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There are countless ways to connect and engage with clients. It may depend on the client being dealt with.
Some may prefer the simple email, while others prefer the familiarity of a face-to-face catch-up.
According to Broker Essentials’ Jason Back, the last decade has seen significant change in the way brokers communicate with their clients.
“I like to take a multimodality approach to clients. They’re not just looking at one particular platform or way of being communicated with these days.
“If you look at some of the amazing tools that are out there now, a lot of brokers using things like Stride and Sherlock to do their rate reviews of their existing clients, to retain their clients, to get sharper rates within the existing lenders so that they don’t need to be refinancing.”
Clients can be communicated with through a variety of channels. However, it’s important not to overdo it.
People generally don’t want to speak about their mortgage unless they have to, Back said. This is why brokers should be sparing with approaching clients
“If you’re thinking about your existing clients, maybe rethink the strategy of how you’re approaching your clients. I don’t want to [jump on a] call at 3:30 if I’m picking the kids up from school or going to a sports run to talk about my mortgage when you’ve got me out of the blue and you’ve surprised me.”
This is where a simple text message may be the better option. This allows the borrower to reply in their own time at their own pace and not have it disrupt their day.
Back reinforced the importance of communication that is beneficial to both broker and borrower.
Still, brokers want to make an effort to connect with clients.
“You want to be familiar with your clients beyond an acquaintance. At the heart of what we do, we’re advisors. Our job is to be at the centre of their decision-making process of the important things,” Back said.
“We want them to enjoy being around us and talking to us about this sort of stuff. So little things like that make it easy. Don’t surprise your clients. Make a real clear if you are going to email, a text, then phone or make appointments. Be really clear on what you want to talk about as well. Send them an agenda. Could just be two or three lines.”
Importantly, when dealing with borrowers, it’s important to not get too technical. What Back calls “pitching the gap” refers to getting into the hearts and minds of clients and figuring out what it is they need in a product.
Hurling options and jargon at them can become tiresome and confusing. Connecting on a level of what they desire can keep them satisfied and engaged.
“If what you want to sell to me is early retirement, kids in private school, being able to go on an annual holiday overseas, paying the mortgage off sooner to release the lifestyle that I’m looking for, what we generally pitch is offset account and redraw facilities and interest rates, which is totally understandable.
“But if you link this back to a debt structure that’s linked to a strategy, that’s what I’d be pitching. So, pitch the gap, don’t pitch to the low-hanging fruit,” Back said.
“A good loan or a loan with a good rate or a good structure will come out of a great conversation if it’s appropriate. So, what they’re really coming to you for is advice. And this is where I’m seeing the differentiation in the market right now. Those that are really got clear opinions, those that can differentiate what’s happening in the market from the competitors clearly and succinctly in a way that works for their clients are the ones that are getting really sticky client bases and they’re the ones whose clients talk about them in haikus.”
Back said that humans generally aren’t a fan of change, which can affect them in various ways. It’s up to brokers to work through the change and support clients in uncertain times.
The transcript of this podcast episode was slightly edited for publishing purposes. To listen to the full episode of Business Accelerator, click here.
