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