If you’ve struck out into broking for yourself or are new to the profession, you may be wondering how to get your foot in the door to grow your business. A lot of the bigger banks and lenders might wave you away due to a lack of clientele or presence in the marketplace.
Though this is a common experience for a lot of brokers, there are ways to grow your brokerage without spending too much time, money, or effort that could be spent on servicing the clients you already have. Here are some tips for growing your broker business in 2022.
Leverage your networks
You know that guy you see on LinkedIn over and over and over? That guy may be rather annoying, but it does signal he’s persistent. You need to leverage your existing networks for referrals and leads. Expanding your network by using LinkedIn and connecting with other professionals. Their Sales Navigator platform allows you to do all that with special tools to find prospects and clients who might just need your financial services. Now with COVID largely over, ramp up your in-person networking too – you need to be that annoying guy!
Get on board with an aggregator
This is effectively growth hacking for broking streamlined into one package – you can make use of a mortgage aggregator service to really supercharge your broking firm’s growth. Aggregation gives you access to a “virtual” lending panel – a lending panel comprised of major banks and lenders that you yourself don’t have to chase up or jump through regulatory hoops to use. Many aggregators also include insurance providers, which you can leverage as a value-added service (more on that later.) Aggregators usually conduct compliance and regulatory professional development so you can ensure you’re meeting your obligations. Aggregators can also streamline the client-side application process, which means you can handle more clients more often.
Add value where others don’t
You might be a broker but you also need to pivot into value-added services to entice customers away from faceless banks and “one size fits all lenders.” Offer all-in-one mortgage solutions such as comparing energy providers and removalists as part of your mortgage lending suite. That means their moving day is sorted with electricity, gas, and internet available when they’re settled in – and they also get a good deal on removalists. Recommendations are sure to follow!
You can also offer insurance as part of an upsell package. Add loan calculators, blogs with handy tips, affiliate services, and even a car buying service that offers end-to-end buying, finance, and delivery with fleet discounts. Having good content on your site is not only a value-add, but also helps your digital marketing by enhancing your Search Engine Optimisation.
You can stand out from the crowd by adding value to customers while using it as an additional revenue source.
The information contained in this article is general in nature and not a substitute for professional broking advice.