'Win them on rate, lose them on rate'

“It’s fair to say that interest rates are at an all-time low and have never before been as good as they currently are,” Mr Burger said.

“However, with rates this good the old saying ‘Win them on rate, lose them on rate’ is more prevalent than ever. 

“As brokers, if we don’t put our processes and customer service front and centre, we risk getting swept up in the excitement that record-low interest rates creates, which could potentially lead to us losing more than we gain.

“I am a big believer that a successful process which focuses on customer satisfaction will always trump low interest rates. It’s no secret that great relationships create client longevity and commitment to your business,” he said.

Mr Burger said a great rate should be the “icing on the cake” rather than the sole reason a client deals with a broker.

He believed that rates would remain low for some time and brokers – who used rate levers as their only selling point – weren’t offering customers anything they couldn’t get anywhere else.

“Giving a client a great rate is just one piece of the puzzle,” he said. “Giving them confidence from lodgement right through to settlement is what defines a business.

“The professionalism and capacity of a brokering business will, at the end of the day, be the reason clients refer their friends, family and colleagues to you.

“Great rates will come and go but it’s our processes and customer service that will differentiate our businesses from one another and allow us to build relationships with the true clients for life,” Mr Burger said.

[Related: 5 things brokers can do to impress and keep clients]