Incorporating Home Lending into your Daily Operations

Discover how to seamlessly integrate home lending into your accounting practice. This guide helps accountants manage mortgage services alongside their daily operations.

Set Measurable Goals for Your Business

As a Cromeloan partner, setting clear and achievable goals is crucial for maximising your success and ensuring steady growth. This section will guide you through the process of establishing measurable goals that align with your business objectives and help you build a robust referral base over the initial 12 months.

1. Understand Your Business Cycles

Seasonal Awareness: Recognise the seasonal nature of your accounting business. Peak times, such as tax season, present unique opportunities to engage with your clients about their broader financial needs, including home loans.

Client Engagement: Use these peak periods to discuss potential mortgage solutions with your clients. Position yourself as a comprehensive financial advisor who can address multiple aspects of their financial health.

2. Set Initial Achievable Goals

Short-Term Goals: Begin with modest, achievable targets. For example, aim to refer a specific number of customers within the first three months. This helps build momentum and confidence.

Monthly Targets: Break down your annual goals into monthly targets. This makes your objectives more manageable and allows for regular assessment and adjustment.

3. Leverage the Profitability Calculator

Baseline Projections: Use the Cromeloan profitability calculator to set a baseline for your revenue projections. Enter realistic estimates based on your initial goals and market conditions.

Adjust and Plan: Regularly revisit the calculator to adjust your goals based on actual performance and market changes. This dynamic approach helps you stay on track and adapt to new opportunities.

4. Develop a Client Engagement Strategy

Client Education: Educate your clients about the benefits of securing a mortgage through Cromeloan. Provide informational sessions or resources during tax season or other peak periods.

Personalised Outreach: Tailor your communication to address the specific needs of your clients. Use the data from your accounting practice to identify clients who might benefit most from mortgage broking services.

5. Define Your Operating Rhythm

Regular Check-Ins: Schedule regular check-ins with your clients to discuss their financial needs and introduce the idea of mortgage services. Consistent engagement is key to building trust and securing referrals.

Systematic Follow-Ups: Develop a systematic follow-up process to keep track of client interactions and ensure timely communication. This can be particularly effective during peak seasons when clients are more engaged.

6. Set Measurable Goals

Specific Targets: Define specific, measurable targets for the number of referrals you aim to achieve each month. For example, set a goal to refer 5 clients per month initially.

SMART Goals: Ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). This framework helps in setting realistic and attainable objectives.

7. Monitor and Adjust

Track Performance: Use tools and metrics to track your performance against your goals. Monitor key indicators such as the number of referrals, the value of home loans, and revenue generated.

Continuous Improvement: Regularly review your progress and adjust your strategies as needed. Learn from your experiences and refine your approach to meet your evolving business goals.

Example Goals for the First 12 Months

First Quarter:

  • Refer 10 clients

  • Secure 5 home loan applications

  • Achieve a revenue target of $X

Second Quarter:

  • Increase referrals to 15 clients

  • Secure 10 home loan applications

  • Achieve a revenue target of $Y

Third Quarter:

  • Increase referrals to 20 clients

  • Secure 15 home loan applications

  • Achieve a revenue target of $Z

Fourth Quarter:

  • Increase referrals to 25 clients

  • Secure 20 home loan applications

  • Achieve a revenue target of $A

By setting and pursuing these measurable goals, you can strategically build your business and ensure a steady increase in client referrals and revenue. Use the Cromeloan platform and profitability calculator to guide your efforts and track your success over time.

Segmenting Your Client Book for Sales Planning

Segmenting your client book is an essential strategy to tailor your marketing efforts and maximise your opportunities in residential, commercial, and asset financing. This guide will help you categorise your clients effectively, allowing you to create targeted sales plans that drive results through personalised email marketing, customer calls, and other outreach methods.

Step 1: Gather Client Data

Collect Comprehensive Information: Start by gathering detailed information about each client. This includes their financial situation, business interests, past interactions, and any known future plans.

Use CRM Tools: If you have a Customer Relationship Management (CRM) system, use it to organise and analyse client data. If not, consider setting one up or using spreadsheet software for initial segmentation.

Step 2: Define Segmentation Criteria

Residential Mortgage Opportunities

  • Current Homeowners: Clients who currently own homes and may be interested in refinancing or purchasing investment properties.

  • First-Time Buyers: Clients who do not yet own a home but have the financial capacity to buy one.

  • Upgraders and Downsizers: Clients looking to move to a larger home or a smaller, more manageable property.

Commercial Lending Opportunities

  • Business Owners: Clients who own businesses and may need financing for expansion, new projects, or operational costs.

  • Property Investors: Clients interested in commercial real estate investments.

  • High-Growth Startups: Clients running startups that require funding for rapid growth and development.

Asset Financing Opportunities

  • Equipment Upgrades: Clients whose businesses rely on specialised equipment that may need upgrading or replacement.

  • Fleet Financing: Clients who operate transportation businesses and need financing for vehicles or other transport assets.

  • Technology Investments: Clients looking to invest in new technology or software to improve their business operations.

Step 3: Segment Your Client Book

Categorise Clients: Divide your clients into the defined segments based on the collected data. Ensure each client falls into the most relevant category or categories.

Tag Clients: Use tags or labels in your CRM or spreadsheets to mark each client’s segment. This makes it easier to filter and target specific groups later.

Step 4: Develop Targeted Marketing Strategies

Email Marketing Campaigns

  • Residential: Create personalised emails for current homeowners about refinancing options or new homebuyers about securing their first mortgage.

  • Commercial: Develop campaigns that highlight commercial loan products and success stories of other business owners.

  • Asset Financing: Send targeted emails to clients who might need equipment or fleet financing, emphasising the benefits and ease of securing funds through Cromeloan.

Customer Calls

  • Prepare Scripts: Develop call scripts tailored to each segment. For example, have specific talking points for first-time homebuyers versus seasoned property investors.

  • Schedule Follow-Ups: Plan regular follow-up calls based on the client’s segment and their typical financial decision cycles.

Step 5: Monitor and Adjust

Track Engagement: Use analytics tools to monitor the engagement of your segmented groups. Track open rates, click-through rates, and response rates for emails, as well as the outcomes of your calls.

Adjust Strategies: Based on the data, refine your segmentation and marketing strategies. For example, if a particular segment shows high interest in a specific product, consider increasing your outreach efforts to that group.

Example Segmentation and Sales Plan

Segment A: Current Homeowners

  • Target Products: Refinancing, investment properties

  • Marketing Strategy: Personalised email campaigns highlighting lower interest rates and investment opportunities.

  • Follow-Up Plan: Quarterly calls to discuss current market conditions and refinancing benefits.

Segment B: Business Owners

  • Target Products: Commercial loans for expansion, new projects

  • Marketing Strategy: Case studies and success stories in email campaigns; webinars on business growth strategies.

  • Follow-Up Plan: Monthly calls to explore new business opportunities and financing needs.

Segment C: Equipment-Dependent Businesses

  • Target Products: Asset financing for equipment upgrades

  • Marketing Strategy: Emails showcasing financing options for specific equipment types; offering free consultations.

  • Follow-Up Plan: Bi-monthly calls to assess equipment needs and financing options.

By effectively segmenting your client book and developing targeted sales plans, you can significantly increase your opportunities in residential, commercial, and asset financing. This structured approach ensures that your marketing efforts are personalised, relevant, and impactful, leading to higher engagement and conversion rates.