Solutions for brokers: get the best outcomes for you and your customers

2240x1260px Core Logic Mortgage Broker Article

Navigating in a competitive industry isn’t easy. To outmanoeuvre your competitors and sustain your business, you need the right information and tools at your fingertips. So, try tapping into reliable property data and insights to help you find the strategies you need.

Connective Property Tools, powered by CoreLogic – valued Connective partner

As Australia’s largest provider of property data and analytics, CoreLogic has been assisting brokers and lenders by providing unique insights into how data can support the business needs of the banking and financial services industry. This article will outline how you can leverage valuation ordering, property research and customer engagement tools to help:

  • Improve conversion
  • Generate new leads
  • Enhance retention.

Improving conversion

Mortgage brokers and lenders can use data as part of their strategy to get ahead and achieve higher conversion rates. Data can help you to reassure potential buyers, help them progress in their decision-making journey and keep them engaged at every stage of the home buying journey. Begin by:

  • Engaging indecisive buyers that don’t know where they want to live or invest, or aren’t certain how much they can afford, especially in the current economic downturn. In other words, help your clients move out of the current uncertainty by getting to know them. Find out what matters to them and share Suburb Profile Reports and Property Profile Reports that can help to shape their decision making.

  • Working with potential buyers on a strict budget. Build the client’s trust and maintain a sense of momentum by providing reliable value estimates on shortlisted properties that are within budget. CoreLogic research shows that brokers who offer informed value estimates convert at a higher rate than their competitors.

  • Managing a potential buyer’s expectations on property features or characteristics they want. Use available market data to have a sensitive discussion that facilitates diplomatic communication if a client has unrealistic hopes or expectations on a property.

Generating new leads

High-performing mortgage brokers and lenders often don’t limit themselves to referrals, traditional marketing, or using gated web content. Often, they also employ lead generation tools that leverage high value property data and insights.

Need to stand out from the 15,000 other mortgage brokers nationwide? Then use CoreLogic’s property data services to help position yourself as a source of local market knowledge and to maintain a good working understanding of local property price movements. Better still, make your insights available for free online and build up your reputation as a local property market expert over the longer term.

Enhancing retention

Deloitte research in 2016 shows that 73 percent of broker customers would use the same broker again for another mortgage, which suggests there is more that brokers can do to support retention. This is of particular importance given that worsening housing affordability, a weakening labour market and generational shifts in home buying trends are set to continue in 2020. In this uncertain climate, brokers and lenders will face increased pressure to retain clients – and keep them from signing up with a competitor who does more to allay their fears and anxieties.

So, how do top mortgage brokers and lenders build deep trust to retain customers over the long term?

  • They position themselves as trusted, reliable property market experts. Weaving property insights into regular communications and marketing is a powerful way to remind clients that a business, or an individual broker, is knowledgeable and credible.
  • They use multiple data points to zero in on what matters most to clients. The best brokers and lenders spend time familiarising themselves with metrics that matter for their clients so they can share information that genuinely supports them in their property journey.
  • They are responsive and communicate effectively. Today, clients are no longer happy to wait three to five business days for updates from their broker or lender. A broker that provides timely and transparent updates about the status of valuation orders, including identifying potential issues before they cause delays, can stand out from those that don’t. .
  • They keep in touch. Making an effort to keep in touch with clients after a property sale can pay dividends. Top brokers reach out from time to time to share news about an increase in the property value, new mortgage products or complementary services. These brokers work to be front-of-mind when clients are ready to make another purchase.

Where to from here?

In this time of economic uncertainty, mortgage brokers and lenders want to get the best customer outcomes and to settle more loans. Regulatory changes, increased competition, shifting market conditions and an unprecedented health crisis have made this more challenging than in the past. However, the industry’s top performers often continue to generate new leads, optimise conversion rates and keep clients coming back.

With the help of reliable data insights you’ll be better positioned to do the same.

Connective Property Tools, which is powered by CoreLogic, is available exclusively to Connective members at a discounted rate. Speak to your Broker Support Manager or subscribe here.