A new year offers the opportunity for a fresh start, with many mortgage advice businesses looking to make changes in order to set themselves up for a more successful future.
Measures proposed by intermediaries to Mortgage Solutions include a greater focus on social media and harnessing technology in order to deliver a better experience for clients.
Doing more through diversification
Darryl Dhoffer, mortgage expert at The Mortgage Expert, said there were three main areas for his business, starting with diversification. “New markets mean new clients, new blood in the veins of this business.”
He also pinpointed technology as an opportunity, with the potential to “streamline the process”, as well as focusing on cutting out jargon. “No smoke and mirrors, just straight-up advice you can trust.”
Diversification is also on the cards for Imran Hussain, director of Harmony Financial Services, while the firm is also looking to open a second location.
He said this will “mean we make a massive shift over to using tech and becoming fully paperless, which has been in the works for the past 12 months to allow for more hybrid working practices to allow more time to be spent with my young family”.
Alastair Hoyne, CEO of Finanze Group, noted that diversification and innovation had been the focus in 2023, and served them well, so the firm would be looking to strengthen ties with key players and partners in the year ahead.
“We’re pushing ahead with investments in training and development for our whole team to enhance our offering and service. Creating a success culture is key in business no matter what is happening elsewhere, and in this respect, we’ve established a team that is resilient and determined,” he continued.
Making more of social media
Social media is going to be targeted more by Anil Mistry, director of RNR Mortgage Solutions, with a specific focus on self-employed individuals and business owners.
He explained: “Our minimal social media activity in 2023 has surprisingly yielded valuable leads, indicating a clear opportunity. It’s time to prioritise and capitalise on this platform.”
Denni Tyson, mortgage broker at Henchurch Lane Financial Services, is another hoping to get more from social media, noting the “importance of being a strong brand within the market”.
She continued: “The use of social media will allow our clients to see snippets of information about mortgages and protection. This will in turn allow us to provide tailored advice on the biggest monthly spend of every household.”
A slicker process
Mistry also suggested that his firm would be looking at its processes, and how to refine the client journey.
He said: “The aim is to expedite the collection of essential information and documents, ensuring a swift and efficient onboarding process for clients keen to utilise our services. It’s about enhancing effectiveness with a professional touch.”
Justin Moy, managing director at EHF Mortgages, said that the last 12 months have felt difficult to plan for, so it’s important to “take back some control of our work, find more efficiencies within the firm and also look to plan better”.
Moy pointed to using automation to deal with the back office admin, freeing up time to meet and speak with clients “which is where we can add the most value”.
He continued: “Education is so important to borrowers, and we will be looking to launch a new tutorial channel helping all types of clients. With plenty of online resources to share, we can hopefully make the process of applying for a mortgage more streamlined and a better experience all around.”
Gareth Davies, director of South Coast Mortgage Services said that tech was his main focus for this year, as he was hoping to utilise “whatever we can” to make the client journey easy and reach more people.
He added: “I’m more confident about the market than I was 12 months ago and I’m hopeful we could see the return of the purchase market as this dropped off a cliff in 2023.”
Getting more from your time
Making more efficient use of time is the top priority for 2024 for Graham Cox, founder of Self Employed Mortgage Hub.
He suggested this will partly be down to qualifying prospects better, so that less time is wasted on tyre-kickers or leads that are unlikely to progress.
“It’s so easy for clients to view a mortgage broker as a commoditised service, so I’ll also be working on improving our value proposition and positioning,” he added.
This year is set to be the biggest year for Staton Mortgages, according to Mike Staton, director of the firm, as it looks to add a lettings department into its proposition.
He continued: “We also want to grow our self-employed broker arm and aid them in finding true lead sources and not wishy-washy marketing scams offered by people with zero financial service advice background other than conning newly qualified brokers.”
