65 Check Points To Help You Make The Best of Your Mortgage Business

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65 Check Points To Help You Make The Best of Your Mortgage Business

You might think some of these points are so obvious that they don’t need making but if 20 years experience in financial services has taught me anything it’s that nobody remembers everything, all of the time so even if you’re a genius, it’s worth spending 10 minutes looking through the list to see what it is you’ve let slip or could improve on?

  1. Make sure you keep up to date with qualifications
  2. Make sure you sound like an expert (remember you only need to know more than the client to be an expert, but you do need to sound confident)
  3. Be nice to lender staff (you want them to say yes!)
  4. Keep up with mortgage products
  5. Sell insurance
  6. Sell as much insurance as you can
  7. Could you sell more insurance
  8. Go to industry expo’s (check out what is happening in your field)
  9. Go to seminars and listen to industry experts
  10. Remember your business is to run a business you’re not just a mortgage adviser
  11. Don’t neglect marketing; it’s the one thing that will keep your business going.
  12. Don’t put off all the tedious stuff until tomorrow (if you can, do a bit every day)
  13. Always be on the lookout for lead sources
  14. Don’t leave an appointment with a client without asking for a referral. If you don’t feel comfortable doing this practice asking in front of a mirror until you do.
  15. Try the solicitors you deal with for referrals, consider a reciprocal agreement, you pass them conveyancing for a fee, and they pass you mortgages for a fee.
  16. Also try Estate Agents, accountants, will writers, and insurance brokers (especially commercial insurance brokers) as sources of paid referrals.
  17. Use email as much as possible, it’s fast, reliable and assuming you already have internet access it’s free
  18. Consider joining a local breakfast club to bring in leads.
  19. Never forget your clients owe you nothing, but you owe them your business
  20. Don’t spend all of your time looking after business (If you don’t have a life outside of work then you need to change the way you operate)
  21. If you use them, never pay the full price for newspaper/magazine advertising (they will give you a discount if you negotiate for long enough)
  22. Remember the saying “what starts bad ends bad” as this is often the case.
  23. Remember the 20/80 rule, 20% of your clients will take 80% of your time. Learn to spot these situations and try to avoid them or at least control the time spent on them
  24. Learn to look at problems from different angles. If Mr Smith wants to buy another house but can’t sell his existing? Have you considered a let to buy?
  25. Stay in contact with clients, send them a newsletter, a note, phone them, email them, anything as long as it’s at least 3 times a year.
  26. Do you do will writing…….If not is this because you don’t need the extra money and spin off insurance this generates?
  27. Brand everything, paper, compliments slips, backs of envelopes, use a signature on your emails, mention your company whenever you answer the phone…everything
  28. Get a decent website, it doesn’t have to be fancy as long as it looks professional
  29. Promote the website; make sure the website address is on all of that stuff you have branded.
  30. Don’t expect to make zillions off your website, many clients will use it to check you out before using your services and you’ll never know it.
  31. Make a Facebook page for your company, but keep it very “chatty”, use it to attract customers not for trying to sell them products or they will stop visiting it.
  32. If you’re a bit techy, sign up with Google analytics, at least you’ll then know if anyone is visiting your site.
  33. Always be on the lookout for fraudulent documentation from clients. If a lender discovers you have missed some, even years later you can get terminated by them which could be the end of your business.
  34. Always give quotes for GI, you won’t get it every time, but you will get some of it.
  35. Remember to offer all of your services to all of your clients
  36. If you haven’t got a fancy client tracking system, use a magic matrix to make sure you have offered everything to everyone.
  37. Really keep up with protection products
  38. Go to insurer seminars
  39. Don’t cut corners on compliance
  40. Make sure you NEVER hook up with any scheme which could have a negative impact on your clients.
  41. Consider allowing an IFA to carry out investment and pension transfer business for your clients but make sure you get a no cross sell agreement, and only do it if you can trust them 100% to look after your clients.
  42. Put insurance in trust wherever you can. It’s better for your clients and it helps to stop the sell it cheap pile it high big nationals from re-broking it.
  43. Offer all new clients a full “free” insurance review.
  44. Offer all of your client s “free” annual insurance reviews their circumstances may change, you might sell them more insurance, it keeps you in touch with them and lets them know you care.
  45. Make sure you use some kind of client tracking system. It doesn’t have to be an expensive commercial system, you could use Outlook, a spread sheet or even a paper-based system but use something.
  46. Keep up to date with FCA regulations if you don’t know what MMR was all about, find out before it turns around and bites you!
  47. Remember to use the telephone properly, it’s often your first point of contact with a client so make it count!
  48. Don’t even think about going head to head with the banks, comparison websites or big nationals, use guerrilla marketing, your small, personal and flexible they’re big, rigid and impersonal, how can you fail to run circles around them.
  49. Consider using a 0845 or even an 0800 number if you tend to deal with clients from across the country.
  50. DON’T use an 0870 number unless you actively want to discourage clients.
  51. Give clients freebies, cheap (but attractive) pens, or key fobs
  52. Consider having calendars printed for your clients, a printed calendar means your name is always in front of them.
  53. Don’t just use any old printing firm, check the costs but also the quality. A good quality business card is worth 10 cheap ones.
  54. Don’t use cheap paper, it makes you look cheap and is a false economy. If you have to, buy quality paper and cut back on the amount of stuff you print.
  55. Buy a laser printer and make sure it’s one that you don’t need to change the drum every time it needs more toner. They’re a cheap as chips now and will save you a small fortune on ink cartridges.
  56. If your headed paper design is simple and you don’t send many letters out, consider using a template to print paper when you need it, this can work out cheaper, you won’t run out of headed paper and you can change the paper or design at any time.
  57. If you’re having a hard time and you are a sole trader, do you need a serviced office? Could you work from home?
  58. If you know of any mortgage brokers in your area who are retiring why not offer to buy their client bank or better still offer to work it for them on a split fee basis.
  59. Don’t be tricked into expensive advertising media that doesn’t work things that often don’t work include, TV at Doctors surgery’s or hospitals, cards at supermarkets, BIG or tiny one-off adverts in the national press.
  60. Local Chamber of Commerce branches often have networking events that can result in referrals. See if you’ve a local branch you can join.
  61. Consider training up for equity release mortgages, this market is growing all the time with more homeowners approaching retirement and pensions performing very poorly.
  62. If you have an unusual client base or use a lot of private banks for mortgages, consider becoming directly authorised.
  63. If you are an appointed representative, always keep an eye on your network. Are they still a good fit for you, are they still friendly, approachable, good value?  Don’t just drift along because it’s the easy option when you could be doing better!
  64. Be very wary of any new introducers until you’ve used them for at least a year. You’d be both surprised and shocked at the number of mortgage advisers we speak to who have been terminated by a lender because some business they took from an introducer which they thought was legitimate was far from it.
  65. When looking at a network offering, remember to take an overview of your business requirements. Don’t get fixated on any particular point. Take advice and don’t expect any business development manager or recruiter to tell you the bad points regarding their employer as well as the good points.

 

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