A new year often heralds a time of change, with people across the country adopting new year’s resolutions. But that desire for a fresh approach can extend to the way that businesses operate too.
An increased focus on social media and concentrating on certain niche markets are among the changes brokers are making to the way they work in order to secure a fruitful 2023.
Looking to social media
Gary Boakes, director of Verve Financial, said that his firm had moved late last year to increase its presence in social media and traditional media. This has included sponsoring local bowls teams, golf clubs and a University athletics team in order to gain more exposure locally.
He continued: “We plan on changing the website to gain more leads and will be using podcasts and SEO to gain more traffic to the website. We will also be launching our subscription-based financial advice service to help with the advice gap area.”
The importance of social media was also highlighted by Zaid Patel, director at Highcastle Estates, who suggested it “will be bigger than ever this year” for mortgage brokers.
He added: “It will be about creating the right content to target the right audience to bring in the best clients – we’re also starting a podcast this year, which we hope will help massively.”
Focusing on where the business will come from
Andy Wilson, founder of Andy Wilson Financial Services, suggested that it would be sensible for brokers to concentrate on certain key markets this year, such as first-time buyers and those looking to remortgage.
Wilson continued: “On the equity release side, my target areas this year will firstly be home movers – there seems to be a lack of information relating to the ability to use a lifetime mortgage to buy a home, whereas a successful blog on my own website is pulling enquiries in from all over the country as a result.”
He also pointed out that there will be an increased interest in equity release as a result of the financial pressures some homeowners and their families are experiencing.
“Parents and grandparents will be keen to support struggling family members, or indeed maintain and improve their own standard of living. Some careful planning for slow releases of money could allow them to ride out the current cost of living crisis without too much of a negative effect on their home equity,” he added.
Targeting niches
There is no question that brokers will need to work harder this year, according to Gareth Davies, director at South Coast Mortgage Services. He suggested that “it’s not been particularly difficult” to find new business sources over the last few years, even with the challenges of the pandemic, but cautioned that the situation may be changing.
“Targeting specific niches and areas will be key in 2023. With the likelihood of a drop in purchase activity and buy to let especially, it’s a case of knowing what client you want to go for, and then tailor your marketing to them,” he continued.
“I feel we’ll see a reduction in the number of advisors out there by year end.”
