Mortgage Broker Broadcast

Unlocking Client Retention and Business Growth for Mortgage Brokers

• Craig Skelton • Season 6 • Episode 4

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Ever wondered why some mortgage brokers seem to effortlessly retain clients while others struggle? Uncover the secrets to client retention with me, Craig Skelton, as we explore strategies that will transform your business. On this week's Mortgage Broker Broadcast, we promise to guide you through the art of timely lead response, a crucial element in establishing trust and standing out in a competitive market. Learn how nurturing lasting client relationships not only boosts revenue and brand loyalty but also becomes a powerhouse for valuable referrals. Through actionable insights like annual mortgage reviews and overpayment advice, your client communication will never falter, ensuring ongoing satisfaction and a thriving business.

Beyond client retention, the journey of personal development and business growth takes center stage. Whether you're a seasoned mortgage broker or just starting out on a self-employed path, I'll be sharing valuable insights on how to achieve your goals by 2025. Engage with our content, subscribe, and provide feedback to keep our discussions relevant and impactful. Remember, the path to success is unique for everyone, so it's vital to stay motivated and run your own race. Tune in for the actionable strategies and motivational support you need to enhance your mortgage broker business.

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#mortgagebroker #mortgagebrokers #mortgagebrokeruk #mortgagebrokercoaching #coaching #mortgagebrokerage #mortgagebrokerbusiness #mortgagebrokermarketing ...

Speaker 1:

Hi and welcome to this week's the Mortgage Broker broadcast. I'm Craig Skelton and this week's podcast is about one of the most crucial aspects of being a successful mortgage broker. I'm talking about client retention. Client retention starts from day one, so we're gonna discuss why it's important to act quickly on leads when they come in, the value of maintaining long-term relationships with your clients and how a forward communication plan can set you apart in this very competitive industry. For those of you who are new on here and listening to the Mortgage Broker Broadcast for the first time, I'm Craig Skelton. I have my own mortgage broker firm and I'm also a mentor and coach dedicated to helping mortgage brokers navigate the challenges of self-employment and business growth. Before we get into the podcast if you enjoy this podcast, please subscribe, leave a review and share it with other mortgage brokers. Share it with other mortgage professionals. Your support helps us grow and reach more brokers who can benefit from these weekly insights. And in this week's episode, we're going to get into why responding to leads immediately is non-negotiable, the benefits of retaining clients for life versus just one-off transactions, and the key to building a forward plan for ongoing client communication. So that's what we're going to get into this week. So client retention and its importance in building a sustainable mortgage broker business.

Speaker 1:

My take on it is in 2025, it will all be about client retention. We've got so much. There are no excuses anymore with regards to client retention. In the mortgage broker space. Technology has advanced so much. There's so many different options in terms of maintaining and being consistent with regards to communication with your client. That's good and in bad too, because it's good that their options are out there, and if you're not using them, if you're not using that technology, if you're not using that process, if you've not got a plan, then your competitors will have, and so you can be more likely to lose a client. If you've not got a plan, then your competitors will have, and so you can be more likely to lose a client if you're not focused on client retention, particularly moving forward. Like I say, in 2025, I think client retention will key.

Speaker 1:

So it's start of december now. This is the first week of december. I want you to use this month to look at your client retention process. What do you do? How do you do it? What does that look like? Because we're going to get into it. That's why I wanted to talk about it this week in the podcast, because December is a time of reflection. It's also about time of planning as well for next year, but it's a time of reflection.

Speaker 1:

Look at what do you do in terms of retaining your clients. Yes, absolutely. It's good that you're building trust, building relationships, converting those leads and all the rest of it that you do. But what happens once the case is completed? What happens when they get the keys? It's important that you've got the keys, but also, client retention starts immediately as soon as you get that lead in that phone from the website that call in. Client retention starts then, because if we look at responding let's get back to basics on this if you talk about responding quickly to new leads, every inquiry you receive is an opportunity, but it's also a test. You've got to treat it that way as well, because clients want to feel valued and there's no better way of showing that, demonstrating that, by acting immediately.

Speaker 1:

So for it, let me give you an example. If you're a client looking for a new mortgage broker, you submit, you go online, you Google, they find a couple of brokers in your area and you submit an inquiry to two brokers. One of them responds within five minutes and the other one calls you the next day, who are you more likely to trust? With such an important decision as remortgaging or finding a new home, exactly you know who you're going to trust. So the takeaway here is very simple Don't wait until tomorrow. Follow it up today, ideally within minutes, and if you can't do that, as soon as you possibly can. And once you have made that first connection, don't stop until you've got a clear yes or no from that client, from that lead, because persistence, without being pushy, is key to securing that client, both short-term and long-term too, which then goes on to my next point about retaining clients beyond the first transaction.

Speaker 1:

So, client retention it's easy to see clients as a one-off transaction that you'll touch again in five years time, two years time, depending on how long their product's for. If you want long-term success, you've got to think bigger than that. You've got to think better than that. Retaining a client for life means that they'll return to you for their future mortgage needs and refer their friends and refer their family. And building this relationship starts with excellent service during the transaction. Absolutely, but it just doesn't stop there. The transaction, absolutely, but it just doesn't stop there. For example, you could get into your process of an annual check-in to review their mortgage or review what they're doing, review the protection or offer advice on things like overpayments and what the remortgaging plan looks like, what they're going to be coming up to in a year's time or a few years time. These, like small touches with your clients, reinforces your value and ensures that when they think of mortgages they think of you, which then moves me on to the benefits and consequences of client retention.

