The mortgage market is highly competitive, so what steps can you take to put your business in the best possible position to thrive?
In this blog, we round up key issues to consider and recommendations to follow, so you can build your brand, maintain your success and get seen by your target market.
Brokers work with many different people, and must inspire trust and confidence in every single one of them. They must have the ability to build strong relationships and communicate effectively. That means, for instance, not rushing impatiently through complex industry jargon, and instead speaking with clients clearly in plain English, so they feel empowered to make an informed decision.
Good communication also involves listening, not just speaking. Take the time to listen to your clients, so you truly understand their needs, priorities and individual circumstances.
Even the most experienced people will have something to learn, so don’t be afraid to sign up for professional training courses that help you expand your skills and knowledge. You never stop learning, particularly in an ever-evolving industry like the mortgage market.
A clear roadmap
If you want to build your brand and grow your business, make sure you’re working towards a specific target. Otherwise, you won’t be able to measure how successful you’ve been in achieving your aim and identify what worked well and what could have been done differently.
move with the times
The mortgage market is changing all the time and technology is also advancing at a staggering rate. So it’s down to you to change with it and embrace new innovations to improve the service you offer to your clients.
Refusing to change because you’ve “always done it that way” will only take you backwards as your competitors steal a march on you, so being adaptable and open to change is vital.
compliance is crucial
As the mortgage market evolves, various rules and regulations will come into force or be amended. That means you should stay up to date with compliance issues, so you can be sure you’re following all the latest requirements that affect you.
network to raise your profile
Establishing connections with people across the financial services industry, from brokers to banks, can lead to many people being referred your way.
It’s often said that word-of-mouth marketing is the most powerful form of marketing, so building relationships with your peers across the sector can be invaluable in generating new business.
Promote your brand
As we said earlier, building relationships with clients is a key part of being a mortgage broker. But it’s also important to inspire trust and confidence among prospective clients too, so they can hear about you and be encouraged to get in touch.
Take advantage of the many promotional tools that exist, from posting on social media to publishing blogs on your website.
Actively focusing on marketing can not only raise awareness of your business, but when done well, it can also establish you as a trusted, authoritative source of information and an expert in your field. And that can be decisive in getting people to pick up the phone and call you.
go the extra mile
In our experience, the most successful mortgage brokers are highly dedicated professionals, who’ll work hard to deliver for their clients and support the team working alongside them.
If you’ve earned a reputation for putting 110% into your business, you could not only enjoy very positive referrals and recommendations from happy clients, but also establish yourself as a great employer; attracting the very best talent.
Information on this site is for use by authorised intermediaries only and should not be relied upon by anyone else.
Accord Mortgages Limited is authorised and regulated by the Financial Conduct Authority. Accord Mortgages Limited is entered in the Financial Services Register under registration number 305936. Buy to Let mortgages for business purposes are not regulated by the Financial Conduct Authority. Accord Mortgages Limited is registered in England No: 2139881. Registered Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Accord Mortgages is a registered Trade Mark of Accord Mortgages Limited.
References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.
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