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One of the most important factors that will determine your success as a mortgage broker is your ability to establish strong relationships with your clients. Building and maintaining a high level of trust between you and your customer can pave the way for greater opportunities in the future because, much like in many industries, client satisfaction is the lifeblood of any mortgage business.
But strengthening the bond with your customers requires a lot of effort. After all, assuring clients that you have their best interest at heart entails more than just lip service. Here are six best practices that can help you to create a lasting relationship with your customers.
1. Place your clients ahead of profits.
No client wants to be viewed as a potential pay cheque – and if you do, there is a good chance they will sense it. If your customers feel that you have their best interest at heart, then that is the time you start earning their trust and respect. This is the reason why many experts advise that you treat every client like they are your number one priority.
Once you have earned their trust and respect, they are more likely to recommend you to others. If clients see you as a knowledgeable and caring mortgage broker, then you can expect them to share this information with family, friends, and colleagues.
2. Listen to customer needs.
According to experts, one of the most important keys to providing good service is to “actually listen” to your clients. Experts also recommend asking a lot of questions to understand what your clients truly need, which can sometimes go beyond buying a home.
Listening to your customers also enables you to find a solution that best matches your clients’ needs and effectively communicate why it is the right option for them. First home buyers, for example, are looking for simplicity in how their mortgage application and the home buying process are handled, so it is best to be direct when answering their questions. Professional investors, on the other hand, may expect you to provide a mortgage strategy that is in line with their investment goals.
3. Take responsible action to address issues.
Clients place a high value on flexibility and responsiveness. Imagine that you are at the customer end of a correspondence – you will also want to get fast responses. However, the mortgage process is often a complicated one and it is not always easy to meet client expectations.
To address this, experts advise brokers to set realistic expectations for their clients. If issues have been raised, it is best to set a reasonable timeframe as to when to you can get back to your clients with recommendations. It will help if you are truthful with your responses and refrain from making excuses.
Experts also suggest developing the habit of replying to clients’ queries as soon as possible. If addressing their concerns will require some time and extra work, it is best to acknowledge your clients’ requests and let them know that these are being handled.
4. Show honesty, sincerity, and transparency.
As a mortgage broker, you do not always have to know all the answers to you clients’ concerns – and that’s OK. Experts even advise against providing guidance and information unless they have a deep understanding of the situation. They say the best brokers are those who are not afraid to admit to their clients if they do not have the answer yet to their problems. If your clients recognise that you are being honest and transparent, then earning their trust and respect will follow.
5. Provide high-quality products or services.
Another important key to retaining a client base is providing a great service. You should be able to show clients what separates your service from those of your competitors. You should also have a good grasp of the products available and have an established relationship with a diverse panel of lenders to be able to provide a solution that matches their client’s needs. If you can provide an outstanding customer experience, then you can be sure that you can establish a loyal customer base, who are likely to also make referrals.
6. Keep in touch.
Broker-client relationships should never end at settlement. Checking in on your former customers adds a personal touch to your service and can assure them that they can turn to you when the need arises.
However, experts advise that for this strategy to be effective, it should not be done arbitrarily, and the messaging should not be impersonal. Contract triggers, they say, can include several key points in the customer’s mortgage experience such as the anniversary of their settlement and periods when you think a financial need may arise like the end of the fixed period of their mortgage.
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