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The Big Story: The art of cross-selling

More and more brokers are looking to cross-selling to even out the income bumps in the road, but there are key considerations, reports Jemima Codrington.
 
Video transcript below:
 
Jemima Codrington, Mortgage Broker News
Jemima Codrington:  The times, they a-changing and the same can be said for needs of brokers’ clients.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News. An increasing number of brokers are turning to selling additional products such as insurance.  It’s a tactic that has many advantages including client retention.
 
Jon Sowerby, Verica TVH Financial
Jon Sowerby:  I think cross selling increases client retention by just being able to provide more options to your clients.  The number that I have seen quoted in the industry is, if you can place a client in three products or more, your potential to retain that client is 85% or greater.  Clearly the more you can offer, the better off you are.  But it is something you have to be careful about.
 
Jemima Codrington:  While cross selling does have its benefits, brokers must be prepared to do their homework before choosing to sell additional products.
 
Bill Mitchell, The Mortgage Centre
Bill Mithcell:  I think really what it comes down to is, just listening to what the clients needs are and what their goals are for the future and just invariably throughout that conversation, things come up and sometimes it leads to an opportunity for us as brokers to help them with additional products beyond immediate, initially what we thought they came in for.  But sometimes it also leads to something where we can’t help them directly.  
 
We are not a bank, so we don’t have all the different products that a bank can offer for example, you know credit card, car loan, that sort of thing.  However, because as brokers it’s important for us to have contacts in the banking industry, it’s an opportunity for us to maybe refer to that client to a banker who can help them out and in the end it all comes back and the client is served and in the end the banker will in turn look out for the broker as well, when there is an opportunity to refer business to them.  So it all works out in the end.
  • The Big Story: Is it time for monolines to take their message to consumers? The Big Story: Is it time for monolines to take their message to consumers? (views 14410)

    A broker names a non-bank lender and the client asks “what if they go out of business?” While brokers say a direct appeal by mono-lines to consumers would only strengthen industry credibility and counter negative perceptions about its lenders, the monolines say the idea has merit, but only if everyone in the channel gets on board with the plan.

  • The Big Story: Is graduated licensing the answer? The Big Story: Is graduated licensing the answer? (views 14217)

    Is there such a thing as too much education? When it comes to the training of new agents and brokers some think that the 2 year apprenticeship before being licensed effectively raise the bar on qualifying standards. Not everyone is in agreement though. Isn’t the system in place good enough? Why are brokers asking for this change and isn’t there already accountability?

  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14044)

    CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media.

  • The Big Story: Should clients' legal and appraisal fees be covered? The Big Story: Should clients' legal and appraisal fees be covered? (views 14018)

    What have you done for me lately? Increasingly, that’s the attitude of refi clients who expect lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? More and more bank branches don’t think so. Most brokers, however, think that incentives should be offered sparingly, on n a case-by-case basis.

  • The Big Story: The role of lender BDMs The Big Story: The role of lender BDMs (views 13000)

    Some lenders want to switch up the roles of those Business Development Managers and take them away from the role as go-between and dispute mediator and focus them on attracting new brokers. Brokers, though have their reservations. They say BDMs may be better left in that traditional relationship-building role.

  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13512)

    Is having fewer mortgage brokers a good thing or a bad thing? With mandatory re-licensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of up to 15 per cent. Most of that will come from newer and part-time brokers. On today’s Big Story, we spoke to Linh Ly of Unity Financial Mortgage Services, Danny Kellman of VERICO The Mortgage Leader, and Sharon Ferguson and Sandra Cockburn of The Mortgage Centre-Durham. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Roy Deeks: Broker retirement plan Roy Deeks: Broker retirement plan (views 14706)

    With economic uncertainty and increased competition from the banks squeezing mortgage brokers, what options are available, especially for brokers looking to get out of the business sooner rather than later? For Roy Deeks, principal broker of Unity Financial Mortgage Services-The Mortgage Centre, the answer is syndicated mortgage investments.

  • The Big Story: Renewal fees The Big Story: Renewal fees (views 15717)

    Recent discussion around the issue of renewal fees has seen a proposal for an across-the-board 15 bps, an idea that is gaining traction on both sides. Lenders would dole it out whether the brokers take commissions straight up or opt for trailer fees. Either way, this mandatory renewal fee is proposed as a good way of eliminating a lot of the moving around that occurs at renewal. On today’s Big Story, we spoke to Ariel Santos of Unity Financial Mortgage Services, Drew Donaldson of Verico Safebridge Mortgage Solutions and John Bargis of Mortgage Edge. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Lender incentives for Realtors The Big Story: Lender incentives for Realtors (views 17285)

    The latest weapon in the war between the Big Banks and mortgage brokers is Realtor incentives and the newest trick was one bank’s offer to Realtors of 50 bps for every referral that ended in a closed deal.