Broker strategies for success
Being a mortgage or finance broker is a fulfilling and rewarding career. It allows you to meet a wide variety of people and help them reach their personal and professional financial goals.
The biggest challenge of developing your brokering business is standing out from the crowd. With the service that brokers offer being reasonably similar, you have to take steps to differentiate yourself.
Here are five strategies that will make you the local broker superhero:
Keep in touch
Congratulations on securing that first home loan for your clients! They will be thrilled to finally own their piece of the great Australian dream.
However, you as an expert know that this is just the first step on the property ladder. In just a couple of years, they will have the opportunity to refinance, switch to a better home loan deal or even use their equity to invest in a second purchase.
Having a regular chat with your clients gives them the chance to ask you advice and gives you the chance to explain the next steps they can take on their property journey. Use a CRM to schedule regular calls and take notes so that you can pick up where you left off next time you speak to your clients
Read also: Three technologies that are changing the broker industry
Diversify your broker strategies
In these busy times, people are looking for a one-stop-shop to manage their financial concerns. Consider adding superannuation and insurance advice to your portfolio of services, or helping your clients to stay on top of their budget and personal financial management.
Create reasons for your clients to visit you more than once every few years and you will find yourself busier than ever.
Maintain a social media presence
Your digital presence is on par with your customer service in terms of importance. By having a great looking, modern website and sharing updates on platforms such as LinkedIn and Facebook you will be able to continue the engagement you have with your clients. As they say – “out of sight, out of mind”… a regular social presence prevents this from happening.
Post your own blogs or share content from other financial providers that your clients will find helpful. You can also consider sharing updates from customers who have had great results from their loan application (with their permission of course).
Read also: Time for the mortgage industry to make it easier for the customer
Make the lending process easy
The more streamlined your processes and procedures are, the more likely your clients will be to return to you and to refer you to their friends.
According to the former CEO of the MFAA Siobhan Hayden, you can stay on top of your business by continually seeking out “opportunities to complete processes faster and more efficiently”. Ms Hayden advises brokers to “review the alternative options for completing key tasks, to maximise your output and ‘income producing hours’. This could include how you capture your clients supporting documents, or outsourcing the file management of your loans.”
Ms Hayden advises brokers to “review the alternative options for completing key tasks, to maximise your output and ‘income producing hours’. This could include how you capture your clients supporting documents, or outsourcing the file management of your loans.”
Investigate how you can implement digital software that will save time for you and your customers. A system like ezidox™ cuts down on the need for paper documents and signatures, allowing your clients to securely scan the information they need to secure their loan faster.
Read also: How to be a successful broker
Update your premises
You will spend a lot of time in face-to-face meetings with your clients so make sure your office is welcoming and modern. Provide comfortable furniture and invest in a coffee machine or juicer so that you can offer refreshments and make people feel at home.
Where possible, provide parking and keep a box of toys in a corner for children to play with while their parents are discussing their financial future with you.
The demand for brokers in Australia is high, but so is the competition for business. Be the broker who makes it easy with ezidox™. Find out more are www.ezidox.com and watch our testimonial video on YouTube