How Can Mortgage Brokers Boost Their Business?

If you're currently working as a mortgage broker, you may find that the the cutthroat nature of your industry can cause you to lose clients. In a business where the majority of your salary comes from commissions, it can be hard to hook clients without poaching from a colleague or feeling like you're prostituting yourself for sales. Fortunately, today's technology can provide you with some ways to boost your business that don't involve cutting down your fellow brokers. Read on to learn more about what you can do to increase your commissions.

Give your customers a lending and investing experience

Mortgage rates and fees are fairly standard across the board -- it's unlikely that a borrower shopping around will find much of a price differential between several mortgage brokers servicing the same types of loans. Therefore, to set yourself apart from other brokers you'll need to offer your clients an experience, not just a loan. You can accomplish this by creating exclusive perks and bonuses for your clients, like hosting investment workshops or other learning opportunities.

Offer discounts or bonuses for referrals

One of your best sources of continuing business will continue to be word of mouth referrals. By offering your existing customers rebates, discounts, or bonuses for each new borrower who uses your existing customer as the referring source, you'll incentivize your current customers to talk you up to their family, friends, and colleagues who may be in the market for a mortgage loan. This can be particularly helpful for those who don't yet have a large client base built, and must rely on new traffic to remain afloat. 

Take advantage of technology

Today's borrowers are more connected than ever before -- and your ability to be reachable at any time of the day, in or away from the office, will help you develop a reputation as a reliable and prompt businessperson. Taking out a mortgage can be a nerve-wracking process, and borrowers may be anxious about appraisals, credit reports, and the other documentation that will need to be in place before they can purchase their home. Being able to get into touch with their broker can help provide much-needed reassurance during a tumultuous process.

While you don't want to turn your cell phone into a leash by allowing client demands to pull you in all directions around the clock, returning urgent after-hours calls or emails quickly will give your clients a sense of security without significantly compromising your personal life. 

For more information about mortgage brokers, contact a company like McKinley Mortgage.

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