Brokers should aim for “round-the-clock” efficiency and return a client’s call within two hours, advises a Sydney-based broker, who has outlined how broking is increasingly becoming a 24/7 profession.
Speaking to The Adviser’s Elite Broker podcast, Shore Financial senior credit adviser Fane Levy said easy access to the internet and devices means brokers must be accessible to clients at any time of the day in order to retain clients.
“I think customer service is the absolute foundation of any business, but especially in broking because any broker can write the same loan and get the same rates,” Mr Levy said.
“However, it’s about that round-the-clock efficiency and effectiveness, which would make it more beneficial and suitable to the clients. If you don’t get back to your clients within, say, two hours, they’re already either talking to their bank or talking to another broker,” he warned.
“You want to make sure that you can help them purchase their next property or upsize in the future, so presenting detailed options but in a way that they can understand it,” he said.
“If they need to speak after hours, make the time to speak after hours.”
Mr Levy also highlighted the importance of maintaining contact with clients in the post-settlement period of a home loan, adding that he conducts client check-ins every three to six months.
“That’s definitely one of the most important parts. The last thing you want is for a client to think [you have] been great along the way, [but after the home loan has] just settled and you don’t hear from him [again]. That’s terrible customer service,” Mr Levy said.
The Shore Finance broker added that, in order to keep up with the round-the-clock demands of broking, he has outsourced this function offshore, where a dedicated staff member handles the post-settlement period for a client.
The staff member contacts the client through email to provide any relevant updates, including movements in interest rates from the Reserve Bank of Australia (RBA) and options to change home loan arrangements.
Advice to new entrants
When asked for his top tips for new brokers, Mr Levy said new brokers entering the field should increase their referral network by attempting to meet a new referrer frequently – either once a week, fortnight or month.
“Go out, meet agents, meet accountants, meet solicitors, doctors. Also nurture your relationships with the banks themselves,” Mr Levy proferred.
“I basically like to position a lot of my loans with the banks that give me the best support, knowing that if I speak to my BDM (business development manager) or the credit manager there, and they say a deal looks good, I can feed it through with confidence.”
To hear more from Fane Levy, tune in to this week's epsiode of The Adviser’s Elite Broker podcast.
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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