As a mortgage broker, sourcing new opportunities can be challenging. While assisting clients in securing a mortgage is an obvious revenue stream, untapped opportunities exist everywhere, especially within your existing database. In this blog post, we’ll explore how you can implement post-close client engagement strategies that drive additional revenue.
Key strategies for client engagement
The key to success is delivering on the promise you made to your clients from the start—providing ongoing, personalized homeownership advice.
Many mortgage brokers rely on automated birthday cards and monthly newsletters to stay top of mind. While these seem to be the easier approach, it will only get you so far. The challenge to provide genuine and personalized value on an ongoing basis is real.
Providing information to clients that are relevant and personalized to their home ownership will set you apart by a mile.
Finding opportunities
We’ve all heard about the upcoming renewal wave. And it is warranted – around $900-billion worth of Canadian mortgages are due to renew between 2024 and 2026.
However, waiting for renewals can often mean waiting too late. With lenders offering discounted rates, brokers find themselves losing nine out of ten renewal opportunities.
There's a pressing need to shift our perspective and identify opportunities well before the renewal wave hits. "If you're waiting to contact your clients at the time of renewal, it's too late," says Greg Williamson, Chief Revenue Officer of Lendesk. The key is to identify opportunities mid-cycle, well before it's time to renew those rates.
There are two universal truths in this business: the market will change, and your clients’ lives will change. You can’t anticipate all of the ways your clients’ lives will change or when they’ll change. Clients start families, upgrade homes, separate from partners, get new jobs and increase incomes. With all these changes, they aren’t waiting until the end of their term to think about their mortgage options.
Keeping an overarching view of your clients and recognizing their nuances is key to providing specific, ongoing value. This is where the rubber meets the road, and we have something to help.
Introducing Ownwell, a client engagement platform that helps mortgage pros deliver personalized homeownership reports containing valuable insights like estimated home price, estimated home equity and refinance potential.
Leverage powerful analytical tools
Imagine being able to inform your clients exactly when they can save on interest or boost their cash flow through refinancing. Imagine them knowing when their dream home becomes affordable thanks to their home's appreciation and their diligent saving.
As a client engagement platform, Ownwell analyzes your database and picks out the best opportunities for you. It ensures that the insights you receive are accurate and up-to-date, allowing you to make informed decisions and offer relevant advice to your clients. With this powerful tool, you can proactively inform your clients of their home value, how and when to save on interest, and more. Plus, it integrates well with and is complementary to the CRM system you're already using.
The takeaway
The mortgage industry is dynamic, with market conditions and client needs constantly evolving. As a mortgage professional, staying ahead means more than just closing deals; it’s about building long-term relationships by consistently delivering value. Keeping your clients informed about their home’s value, equity, and refinancing opportunities not only reinforces your role as their trusted advisor but also positions you as a proactive partner in their financial journey.
By leveraging tools like Ownwell, you can provide tailored insights that resonate with each client's unique circumstances. Imagine the impact of informing a client that their home’s appreciation has opened up new possibilities for them, or that a strategic refinance could significantly boost their cash flow. These are the kinds of personalized touchpoints that go beyond generic communications and truly set you apart in a crowded market.
Moreover, this approach ensures that when your clients have a mortgage need—whether it’s in six months or two years—they’ll think of you first. Your consistent, value-driven engagement fosters loyalty and trust, making you their go-to resource for all things homeownership.
Finmo is proud to be an exclusive partner of Ownwell, empowering mortgage professionals to harness the power of data-driven client engagement. By integrating Ownwell into your workflow, you not only enhance your ability to identify and act on opportunities but also elevate the overall client experience.
Don’t wait until the next renewal wave to engage your clients. Start now by signing up for Finmo and unlock the full potential of a digital mortgage process combined with the personalized insights of Ownwell. Together, they’ll transform the way you do business and drive your growth well beyond the close.
