"Nailed it. Love to hear examples of brokers doing business the right way! I have recently moved to a different province and know first hand how difficult this transition can be," Jackson Middleton, the Kilted Broker, wrote about one broker's efforts to retain clients.
There are few mortgage brokers who can change markets and retain their portfolio like Brad Compton, who moved from Toronto to Halifax and managed to keep his profile of more than 80 clients.
A broker can spend years setting up relationships with lenders and clients and suddenly moving markets can put a dent in business, but Compton, a broker at YourLowMortgage.ca, managed more than $20 million in mortgages with Toronto-based clients after leaving the city for the Atlantic in 2011.
“Keeping in constant communications with my clients via e-mail, phone or Skype was important for me,” said Compton, in an interview with Canadian Mortgage Professional Magazine.
“It’s important to build relationships and maintain the quality of service your clients were used to when you were around. I was also flying to Toronto a few times a year so I was able to maintain pretty good connections with my clients.”
Compton added that he dutifully informed his clients of the relocation and was able to secure his line of trust with them. With clients between the ages of 20 to 40, the mortgage broker relies on the internet, namely the email and social media sites.
“Everyone is connected to the internet in some way and it’s a lot easier to communicate with people using it, as opposed to 10 years ago when things were done differently. I call everybody all the same, but the internet has been a valuable tool, especially with younger clients,” said Compton.
Overall, the most important thing when making and successfully moving your brokerage is to stay available, attentive to your client’s needs and maintain your relationships with lenders.
Competition is good; especially when lessons can be learned from our peers. And one broker is the lauding the efforts of an industry player's bid to keep clients when moving provinces.