Speaker 1:

The benefits of strong client retention and getting that within your process are massive. It's increased revenue, increased income, because repeat clients are often more profitable than the new ones, and that also goes well with referrals. Happy clients are your best advertisers that they will help build your brand, which again is like brand loyalty. A loyal client base is your safety net in a challenging, volatile market. So you don't ever lose sight of that. Because building a client base is so important but not only a client base that it's a client base that you are in touch with, a client base you've got in your process, a client base that you are having regular communication with, because on the flip side of this, getting it wrong is disastrous. Poor communication or neglecting follow-ups can lead to bad reviews, lost opportunities and a damaged brand reputation. You've got to remember that it's easier and cheaper to keep an existing client than it is to find a new one, so you always need to create a forward communication plan.

Speaker 1:

Let's look at how you build this. This involves regular touch points with your clients to ensure that they feel valued, even after they've got the keys, even after they moved in, and they're also showing them that you are still around too. That's key. They don't just assume that they know that you're there. And there's a few reasons why this actually matters, because the first thing is you need to stay top of their mind. If you don't maintain contact, your competitors might. It's fine. If you're not doing social media, that's absolutely. Maintain contact your competitors, might it's fine. If you're not doing social media, that's absolutely fine. But if your competitors are and they come up on their social media feed day in, day out, week in, week out, then that's a threat. You need to stay top of their mind. Now, if you're not doing social media, that's absolutely fine. But in what other ways are you maintaining contact with your clients? Ask yourself as well is the lender better than this at you If the lender's touching more, having more touch points with your clients than you are, then you need to do something about that, and then it builds trust. Consistent communication like fosters trust and loyalty with your clients, which then obviously gives you the opportunity to upsell.

Speaker 1:

Clients may need additional services during the remortgage, during the time of where you've done the mortgage, and then you're not likely to speak to them again until the remortgage is due. There might be additional services that clients want to talk to you about protection or financial planning, like pension advice or investment advice. Whether you can do it or not is irrelevant. They need to be thinking about you and coming back to you. You need to think about your plan of what that looks like. This could include personalised email updates or newsletters or just, like I say, simple checking calls.

Speaker 1:

The key is consistency. They need to know that you're still around. I'll just give you one example from a broker that I know that they've got the habit of sending out handwritten thank you cards to every single client after completion. Yes, I know that's hard work. Yes, I know that's not possible every single time, but that's what they've chosen to do, and then, a year later, they follow that up with a check-in call just to see how things are going. Are they affording everything that's going on? There's been any change of circumstances that has actually led to multiple referrals from that client and also, as well, a new mortgage application from that same client too. So that just it just goes to show you that there is. It's not a waste of time. It's about making sure you've got client retention as part of your process.

Speaker 1:

So a few questions I get asked with regards to client retention. Going back to the lead scenario, first of all, this basic was one that got the other day was actually, what's the best way to handle lead who isn't ready to commit, who's not got the deposit, who has not found the house yet? But my take on it is still keep that line of communication open, just without being pushy. Just use whatsapp, use the text, keep them updated on useful information about the market, updates or tips for preparing for the mortgage application, whatever that looks like, it doesn't matter, but just stay in touch with them, make it clear that you're there to help them when they are ready.

Speaker 1:

Another question that got asked the other day was about they got a client that seemed to be disengaged after they got the keys, and my point and my take on. That is that, even if the client's disengaged or not, still make sure you follow your process. Don't just deviate. You've got Use your CRM, use apps, use newsletters, use whatever it takes to do the things that you need to do. That's part of your process. Let it be their choice to disengage with you, not your choice because you're not doing, you're not outreaching them anymore. You've got to keep them engaged but, like I say, it's their choice to disengage with you. And if they do disengage, just don't take it personally. Just keep going. Don't forget your process. Maintain your process. Keep doing what you should be doing to maintain retention and maintain engagement with that client.

Speaker 1:

Like what, I want to leave you with a few takeaways. If you are not, if you've not got retention as part of your process with every single client, you need to get that moving forward, because client retention is going to be absolutely 100% key to your success in 2025 and beyond. So what can you do? So the first thing to do is respond to leads immediately, as soon as you can, as soon as you physically can respond to that lead, respond to it. The next thing is treat every single client as a lifetime relationship, not just a one-off transaction. Treat every single client as a lifetime relationship, not just a one-off transaction. You've got to implement a forward plan for communication to stay top of their mind and remember.

Speaker 1:

The benefits of client retention go far beyond revenue. It's about building a trusted brand, and that's what you're doing. You're building a long-term business. You're building a brand. You want to build a trusted business. This is why you need to have client retention as part of your process. So today we've covered why client retention is so crucial for mortgage brokers from responding quickly to leads to building a long-term relationships and creating a communication plan. These plans, these strategies, will help you grow your business and stand out in the industry, too. So just use use this month to think about retention. Like I say, you've got processes, you've got technology that can help with retention. Use them and use them wisely. If you're not doing it, your competitors certainly will be doing it. So just don't leave it to chance. 2025 will bring client retention to there. 2025 will bring client retention to the 2025, and getting client retention, getting client retention right in 2025, is key to your business success.

Speaker 1:

So that's this week's Mortgage Broker Broadcast. Don't forget to subscribe, leave a review. Followers. Your feedback keeps this podcast going and it keeps the content fresh as well. Next week is another solo podcast where we get into a bit more about personal development and business growth as a mortgage broker. We've got a few and if you are considering becoming a self-employed mortgage broker, looking to start your own mortgage brand and business, or just looking to accelerate the growth of your existing business, visit my website, craigskeltoncouk, schedule a call or just simply get in touch and let's just have a chat about how I can help and support you in achieving your goals for 2025. And, as always, do not forget to run your own race.