Two of Australia's best young brokers have revealed how a popular social media app has increased their referrals and grown their business.
WeChat is a social networking app for mobile devices that lets users communicate through text and voice messaging and share photos, videos and documents.
The app also allows users to exchange contact details and translate messages.
Alliance Mortgage Solutions director Eric Cui, who was named The Adviser's Young Broker of the Year for 2013/2014, said he uses WeChat to generate referrals and provide potential and existing clients with real-time updates on his products and services.
"Nearly 80 per cent of our clients use WeChat to look for updates to product promotions and market information," he said.
"Many of our existing clients will send our contact details to friends, relatives and business partners via WeChat."
Mr Cui said WeChat is similar to Facebook and WhatsApp, and is very popular with the local and overseas Chinese community.
"WeChat is a great media tool for SMEs, and most SMEs in China use WeChat as their communication platform with their local clients and foreign investors in Australia," he said.
LMW Wholesale Finance broker Darren Liu, who was ranked 21st in the Young Broker of the Year rankings, said WeChat helps him work more efficiently with clients as well as fostering future customers.
"We can create groups with people involved in the same case. For example, we can add the client's solicitor and real estate agent to the group so that all parties can stay informed with the process and any changes that may occur," he said.
"WeChat gives me the opportunity to keep in touch with clients without contacting them directly, and our updates on bank policies and products keep them informed so they can come to me for a loan at the right time."
Mr Liu said he is noticing an increasing number of brokers, property developers and real estate agents are using WeChat to attract more business, particularly Chinese investors.
"We can see that more and more brokers from the older generations are starting to use WeChat," he said. "It's not only for young brokers."
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