or more of their business comes from satisfied existing clients and client referrals. They market to their existing clients, not Realtors or media at large.
FACT: Lenders retain 75-85% of all business placed at renewal time. Most agents don’t keep track or even send out renewal notices.
FACT: Most agents who manage their own marketing programs create ineffective marketing programs. There is a reason large corporations hire out their marketing campaigns to companies that specialize in client retention.
FACT: Mortgage agents still originate far less than half the total mortgage business done in Canada. In the USA this number is over 80%.
FACT: Most successful mortgage agents spend all of their time working “In” their business and not working “On” their business.
FACT: Every day dozens of potential deals are lost because the general public does not know who you are or how you can help them.