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MFAA Prosper : Mortgage and Finance Brief 11
Q What can brokers do to attract business? AFor mature businesses, it’s the client database. Build strategic/referral partners – such as real estate agents, solicitors, accountants and financial planners. But don’t forget advertising, Business Networking International, internet leads, club sponsorships and community involvement. Q What works best with partnerships? A Both parties have to be hungry for success and have aligned values. Trust is critical. The best relationships occur when each works on the relationship – ‘set and forget’ has been tried by many and been successful for few. Q What are some good strategies for building client loyalty? A It hinges on delivering consistent quality service. When a client feels left alone or there’s a lack of value from the broker, loyalty disappears. I recommend a client-care call at least once per year, so you can check in and ask if there is anything you can help with. Q What’s the best way to get refer rals from clients? A Ask for feedback on the service that you provided – this shows you care – and if they’re happy, introduce your referral program to them. If they’re not, fix the problem. Ensure all of your communications regularly refers to your referral program. Q What is the latest thinking around the depth of a broker’s product offering? A There are lots of conflicting opinions on this. Many brokers try to diversify when their core offering is weak, thereby becoming weak at multiple services. This isn’t good for building a repeat and referral business. Remember, not all clients want to use all your services – some like to deal with a specialist. Q What’s the best way for brokers to retain clients? A The initial service has to be great so the client feels valued. Regular and varied post-settlement communication is important. Newsletters, interest rate updates, annual loan review calls and client-care calls make it impossible for a client to forget their broker. Q What are some of things brokers shouldn’t do? A Don’t take your clients for granted. There are so many homeloan providers that clients can be intercepted by nearly anyone. Keep asking clients questions and keep your proposition simple. Business Doug Mathlin Business coach, FrontRunner Consulting Group MFAA masterclass on... prospecting Want to know how to attract business, get referrals or build client loyalty? Doug Mathlin, business coach at sales management training company FrontRunner, has the answers. 42 | Mor tgage & Finance brief
Mortgage and Finance Brief 10
Mortgage and Finance Brief 12