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The major brokerage has recorded a quarterly surge in its brokers’ usage of automated communications in 2021, it said.
Loan Market has recorded an 11 per cent quarterly increase in brokers using automated communications in 2021, in what it said was a bid to retain relationships in an “ultra-competitive” real estate market.
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It added that its brokers had issued more than 89,000 content-driven email pieces through its automated marketing solution, Nurture (launched in 2019), up until March 2021, and said that it has so far saved brokers an average of 16 hours per month in time spent creating messages suited to clients’ situation (whether they are first home buyers or wish to refinance).
The major brokerage also said that its affiliate and real estate network Ray White hosted 750 auctions during the weekend of 27-28 March, with 86.0 per cent of properties selling under the hammer, which Loan Market said was a record for the real estate group.
According to Loan Market executive director Andrea McNaughton, the rising competition among buyers is increasing the number of pre-approved borrowers who are taking longer to purchase property.
She also said that with enquiries rising for brokers amid a spike in activity in the housing market, “maintaining relationships is time-consuming”.
“Every enquiry has the potential to be a lifelong relationship. But with auction turnouts swelling and clearance rates nudging 80 per cent, more brokers have customers who are taking longer to proceed to settlement,” she said.
“Loan Market’s pre-approval volume in the December quarter was 42 per cent higher than the same period in 2020; no broker wants these relationships to slip through the cracks.
“Sending tailored content to customers that appeals to their financial situation – first home buying, investing, upgrading and refinancing – can take brokers up to five minutes per email, according to Loan Market. Through Nurture, our brokers are saving time by maintaining important connections with automated content that educates and helps the client in their journey.”
She added that the major brokerage’s brokers can also service new enquiries as they receive them.
“There are some brokers in the network who have won back the equivalent of a week’s worth of time by using Nurture’s smart automation solution,” she said.
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