More than 70 per cent of all brokers cross-sell other products when offering residential mortgages, a new broker poll has revealed.
According to Mortgage Business’ latest straw poll, of the 300 brokers surveyed 210 cross-sell whereas 90 do not.
Joel De Shannon from Australian Independent Investment Solutions (AIIS) advocates the strong business case for cross-selling, saying he offers his clients insurance with every mortgage written.
“At AIIS we are trying to provide holistic advice and become a bit of a one-stop-shop to our customers,” Mr De Shannon told Mortgage Business.
“I find clients get more value out of your services if you can offer them more than a residential mortgage.”
According to Mr De Shannon, cross-selling has added value to his clients and his hip pocket.
“While you will see a return on your investment, I think brokers need to branch into cross-selling as a way to add value to their clients rather than their own income,” he said.
Phillip Edwards from Australian Mortgage Brokers is another broker who sees benefit in cross-selling.
“If you can offer more than transactional, residential mortgage broking, you will make your clients stickier and help keep them loyal to your business,” he told Mortgage Business.