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Plan your strategy for the coming £350bn product maturity boom – Laker

by: Sally Laker, managing director at Mortgage Intelligence
  • 25/07/2017
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Plan your strategy for the coming £350bn product maturity boom – Laker
Product transfers and remortgage activity levels are rising considerably and there is a significant opportunity for brokers in the coming 18 months.

Over the next six months, £130bn of product cessations are due, and next year the figure is estimated at £220bn, so there is plenty of activity still to come.

To maximise your business potential and ensure you are providing your existing customers with an excellent service, here are some key points to help you:

 

Formulate a plan

Strategic planning is important, it’s never too late to get the right plan in place, so even if you don’t have a strategy written down, now is a great time to do so.

Plan a contact strategy to reach your customers, work out the time it will take, the costs involved, and the resource you may need to maximise your efforts.

 

Consider the people within the business who can contribute

Break the strategy into sections and bring in key people to buy into the plan. Each individual can then take responsibility for their part, which is likely to make the whole task far less daunting, and ultimately more successful.

 

Keep the plan live

A one-year plan needs to be looked at regularly and should be supported by the setting of achievable goals.

This can inspire a sense of early success and a feeling of winning, while ensuring the plan stays on track. If you don’t, it will end up on the too hard to do pile, and the plan will be blamed.

 

Don’t be afraid to update the plan

Things change especially in the mortgage market, so you may need to refresh the plan at the half year stage and reset the goals.

The key is to think the plan through carefully at the start, with consideration as to how the market could change, that way you will give the plan the best chance of success.

 

Share the strategy with everyone in the business and share the wins along the way

Ideally align the plan with your key values and objectives for the business, and demonstrate how those values will deliver the plan, then the whole business is part of the success.

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