A recent Mortgage Soup column by Martin Reynolds, CEO of SimplyBiz Mortgages, drew an interesting analogy between selecting a Customer Relationship Management (CRM) system and choosing a washing machine.
While it may seem like an unusual comparison, the underlying principle holds true – both require careful thought, a clear understanding of needs, and a full assessment of features to ensure the right fit. And while this analogy works well for certain elements of this comparison, I’d like to highlight some additional considerations that could help firms grow their business, rather than make the wrong choice, shrink their delicates, or worse, find themselves airing their dirty laundry in public!
ACCESSIBILITY
The modern mortgage market is no longer confined to the office. Many brokers now work remotely, conduct client meetings on the go, or operate in a hybrid environment. A cloud-based CRM enables seamless real-time access from anywhere, allowing brokers to manage cases, retrieve documents, track cases, collaborate with team members, and communicate with clients without being tied to a desk or, in the case of a washing machine, a kitchen or utility room. This adaptability is essential in today’s fast-paced mortgage industry, where quick responses can make all the difference in securing deals on the go.
FUTURE-PROOFING YOUR BUSINESS
One of the most overlooked benefits of a good CRM is its ability to evolve over time. Unlike a washing machine, which operates with fixed features until it needs replacing, a CRM should continuously adapt to incorporate new functionalities, regulatory requirements, and technological advancements.
Regular software updates introduce AI-driven insights, enhanced reporting tools, and seamless integrations with key industry platforms such as sourcing systems, conveyancing partners, and protection providers. This ensures brokers always have access to the latest tools and automation without the hassle of system overhauls or having to visit any well-known retail store.
Scalability is another critical factor. A well-designed CRM should grow with the business, supporting an expanding client base, new product offerings, and additional team members, without requiring a complete system migration.
Additionally, as part of the license agreement, CRM providers should proactively update their technology to ensure users consistently benefit from the latest innovations. This not only safeguards compliance and security but also means brokers can leverage cutting-edge features, automation, and integrations without disruption. Unlike a washing machine that eventually needs replacing, a modern CRM should be an evolving tool that enhances efficiency and keeps businesses ahead of the curve.
EFFICIENCY
One of the most compelling reasons for investing in a robust CRM is the potential for efficiency gains. A well-integrated system reduces the time brokers spend on various administrative tasks, freeing them up to focus on client relationships and business growth. It speeds up processes by automating repetitive tasks such as form-filling, document storage, and compliance tracking. Brokers no longer need to re-enter data multiple times, allowing them to handle more cases with the same resources.
Additionally, some CRMs integrate automated reminders and workflow management, ensuring advisers stay on top of client communications, renewals, and compliance deadlines. This not only enhances operational efficiency but also improves client engagement and retention.
MAKING THE RIGHT CHOICE
Martin quite rightly advises brokers to define their key requirements before choosing a CRM. Every firm operates differently, so it’s essential to evaluate:
- Integration capabilities – Does it connect with sourcing, GI, protection, and compliance systems?
- User experience – Is it intuitive and easy to navigate?
- Automation features – Does it streamline administrative tasks?
- Client engagement tools – Does it offer client portals or lead generation support?
- Cost vs. functionality – Is it a worthwhile investment for the business?
Just as when selecting any new gadget, appliance, or tech solution, brokers should thoroughly research the market, test or request demonstrations if applicable, and seek testimonials/reviews from existing users to ensure they choose the right product for their ongoing needs.
A CRM is more than just a data management tool; it’s a business enabler that can enhance efficiency, improve client interactions, and future-proof operations. While AI and automation are shaping the future of mortgage advice, the first step is establishing the right CRM infrastructure today. Doing so will position intermediary firms to thrive in an evolving mortgage landscape and scale their businesses effectively.
