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How to Manage Your Book of Business Proactively

  • May 14, 2020
  • Topics: Uncategorized

Are you managing your book of business proactively or reactively? There is a difference and knowing what tactics to use and when can help boost mortgage lead generation, identify opportunities, and close more deals.

To answer this question, let us first define what being proactive versus reactive truly means.

Proactive: creating or controlling a situation rather than just responding to it after it has happened.

Reactive: acting in response to a situation rather than creating or controlling it.

When it comes to your book of business, a reactive approach might look like:

  • Waiting for leads to contact you.
  • Waiting for clients to let you know if there is an issue or a new need arises.
  • Responding to changes in your portfolio as they happen.
  • Not tracking KPIs (key performance indicators) or not tracking KPIs that make a difference.
  • Waiting until a deal is already in progress to verify details, such as property ownership.

To be clear, there is nothing inherently wrong with reactive portfolio management. In fact, it may generate many mortgage leads. However, when paired with a more proactive approach, you can grow even further.

A proactive approach to your book of business looks like:

  • Monitoring your portfolio for charges or changes to existing registrations and acting on opportunities as they arise.
  • Tracking your clients or past prospects through a customer relationship management (CRM) system and following up periodically, particularly if you see a significant opportunity.
  • Monitoring your competition and knowing your competitive market standing.
  • Using data to stay on top of industry trends and drive better decision making.
  • Assessing the estimated property value and home equity at the start of the mortgage application process.

Through proactive methods, you can create more strategic opportunities.

This is also important for adapting to fast-changing market conditions. In The 7 Habits of Highly Effective People, Dr. Stephen R. Covey defines proactivity as:

“Proactive people focus their efforts on their Circle of Influence. They work on the things they can do something about: health, children, or problems at work.

“Reactive people focus their efforts in the Circle of Concern–things over which they have little or no control: the national debt, terrorism, or the weather. Gaining an awareness of the areas in which we expend our energies is a giant step in becoming proactive.”

If something changes in the marketplace, a proactive mindset can help embrace the change.

The tools that you use also help drive a more proactive mindset. For instance, PIN Monitoring allows lenders to monitor title registration activity for properties they have an interest in and make decisions to mitigate risk and optimize their portfolio analysis.

Learn more about how PIN Monitoring can enable proactivity today. Call 1-855-787-8439 or visit www.purview.ca.

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