Broker news TV
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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].
Bringing client communication in focus
It's not an option, rather a necessity. Still, many brokers haven't yet developed an effective strategy for communicating with clients, says marketing coach Claire Drage, a speaker for the upcoming Mortgage Summit.
The Big Story: Lead generation tuneup
All brokers make a claim to have the best lead-generation strategy going, but many could use a spring tuneup, according to experts Claire Drage of The Lion's Share Group and Calum Ross of Calum Ross Mortgage.
Calum Ross takes on rate sites
There's nothing inherently wrong with rate sites, says top-performer Calum Ross, but they may obscure the other, arguably better ways a professional brokers can save clients money.
The Big Story: Bracing for another battle of the mortgage rules
Brokers continue to grapple with those new tighter mortgage rules and lending guidelines, but can they expect any more for 2013? Jemima Codrington reports, and answers that question.
The Big Story: The future of condo originations
The Bank of Canada is sounding the same concerns as the federal government about the future of the condo market for buyers but also brokers.
The Big Story: Broker defections
Brokers and, indeed, brokerages are increasingly on the move from one network to another. But marketing and not rate may be the strongest pull factor. Find out why.
The Big Story: Broker welcomes O'Leary
Brokers have registered a number of concerns about Kevin O`Leary`s business model. Still, some think he may help brokers, reports Jemima Codrington, from Toronto.
The Big Story: Brokers endorse Emili
Brokers say consumers and lenders benefit from Emili despite criticisms that CMHC`s automated system routinely overvalues properties.
The Big Story: Brokers offering unsecured credit
Brokers may have qualms about unsecured credit and the banks that provide it, but how do they feel about offering those credit cards themselves?