Keeping in mind the natural cycles of the market, the picture won’t be bleak forever. But for now, brokers must think outside the box and ensure they stay relevant as clients navigate the choppy economical waters.
How to stay top-of-mind for clients
1. Follow up
When business is doing extremely well, there’s often not the time or capacity to follow up with past clients. But now that things are sluggish, it’s the perfect opportunity to touch base with those you’ve worked with in the past.
Following up is a great way to show your clients that you’re paying attention, that you care, and that you’re concerned for them and their wellbeing. Reaching out also reminds them you’re there and ready to help, which can lead to more referrals. And this contact doesn’t have to be limited to a gloomy housing market outlook – in fact, it shouldn’t be.
Looking ahead to best practices, make a point of keeping in regular contact with past clients. This helps you understand their needs and what mortgage products might fit their financial situation. Building a relationship provides an opportunity to offer more services, benefitting the client – and your book of business – long-term.
2. Mine your database
Brokers consistently report that many clients are repeat clients, so diving into your database is well worth the effort. Fair warning: many of these people may now be in a hard place financially so you’ll need to have a tough conversation with them about renewals – especially tricky with those that you originally suggested a variable rate mortgage to – but although those conversations are uncomfortable, having them in a frank, honest, and genuine way will put you top-of-mind for future potential deals with the client, or as a referral for their family and friends.