Updated on 27/01/25
In challenging times—whether due to economic shifts or changes in the housing market—it is vital for mortgage brokers to prioritise client relationships. Demonstrating genuine care, adaptability, and expertise can help you not only support your clients but also secure the long-term success of your business.
The Growth Series exists to help brokers thrive in an evolving digital world while keeping the focus on what matters most: delivering an excellent client experience. Below are insights and strategies that emphasise putting your clients first to drive retention and growth.
1. How Brokers Can Increase Customer Retention
Engaging with existing clients is a cornerstone of any successful brokerage. By focusing on retention, you can build long-term relationships, enhance client satisfaction, and tap into opportunities such as remortgaging and referrals.
Our Customer Retention Guide explores practical ways to:
- Use customer data management to personalise interactions.
- Foster a culture of retention across your business.
- Capitalise on remortgaging opportunities to meet client needs.
2. Why Mortgage Brokers Need a Customer Retention Strategy
Customer retention offers greater profitability compared to traditional acquisition. While attracting new clients remains vital, focusing on your existing base can maximise revenue and strengthen your reputation.
Did you know that it costs five times as much to attract a new customer than to keep an existing one? That’s why, once you’ve got a customer through the door, it makes good business sense to hold on to them.
When you also consider that an estimated £180bn worth of mortgages matured in 2024, customer retention strategies need to be a fundamental part of any mortgage broker or lender's business.
Read more with our recent blog on five key steps to a robust client retention strategy
3. Five Customer Retention Strategies for Mortgage Brokers
Effective retention starts with strong, relationship-driven strategies. From personalised marketing to maintaining meaningful communication, the right approach can position you as a trusted adviser.
- Delight with Unexpected Surprises: Stand out by sending personalised birthday messages or festive cards to show clients you value them beyond transactions.
- Share Valuable Content: Build trust by offering newsletters with educational mortgage tips, financial insights, or even budget-friendly lifestyle advice that resonates with your clients.
- Leverage Customer Feedback: Use surveys to gather insights, improve your services, and identify satisfied clients who can advocate for your business.
- Expand Your Offering: Consider adding complementary products or services to meet more customer needs and boost revenue through existing trust.
- Foster Retention Across the Funnel: Adopt a holistic approach where sales, marketing, and customer service teams collaborate to create seamless, memorable customer experiences.
These small but meaningful actions can help build loyal, long-term clients while setting you apart in the competitive mortgage industry. One key tactic is building relationships. Jeremy Duncombe, Director of Intermediary Distribution at Accord, shares:
“Offering face-to-face advice when uncertainty arises is a great way for brokers to differentiate themselves. Combine this with technology—social media, online reviews—and you’ll stand out as the go-to expert for clients seeking support for their financial decisions.”
Jeremy emphasises the importance of adapting to industry changes and staying attuned to your clients’ evolving needs to build trust and secure loyalty.
4. Generating New Leads from Your Existing Clients
Your existing client base is a powerful resource for business growth. From securing referrals to requesting online reviews, leveraging these relationships can unlock new opportunities.
Here are actionable tips for generating leads through existing clients:
- Ask for referrals: Happy clients are often willing to recommend your services to family and friends.
- Encourage reviews: Positive testimonials and ratings boost credibility and attract new prospects.
- Stay active on social media: Engage with your audience by sharing helpful content and success stories.
- Nurture relationships: Regularly check in with clients to ensure their needs are met, whether it is reviewing a deal, planning a remortgage, or addressing protection gaps.
Now is the time to demonstrate the value of personalised advice. Proactively reaching out to clients shows your commitment to their financial well-being, creating loyalty and opportunities for growth.
Next Steps for Brokers
Looking after your existing clients is not just a survival strategy; it is a growth strategy. By putting client needs first and maintaining a proactive, supportive approach, brokers can build trust and thrive even in changing market conditions.
For more insights and resources, visit the Growth Series. Stay ahead of industry trends, adapt to client needs, and position yourself for long-term success.
.png)
