National broker firm Just Mortgages has brought out a business development initiative for its employed and self-employed brokers to help them identify ways to offset an anticipated slowdown in business.
The broker firm said it would analyse and evaluate a brokers’ business during a ‘Zoom’ or ‘Teams’ call and then offer practical solutions to offset the negative effect of an economic downturn. This includes ideas for potential new product areas.
The company said its brokers will also be shown how to use customer relationship management (CRM) systems to pinpoint product gaps such as missing protection policies and additional income opportunities from existing customers. They’ll also have access to marketing material to help them target specific product areas and attract new-business enquiries.
John Philips (pictured), head of mortgages at Just Mortgages, spoke of economic, political, social and technological changes ahead, saying that mortgage brokers “need to accept the strong likelihood that their business volumes will be reduced next year with completions taking longer, rising rates and lenders clamping down on affordability.
“This will effectively mean a salary cut for a vast number of brokers and we want to provide the tools for them to get out ahead of this situation and have plans in place to boost their earnings.”
Philips commented: “We can all be guilty of working flat out and getting caught up in the ‘day to day’ and missing the opportunity to plan ahead. By offering this initiative to brokers we want to ensure that they put aside some time for this essential forward planning with as much or as little support as they need.
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“With a vibrant mortgage market over recent years there has been little need for residential brokers to expand their business into other product areas such as commercial and secured loans but opportunities exist in these areas. Brokers are wonderful at adapting to change and we want to provide support and a framework for them to thrive whatever the lending landscape is next year.”