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15/11/2018 4 business challenges every mortgage broker struggles with (and how to overcome them)

There’s no denying business can be tough at times! In this article, we’ve outlined four common challenges that mortgage brokers share with us and explored some possible solutions.

Hiring talented staff

This is fundamental to the success of your business. Get your recruitment strategy right and it could bring in a great candidate who will help you grow the business. Get it wrong, however, and it could cause you a lot of wasted time and energy. So what will make the difference?

First of all, take time to build an attractive offer. Gone are the days when opportunities were so scarce that candidates would be queuing at your door. So think about what sets you apart from any other brokerage. The pay will be important but talk about the culture, your business model and any opportunities for training and development too. Drawing up a job description and posting it online shouldn’t be the end of the process. Consider the fact that the best candidates are probably the ones not even searching for a job, so you’ll need to be proactive: network, talk to other brokers or even recruit a specialist agency.    

Take a look on the Hub for our job description template and interview questions.

Lead generation

The lifeblood of any business is a regular supply of new enquiries. But how do you go about ensuring a steady flow? The inbound marketing model is all about attracting people to your business by offering them relevant content. When they get to your website there needs to be something to grab their attention.

First of all, of course, you need to get them to your site. Experiment with paid online advertising on social sites such as Facebook adverts. These enable you to target your message to a specific audience. You could target first time buyers within a 20 mile radius, for example, for a relatively low budget. Once they land on your site, think about what they might want to download and exchange their details for so that you can build an ongoing relationship. Videos have a particularly high engagement rate. Also don’t be afraid to ‘re-target’ some of your list - just because someone wasn’t ready to make a mortgage application when they first visited your site, doesn’t mean they won’t respond to another advert at a different time.

Spreading brand awareness  

Marketing studies have shown that a consumer needs to see a company’s name or logo at least seven times before recognition is automatic. Sadly, it’s unlikely you’re going to get a new customer from just one piece of communication. You may also be wondering how you can possibly compete with the ‘big boys’ with their huge advertising budgets. Malcolm the Mortgage Broker of Margate is never going to enjoy the same recognition as the black horse of a well known bank, for example! Nonetheless, there are definitely things you can do to create a buzz around your brand. Be active on social media, such as Twitter and Facebook. Blog regularly, share your opinion and become something of an authority on a particular subject - Q and A sections in local magazines are great for this. Don’t forget you can also use your existing customers to get your name out there through high quality merchandise such as notebooks, pens and umbrellas.      

Keeping abreast of technology

There’s no doubt it can seem overwhelming trying to keep up to date with all the latest technology available but there are some great systems available to help you run your business as efficiently as possible. Take a step back and look at your processes. Would a new phone system let you work more flexibly and help you deliver a better service? Would a Customer Relationship Management (CRM) system help you to keep track of all your customers more effectively? Don’t be afraid to ask for demos or a free trial. Be clear about what you need the technology to do for you. Is it right for your size of business and your budget? What sort of support is on offer? Our Cheat Sheet here may give you some pointers.