Although it may seem like madness to some, the idea of writing a letter and sending clients back to their lenders with it, it freed up what would have been several hundred fruitless hours over the past six years and also helped build a strong network of supporting and grateful referral sources and clients alike. Admittedly without a lot of direct compensation up front.
As I entered my sixth year of brokering, I found myself writing these letters not just for random callers, but increasingly for my very own clients whose mortgage I had placed in 2009. There is a bit more of a sting to giving back a client you worked hard to obtain and to retain for five years. There had to be a better way. With these clients it was also not simply a matter of a short chat and a quick letter dashed off. Instead the expectation on their side was still there for a solid hour or more of catching up, consulting, market review, talk about future goals and strategic mortgage planning.
Catch and release might be fun while fishing, but it is not any way to run a business.
This is part 1 of a 2 part series. Check back tomorrow as Woodhouse fully explains his renewal rate buydown tactic.