So, in my quest to find the best CRM software money can buy I stumbled across a little gem called vTiger CRM. It’s an Open Source CRM and, from my single day’s experience with it, I’m pretty impressed, especially with the price (FREE). In case you’re unfamiliar with Open Source Software, it’s software that’s distributed under a particular license agreement that allows other developers to edit the code, repackage, redistribute, and in some cases, sell. “Open Source” refers to the fact that the Source Code is open to anyone who wants to take a look at it.

This software may just be what I need and, so far, it seems like it’s able to do everything it’s $300-500 competitors can do and more.

I’ll keep you updated on my experience with the software and give a review here when I’ve explored all of it’s features.

Note: Open Source Software can be a little tricky to get working if you’re not the computer-savvy type, so if you want to give vTiger CRM a shot, by all means, go for it, but just know that it wasn’t designed with the novice computer user in mind.

Benefit From Less Competition

First of all, there is less competition out there. The current market is forcing out all of the amatuers, leaving all of their past clients open for a new mortgage adviser. Nonetheless, you’ll still need to set yourself apart from the competition that is left in a bigger way than before. Why? Because the average homeowner’s view of mortgage professionals has been jaded by the now dwindling hordes of amatuers who got into this business during the recent refinance boom as a way to get rich quick. A lot of them did, but at the cost of America’s trust in the real professionals in this industry. So what’s this mean for you and me? We need to find unique ways to market ourselves that are focused more on building trust than anything else. We need to show potential clients that we are different from what they’ve come to expect from other mortgage professionals.

Start Building Relationships With Referral Partners

It’s not just mortgage professionals who are feeling the pain of the current market, Real Estate Agents are in a similar situation, perhaps worse. I have no doubt that many Real Estate Agents are scrambling for new business right now just like a lot of mortgage professionals. Why not show them how you can help them increase their business through a referral partnership? I’m sure you could find a lot of excellent Real Estate Agents out there who’s mortgage partners have recently been victims of the times. What does that mean? If you work to build strong partnerships right now, when the market turns around you’ll be primed to really benefit from the relationships you’ve built. You’ll have a leg up on the competition that will certainly flood the market when the next Real Estate boom comes. Until then, if you can bring real value to your referral partners, they’ll appreciate you that much more when the market changes.

Branch Out And Learn New Things

No, I don’t mean go into another line of work, although that may be necessary for some. What I mean is take this time to increase your knowledge and really become a Mortgage Adviser as opposed to a Mortgage Salesperson. Model yourself after the practices of other business during down markets and increase the time and energy you put toward your education. During down markets, many companies actually increase spending on marketing and expand product lines. The reason is they’ll be so much more poised to strike when the market turns back in their favor than the companies who decreased spending on marketing and cut product lines; when the market turns, they explode out of the gates. You can do the same thing; even though a lot of your efforts may go unrewarded for a few months, if you remain persistant, think of the advantage you’ll have over your competition in the future.

Learn To Generate Referrals From Past Clients

Although this tip applies to any market condition, there’s no better time than now to start working at this. Call all of your past clients for a brief financial review and ask for referrals. That’s right, I said ask for referrals. I’ve gotten referrals from every single one of my past clients, but guess what, all but one came from asking. Don’t be afraid, tell your clients how much you value their business and ask if they know anyone who may be able to utilize your services. If you’ve treated them well in the past, they’ll be happy to tell their friends and family about you, but, in most cases, they won’t think about it unless you ask.

The Real Estate landscape has changed my friends, it’s sink or swim, and drowning’s no fun, so get out there and make it happen.