Best Practice for Workflow in your CRM vs LOS

Written by
Chris King

Habits and speed seem to be the two most powerful drivers for determining our daily groove.  As we all know, habits are very hard to break whether they’re good or bad.  And increasingly, in our culture of “Now”, speed is becoming an addictive choice.  Fast food, fast Internet, fast news/information…. You get the picture.

I think the same is true in the usage of tools and technology in your Sales workflow.   If you are in the habit of using your LOS to quickly enter leads it will be hard to break that workflow and groove.

But what if I told you that you were missing out on a different workflow that makes the difference between a top 200 producer and a 1 loan per month LO? 

Go to any of today’s work shops, seminars, webinars or conferences on the topic of how to be a successful LO and you get the same message…. You MUST be utilizing a CRM tool in order to be successful.

Why is that?  It’s so easy just to send a borrower to your company's POS or enter a borrower lead into the LOS and you’re good right?  Why is that not enough? 

Two reasons:

  1. You may may never hear from that borrower lead again.  Maybe they decide not to do a loan app or do not move forward for a number of reasons. 
  2. Unlike a CRM, the ability to manage, track and follow-up on the deals that may fall through cracks using the LOS or POS is minimal at best. 

So no loan . . . no potential referral partner relationship if it's a purchase . . .no future business with that borrower and no referrals.  

An LOS or POS is really great for “loan transactions”.  They store the loan app info, credit and track the loan process.  What they're not great at is all of the other things that go into building a successful business in originations and that's tracking and managing relationships and opportunities.

Building Relationships and consistency in your daily groove in communications with borrowers AND partners are the key.  This results in transactions…. Not the other way around!

This is where the CRM comes into play.  Your CRM’s focus is tracking relationships and communications.  It helps you to stay organized and focused on nurturing your relationships over time.   And don’t forget that the LOS/POS manage only borrower transactions.  What about managing not just borrowers but Partners?

Your CRM is going to manage all of it.  Nurturing and communicating with Borrowers AND Partners is the key to growing your business in the new “Purchase” world of origination. 

Now let’s talk about habit and groove.  If you are in the habit of “living” in your CRM you are more likely to focus on the things that will grow your business.  If you are living in your LOS it’s about transactions.  This will limit your potential.  It’s that simple.  The level of control or influence you have in your LOS pales in comparison to your CRM for increased business.

So what does that groove look like?

Log into the CRM BEFORE the LOS as part of your daily groove to focus on relationships and building NEW BUSINESS first…

The key in your groove is to establish a habit.  The habit of managing and cultivating relationships and new business and awareness of key drivers for follow-up on critical items.   Now tie those habits to your business goals/objectives and you are on your way!

Are these CRM best practices helpful for you to grow?
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