4 Tips To Increase Your Broker Business

Expanding and increasing your mortgage broker business doesn’t need to be a lengthy process or require a lot of time for you. Here are 4 tips to increase your business and get clients raving about you.

1.) Build a referral base

Think about industries which have the same clients and needs as you for example builders, real estate agents, interior designers, plumbers and other tradesmen. Create your own referral database to refer clients to each other. You aren’t in competition with each other, instead, having professionals you can refer your clients to benefits your client by making their research easier, it benefits the other professionals as they get extra enquiries or work and it benefits your business as you are seen as being more helpful and knowledgeable.

To create your own referral network, contact the professions. For example, with a real estate agent, call them and talk to them about their business or ask if you can meet in person to discuss how you can help each other’s businesses.

Ask them how business is going, what sort of buyers and sellers they are working for or want to work with. Ask if they have any issues and see how you might be of assistance to them, for example, do they have any clients looking for a broker to help find their home loan, which would result in securing the sale for the real estate agent.

2.) Set up notifications

Every time you settle a loan for a client, create a notification or reminder for yourself to touch base with them at certain times e.g. around the anniversary of settlement or a month or two before their fixed interest period finishes. To do this effectively, make sure you have them on your email list and maintain the relationship. This is more effective than just contacting them out of the blue after 2 or 3 years when their fixed rate is expiring.

The same goes for clients you know purchased a home to renovate but didn’t have the funds to renovate immediately. Find out their timeline of when they want to work on these goals or hope to renovate etc. Keep in touch and set a reminder for 2 years (or when they mentioned for their timeline) to see if they are looking to refinance to renovate or discuss their options.

Make notes about their life, their goals, dates that are important to them etc. when you are discussing their home loan needs, then use those notes to set up reminders to contact them, send them a card or small gift on the anniversary of them moving into the new home or other gestures like this increase the likelihood of them using your services when they refinance and referring you to their friends.

It’s easier to keep a client than it is to get a new one.

3.) Go the extra mile for your client

When discussing the home loan with your clients, find out what they want and need in a house, get specific, then use your referral database to help them. Ask real estate agents on your list if they have any properties which match the type of home your client is looking for. By doing this you are helping your clients save time and money, you help the real estate agents sell their listings and you are likely to get referrals from both the clients and agents which can help increase your business.

Other examples of going the extra mile to give fantastic customer service include maintaining regular contact throughout the home loan process, connecting them with professionals they need such as a solicitor, builders, pest inspectors etc. Sending a thank you gift when they settle the property or refer a client to you, sending anniversary and other important cards on the right dates each year and providing value in your email communications such as your EDM which is beneficial to your clients. Think about what would help them, the information they would be interested in (articles with tips to pay off your home loan sooner, tips on renovation, changes in the property market in their area, referal bonus offers and so on). Make it interesting for them, not all about you.

4.) Ask for referrals

Don’t be afraid to ask your current clients for referrals. For anyone that gives you a referral, send them a thank you card. If the referral settles a loan with you, send the person who referred the new client to you a thank you gift (such as a hamper, wine, a gift certificate or similar). You can purchase gifts like this to be sent online making it easy for you, it also encourages the client to send more referrals your way.

If this is something you’ve never done, let all your clients know you have a new referral program and encourage them to send referrals to you.

These tips can be implemented today and the results will continue to flow as long as you have your business.

Leave a Reply