Improve Your Mortgage Brokerage Sales With These Tips

Moregidge
Moregidge
Sep 4, 2018 · 5 min read

Running a mortgage brokerage business isn’t easy. You don’t just have to reach out to mortgage seekers at the right time, but also be able to convince them to apply with you. Here are some nifty tips to improve your mortgage brokerage sales.

You could have the best of mortgage brokers on your team and you may be facilitating different types of mortgages too. But that’s not enough for the millennials. It’s pretty much similar to how a list of features or a pricing chart don’t really convince you to make a purchase anymore.

Effectively closing sales for your mortgage brokerage, needs understanding the industry, mortgage seekers, changing market trends of real estate and of course, effective communication skills.

Here are a few ways you can improve your sales techniques and close more clients, whether you’re just starting off or are an established mortgage brokerage.

Focus on service more than sales

Let’s face it, selling your mortgage brokerage services is not the same as selling a tangible product. Here you need to understand that most mortgage seekers are already under stress and they are looking for someone who can make the process easy for them. So they don’t just want to know what type of mortgages you facilitate, but they also want you to show them how you would be helping them throughout. Just like customer service!

This includes guiding them in choosing the right mortgage type, applying for the same, explaining why certain documents are required and how long the process can take. You might sometimes need to share stories from your previous clients to gain their trust or give them the space to review your mortgage brokerage online.

Try solving their problem first

Continuing on our point above, it is important that you put the mortgage seeker ahead of your sales goals. It might seem like a lengthy sales process to keep waiting or pursuing them, but it helps establish a rapport of a brokerage that is focused on addressing a client’s concerns and problems first.

Every client you meet has a concern before applying for a mortgage or a problem that would effect the type of mortgage they choose. If you focus on first understanding them, you will be able to deliver more value and recommend the right finance solutions for their home.

Also read: How to understand and solve your customer’s problems

Connect with the mortgage seeker

This might not seem like a tip that would get you a client immediately, but connecting with them will help you establish a relationship that definitely goes a long way.

They might take up to a week to decide which mortgage brokerage to choose, but when they know who truly understands their concerns and not treats them as just another sale, they will come back to you. That’s why you need to spend some time building relationships with mortgage seekers first.

Make it easy with a digital portal

The number one reason why most mortgage seekers step away from applying for a mortgage, or a mortgage brokerage, is because they feel the process is too tedious.

With millennials getting more comfortable with digital platforms and technology, it is important for your mortgage brokerage to digitise their approach. This includes setting up an online portal that makes it easy for your clients to not just submit their documents, but also stay in touch with you till the application is processed.

This is where Moregidge comes into play. With Moregidge, you can set up a customised digital portal with different application flows to suit the different mortgage types you facilitate.

Get your own digital portal with Moregidge

From application to document submission, the portal brings everything in one place. This removes the need to hand deliver papers and completely digitises the process, making it seem easier to clean and faster to complete.

Focus on personalising the journey

Yes, the process of applying for a mortgage is pretty much the same for everyone. But personalising how you take a mortgage seeker through the process of understanding the different types of mortgages available, which one suits their needs the best, what documents do they need to submit and why, how long the process is going to take and how to ensure their application is approved.

The more you customise the process for each of your leads, the faster you close in on them — all without seeming to salesy!

Ask for feedback and reviews

If you want to close more clients, you need to ask a lot of questions. Questions that give you answers to how comfortable they were throughout the process, where they think you could improve and of course, if they would like to review your services.

This will do two things for your mortgage brokerage business. First, it reinforce your impression as someone who truly cares about the customer’s experience rather than the sales. Second, the reviews you receive will act as social proof for similar mortgage seekers, making it easier for you turn them from leads to clients.

It’s all about the customer experience

All in all, the one thing that mortgage brokerages need to pay attention to now, is the changing behaviour of millennials and what they expect from businesses that they interact with.

When 76% of them search for mortgage brokerages online, they aren’t looking for someone close by. They are looking for someone who is known or at least seems to be the kinds to make the process easier for them. This means you need to let go of your cold calling approach and focus on what the customer really has to say. And then, leverage technology that they are comfortable with, to guide them through the process.

What other little things do you keep in mind when closing sales for your mortgage brokerage?

Moregidge

Written by

Moregidge

Fast and simple, the new way for getting mortgages. Bridging mortgage brokers and clients with smart technology. https://moregidge.com/#/home

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade