If you’re not consistently tracking your market share as a lender, you may want to reconsider.
Do you know how your team’s performance compares to the competition right now?
Do you know how much of your market is currently controlled by the competition?
Knowing the answers to these vital questions will directly affect your team’s ability to connect with new and existing clients and expand your reach. Utilizing real-time data to properly gauge your performance when compared to that of competing lenders is vital to the success of your business.
Not sure if you agree? Keep reading.
Setting benchmarks for your team is standard practice. While you might be able to do this without tracking the competition, it’s not nearly as effective. You may as well not be setting those goals at all because they are likely too low or even beyond what is realistic for your target market. There may be huge potential for business of which you aren’t even aware. Alternatively, you could be trying to market your services in an already over-saturated location. If you’re not utilizing tools designed to track this information for you with verifiable data, then you’ve given your competition an advantage.
The ability to identify areas to branch out, with data backing the decision, is also extremely important. To stay profitable, you’ll need to expand how and where you market your services, or you could risk running out of clients. We can all agree that great client relations are key to creating repeat business, which is often just as, if not more, profitable than obtaining new clients. However, lending is not like grocery shopping; people don’t need to buy a new mortgage every other week. You need to drum up new business to keep your team in the green.
How Can the Mortgage MarketShare Module Help?
When you’re researching new locations to market your services, unless you’re using a tool like The Warren Group’s Mortgage MarketShare Module, you’re performing a lot of guesswork. The Mortgage MarketShare Module allows you to use hard data to decide where your services will be best received and what areas are already saturated by competing lenders.
Are you marketing your services appropriately to compete with the other lenders in your area? Do you even know how many other lenders are working in the same location as you? Another massive benefit of utilizing a tool like the Mortgage MarketShare Module is the ability to strategize in an effective way. Unless you know how your competition is performing, and where, you may never know how effective your marketing really is. Are you using the right keywords to connect with potential clients? Are you trying to reach them through the most effective mediums? Are you really winning them over or have those competing lenders found a way to do it better? You can make assumptions and have educated guesses but without data backing those educated guesses, chances are high that you don’t know the full story.
If you haven’t been utilizing market share data, click here to read up on all of the benefits that a tool like the Mortgage MarketShare Module can offer. We want to see your team succeed and we’ll work with you to find the best data solutions to suit your needs.
ABOUT THE WARREN GROUP
Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record, and The Registry Review. For more information visit www.thewarrengroup.com.