Originally published 13/09/21
As a broker, you’ll be in close contact with a wide variety of people, from clients and colleagues to third parties such as mortgage lenders - and each of them will have their own distinct, unique needs.
But you can’t adopt a one-size-fits-all approach to building and maintaining relationships, given their varying priorities and challenges.
So what can you do to make sure you’re engaging effectively with clients, colleagues and stakeholders?
Time is important, both for you and the people you’re interacting with. Be quick to respond to enquiries and questions and be concise with the information you provide. Overloading people too frequently or with too much will only waste the time of everyone involved.
Learn more: Keeping in contact in today's climate
It doesn’t matter who you’re talking to. Whether it’s a client, a fellow broker or a landlord, show them that you’re worth their time. By making sure that your interactions benefit the other person, they’re more likely to engage in further interaction.
It’s a cliché, but first impressions really matter. Take a bit of time to make sure your website, office and general branding gets the attention it deserves. It reaps benefits not only with new relationships, but with existing ones too.
Learn more: Website basics to consider
Arguably, the most important business relationship a broker can have is with their clients. To strengthen those relationships, you need to understand their challenges and how best you can help to overcome them.
You’ll then be able to send them consistent and personal communications that reassures and keeps them informed at the same time.
If in doubt, ask them what their concerns are, and let them know how you can help.
Learn more: The brokers guide to effective client communications tools
Developing relationships with landlords can be extremely beneficial for both parties. Not only does it offer the opportunity to build a wider understanding of the BTL mortgage market, but it can lead to business directly.
The key to these relationships is honest and transparent communication. You’ll need to be open to sharing insights and discussing the challenges you both face. Then, incorporate each other's insights into your own working processes.
Of course, you will need to understand the individual landlord that you wish to work with. Ask questions such as whether their portfolio is with an agent or self managed.
What type of properties do they prioritise? Do they want to expand their portfolio? The more informed and relevant questions you can ask, the better.
Landlords will of course want to work with brokers who understand buy-to-let. If that’s not an area that you’re confident in, then this is an opportunity to broaden your knowledge.
Developing an ongoing appetite for information is a good idea, as you’ll need to keep up to date with new BTL mortgages as they become available.
Learn more: The brokers buy to let checklist
Establishing positive relationships with other brokers is key, not only for building your reputation and your social circle within the industry, but also for creating business opportunities.
There will always be a broker that knows something you don’t, so sharing tips and tricks between brokers is a great way to build your knowledge base.
You can also help each other out, as selfless gestures won’t be forgotten. For example, you may not have the capacity to take on extra work, so you could refer people to your network of trusted brokers.
Or perhaps buy-to-let, for instance, just isn’t your thing and you know someone who specialises in that field. They’d likely be more than happy to return the favour of recommendations.
Learn more: How to make the most of networking events
Building and sustaining relationships isn’t an overnight job. But with time, practice and a bit of good old fashioned networking, you can build strong connections to boost your business.by Jeremy Duncombe
Added 12/09/24 - min read
by Jeremy Duncombe
Added 05/09/24 - min read
by Jeremy Duncombe
Added 22/08/24 - min read
Added 03/10/24 - 3 min read
Added 26/09/24 - 1 min read
Added 26/09/24 - 1 min read
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