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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].
Kim Luxton: Planning for the future
With slowing business, now is a great opportunity for brokers to focus on the bigger picture, says Kim Luxton, Director, Broker Sales for ING Direct. She says it's time for brokers to focus on client needs, not just today, but for the future and to help them achieve their long-term financial goals, which could result in better residuals and more referrals for the broker.
The Big Story: Why brokers do sell creditor insurance: Part II
On today's Big Story and Part II of our look at creditor insurance, we spoke to Kim Luxton of ING Direct, Ian Tenggardjaja of The Mortgage Centre Mortgage Professionals, Kelly Price,of Mortgage Protection Plan and Mauro Di Cosola of Dominion Lending Centres Mortgage Village.
The Big Story: Creditor insurance - Part I
On the average broker’s to-do list, creditor insurance is usually near the bottom. But as brokers look for ways to boost their bottom line, ancillary products like creditor insurance are starting to look more appealing. Still, it’s often a tough sell and that’s coming from the industry itself. Overcoming these challenges is the first step say some brokers. On today's Big Story and Part I of our look at creditor insurance, we spoke to Kelly Price,of Mortgage Protection Plan, Ray McMillan, of Home Mortgage Consultants and Mauro Di Cosola of Dominion Lending Centres Mortgage Village. Price acknowledges that brokers feel selling creditor insurance is someone else’s job and that rings true for McMillan, who says in fact that “somebody else” is also sending them referrals. While apprehension can be a stumbling block for some brokers, it’s not insurmountable, says Di Cosola. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis and
The Big Story: Online lead generation
On today’s Big Story we spoke to Drew Donaldson, an agent with Verico Safebridge Mortgage Solutions, Nick Kyprianou, CEO of Equity Financial Trust and Brad Compton, an agent with Invis. Some feel however, that experienced brokers who know how deal with rate shoppers and offer them more than just a mortgage, but a financial plan, can use these online leads to their advantage.
Albert Collu: Mandatory re-licensing education in Ontario
Albert Collu, president of Argentum Mortgages, discusses Ontario's mandatory re-licensing education course, which will begin Nov. 1 and what it will mean for brokers in the province. To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal and billed as a way of improving compliance with provincial laws on mortgage brokering.
The Big Story: Vancouver's increasingly competitive market
If they say there’s a Tim Horton’s on every street corner in Canada, in Vancouver you’re likely to find a mortgage broker right next door. Throw in the highest housing prices in the country, banks that are fighting tooth and nail on interest rates and falling originations and you have a recipe for disaster. Or do you? On today’s Big Story we spoke to Vancouver brokers Peter Kinch of Dominion Lending Centres-The Peter Kinch Mortgage Team and Trish Pigott of VERICO Primex Mortgages as well as Equity Trust Financial CEO Nick Kyprianou. Kinch feels it’s imperative that brokers resist the temptation to take the banks head-on, while Kyprianou says there has been too much fixation on the market’s high-end prices. Pigott, for one, thinks those brokers who offer value over rate will succeed in the face of increasing competition from the banks. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.