700,000 fixed rate mortgages maturing in 2021. Shaun Almond Managing Director
During the first half of the year, the stamp duty holiday has focused many adviser’s attention firmly on the purchase market. However, it’s important to not take your attention away from your existing clients. There is an even greater opportunity for remortgage business. According to Legal and General Mortgage Club, there are 700,000 fixed rate mortgages due to mature in 2021, totalling £242billion and due to peak in the second half of the year.
1. Regular client communication helps build your relationship It’s important to keep in regular and consistent contact with your clients with high quality content. It can be years before your client’s mortgage or protection policy needs reviewing and you need to be able to maintain your client’s attention throughout. Signing up to HLPartnership’s monthly client e-newsletter can help you to do just that. The service is fully managed, personalised and branded to your business and the open rates exceed the industry average.
2.Check in points and catch ups Integrate check ins and reviews as a part of your after sales service. It helps to build rapport with your client, understand changing circumstances and improves the level of service that you offer your client. All of which, result in increasing customer satisfaction and when applied on a consistent basis, improve your customer retention rates. If you haven’t done so already, check in with your existing clients to catch up.
The question now is, how are you communicating with your existing clients? It is no surprise that increasing your customer retention will boost your profits and help you to provide the best service to your clients. As we move through the year, it could be an important exercise to work out what percentage of clients that you retain.
3.Using your CRM effectively
If you’re customer retention rate is looking a little poor, there are a number of tactics that you can employ to improve your retention rate.
Remember, it can be more cost effective to retain existing clients than it is to attract new ones. Investing time and effort into your existing clients will reward you in the end.
As a member of the network, you enjoy the benefits that a mortgage specific CRM system provides. By inputting the correct data, you will have access to all the review dates and a campaign management system that you can use to contact them.
“The question now is, how are you communicating with your existing clients?” 32
