Everybody makes mistakes, that's life. But what can you do to make a few less at work? Here are 3 common, costly mistakes a Mortgage Broker makes and how to avoid them.
1. Not maintaining contact after settlement
Too many Mortgage Brokers see their customers as a one off loan. They get in, get the loan done and get out. This is a big mistake. Why? A single customer can provide a lot of opportunities in their lifecycle. Think about it, a customer will more than likely have other needs, car loans, holiday and personal loans, business loans… the list goes on. Now, put yourself in the customer's shoes… Who are you more likely to get advice from? The mortgage broker who helped you secure that great loan, who has maintained a close relationship post sale OR the mortgage broker who got you the loan, made you feel like another number, and moved onto the next before you could say ABC. In most cases, it won’t be the latter.
As a Mortgage Broker you should:
- Build and maintain relationships
- Provide support in the buying process
- Secure the funding,
- Ensure the loan process is completed and the customer is happy
- Conduct post settlement strategy and
- Keep in regular contact with your customer post sale
In building and maintaining the relationship, you should know most aspects of your customer's life.
- What business are they in?
- Do they have a small business?
- Does that small business have vehicles that might need financing?
- Do they have store fit outs that might need financing?
- Are they after a car loan?
- Are they in desperate need of a holiday?
- Do they need assistance with investment lending?
There are a realm of possibilities where you can be of further assistance financially to your customer.
The key is knowing exactly who they are so that you can predict exactly what they’re going to need.
2. Not using your data base for marketing
You are probably sitting on a goldmine. That goldmine? Your database.
Your database is one of the most powerful tools you have, it will allow you to grow your business, make it stronger, in turn increasing your profits. A common mistake Mortgage Brokers make is forgetting to market to that database. So you already have that great relationship? Perfect! Sometimes it is hard to maintain personal contact with every single client or prospect you have ever worked with. You now should be reminding them through a regular stream of emails, text messages, social media posts etc. that you are there, ready to help with whatever they need.
Take advantage of social media marketing. Social media is one of the most powerful & effective tools we have today. What attracts people to social media is not an advertisement. It is an authentic conversation. It is the engagement, an opinion, attention grabbing, quirky, funny, reflections on life that individuals can relate to. Use this to your advantage.
At the end of the day, people want to work with people they like and who are relatable.
Always remember: out of sight, out of mind.
3. Not diversifying
Picture this. You have a fantastic client, secured them a fantastic mortgage loan, they couldn't be happier with the time they spent with you. They call you, post sale, to say they are now interested in purchasing an office building, a retail shop, warehouse or factory and you're the one they want to do it. Sounds great, right? It isn't if you don't know how to successfully manage a commercial loan. Do you know:
- The tools used by the credit underwriter?
- How to analyse the statement of Financial Performance and Financial Position?
- How to build a customer relationship program?
- How to develop relationships with key strategic partners?
If you would like to study online, check out the range of courses ISM has. You can also call us on 1300 200 705 to chat with our lovely team about your options.