You are here: Home - Better Business - Business Skills -

How to turn customers into clients – John Phillips

by: John Phillips, group operations director at Just Mortgages and Spicerhaart
  • 06/03/2017
  • 0
How to turn customers into clients – John Phillips
Although the mortgage landscape is continuing to change, one thing is clear. Brokers must continue to look after their customers to make sure they keep them for life.

Mortgages are much more than just a transaction. It is about building a strong relationship with customers to ensure business retention, and this is imperative to delivering a great customer service in such a competitive market.

Brokers shouldn’t take their client relationships for granted and should maintain regular contact after a mortgage deal completes. In fact, this seems to work both ways. A poll by Mortgage Solutions revealed that 78% of brokers said their clients wanted regular contact, even when they had no immediate mortgage needs.

It is about letting them know their broker is on hand should their financial products no longer be fit for their needs, as their circumstances could have changed since taking out the mortgage. This regular communication is crucial to client loyalty, although the approach taken of course depends on the borrower and their preferences must be taken into consideration.

We write to our customers on completion and on an annual basis. We then contact them six months before their penalty-end date and call them with six months to go, and then every month thereafter. We keep in regular contact with them throughout the entire process while aiming to turn the customer into a client. More often than not this is made possible by strong broker-client relationships. This is also an effective way of ensuring we are kept in our client’s subconscious so that when we contact them at the end of their fixed term to discuss their options, they are not surprised to hear from us.

As clients and the industry evolves, a broker’s ability to consistently find good deals and meet the needs of the customer will become even more important. More attention must now be paid to existing customers, although recent changes to retention proc fees will certainly have a positive effect. These changes also show how lenders are increasingly recognising how existing customers are just as important as brand new clients and that neither of them should be left behind.

John Phillips is group operations director at Just Mortgages and Spicerhaart

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Headshot Sally Laker, Mortgage Intelligence MD
Limited company buy to let and the lending landscape – Laker

It looks like 2017 is already hotting up, with lenders looking to secure a strong business pipeline for the next...

Close