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A new report by Macquarie Bank has found mortgage brokers are increasingly leveraging social media to generate leads, market their business and build referral relationships.
The third Macquarie Mortgage Benchmarking Report found that while social media use within the industry is still relatively new, an increasing number of mortgage brokers are using it for referrals.
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The report also found that early adopters of social media are experiencing higher revenues, increased profits and greater productivity.
Doug Lee, Macquarie Bank’s head of sales and distribution for intermediaries, said although referrals remain the number one source of new business, more brokerages are using social media to leverage new opportunities for marketing, lead generation and brand promotion – resulting in increased revenues.
“Three-quarters of brokers (76 per cent) now use at least one social media channel, however only one in five (19 per cent) use Facebook, LinkedIn and Twitter,” he said.
“The research revealed businesses that effectively embrace multiple social media platforms significantly outperform other firms within the industry, with revenue growth at least 20 per cent higher.”
According to the report, 88 per cent of brokers under 30 use social media for referrals, while almost 70 per cent of brokers aged over 50 are also actively using social media.
Mr Lee said social media is an important tool for brokers to help them build scale and maintain high-quality client relationships.
“Social media allows mortgage brokers to connect directly with clients by sharing insights, expertise and personalised content,” he said.
“It also allows them to promote additional services to existing clients and offer a greater range of services, creating a virtuous circle of communication and diversification.
“Businesses that use social media tend to leverage a wider range of referral relationships more effectively, helping to generate leads from multiple sources, such as accountants, financial planners and the internet.”
[Related: Social media underrated, says broker panel]
