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Five tips to win against the competition

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Nowadays, customers have thousands of options when it comes to selecting a mortgage broker. So, how do you position your business in such a highly competitive market? Here are our top tips to stand out from the crowd.

Tip #1: Provide a more comprehensive product offer

People love the convenience of the ‘one-stop shop’ concept. As a mortgage broker, broadening your product or service offering allows you to tap into new market segments and revenue streams. It can also give you that winning edge over the competition.

So, how do you diversify?

Diversification enables you to keep your client close to you. And that’s exactly where you want them.

Tip #2: Access the right support

If you want to win against the competition, you need to draw on the support available to you. Even if you’re a one-person operation, you don’t have to do it alone.

Our Broker Support Managers (BSMs), for example, can provide all sorts of personalised assistance. Whether it be helping with business planning and workflow management, or marketing, a BSM can provide that extra support you need to remain efficient and effective.

You’ll also need the right technological support to meet the needs of your growing brokerage. We offer a versatile software system that’s purpose built for brokers (find out more).

Tip #3: Build lender relationships and stay-up-to date with product knowledge

Another way to gain a competitive edge is to foster strong relationships with lenders. This can allow you to offer more seamless mortgage solutions to clients, and potentially faster approval times.

Connective can help facilitate those relationships. We run an award winning Learning and Development Program that’s jam-packed with networking opportunities. Rub shoulders with lenders, remain up-to-date with product information and stay ahead of the game.

Tip #4: Automate communications, so customers always come to you first

No matter how big or small your brokerage is, you need to continually invest in marketing. Why? Marketing helps customers understand why your product or service is better than the competition.

Your marketing strategy could include both digital (for example: social media marketing, SEO and content marketing) and non-digital marketing methods (for example: local area marketing). Discover tips for creating the right marketing mix here.

You might also like to check out Connective’s Digital Marketing Hub offering, which gives you access to handy tools such as automated email campaigns. Using automated communications via your CRM can save you a tremendous amount of time.

Tip #5: Keep it personal to create loyalty

Research conducted by Deloitte indicates that the decision for people to use brokers rather than going direct to the lender is driven by personal relationships. If you want to beat the competition and retain your customers, work on fostering strong ongoing relationships.

Here are some tips:

  • Keep in regular contact with clients. According to Deloitte, 60 per cent of broker customers valued ongoing interactions and advice from their brokers even after settlement.
  • Provide information that’s of value to them. As mentioned, automating communications can help you manage this task.
  • Always answer queries or find someone else who can. This will foster trust.
  • Go above and beyond. For example, you could send a card out on the one-year anniversary of their property purchase. Small gestures can make all the difference.

Are you ready to take your mortgage broking business to the next level? An aggregator like Connective can provide the support and products you need to get there. Diversify. Improve processes. And stand out in a crowded marketplace. Get in touch today!