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The Big Story: Getting a bear hug on clients

Building client loyality is increasingly difficult in today's hyper-competitive and shrinking market. But some retention efforts are working better than others.

Video transcript below:

Reporter:  There is no such thing as client loyalty or is there?  The bank’s claws are out and so are your competitors, so how can you keep your clients to the end line?
How can brokers keep their clients from the jaws of the big banks, specially at the last hurdle when all the hard work is done?  Is hard work and trust enough?

Calum Ross, Calum Ross Mortgage
Calum Ross:
 You know I think that one of the things that people are always trying to figure out is to identify those clients that are just trying to use us to get a competitive price versus those people who are truly bought into the value that a mortgage broker or a mortgage professional brings to the table.  You know I can tell you at this point of my career, I haven’t quite figured it out. You know, my sense is that most people are fundamentally good people, they are not the type of people who are going to waste your time and quite frankly we do a good job in collecting all the paperwork in advance and bring a compelling value proposition, where we truly try to integrate the person’s mortgage and the short and long term financial goals.  I can assure you that very few clients are going to leave you towards the end, because they will appreciate the value of what you bring to the table.  

Sean Smith, Mortgage Agent, Dominion Lending
Sean Smith:
 Yeah, one of the ways that you can eliminate a client leaving you mid-process or towards the end to go back to the bank because they offer a better rate is to build strong sales process.  You want to take your client through different phases of the application process and build trust each time you do that and each time you build trust you want to pull that conversation away from rate, focus more on their financial needs and goals.  Once you have focused on their financial needs and goals, then you match those needs, you have gone far beyond what the bank has done, because the bank has just aggressively thrown them the best rate, pushed them in a 5 year flexi [mortgage points].


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