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Jessica Darnbrough
Brokers who want to grow their market share need to establish better relationships with real estate agents and their clients, CENTURY 21’s chairman Charles Tarbey has claimed.
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According to Mr Tarbey, real estate agents are on the frontline of selling real estate, as such, this is where a broker’s best and immediate leads are most likely to come from.
Once you have established good relationships with key estate agents, Mr Tarbey said brokers then need to concentrate on maintaining their relationships with prospective clients who are not immediately ready to make a purchasing decision.
“It is often the case that truly successful mortgage brokers with sound businesses are in fact writing loans for property buyers that they initially came across six months ago,” he said.
“When given leads that don’t amount to anything today, instead of disregarding these contacts, a broker’s job then becomes about understanding the nurturing process.
“While the majority of mortgage professionals will try to write completely new loans on a daily basis, this rarely leads to sustainable success and business growth. Instead, if brokers can understand the need to both chase new leads daily, as well as to have an underlying current of lead development, they will be in a much better position to achieve impressive results.”
According to Mr Tarbey, a common misconception in both the mortgage broking and real estate professions is that the mere step of sending out a brochure or mass email every now and then constitutes the effective nurture of leads, and that a client base will treat these actions as though the broker is regularly staying in touch with them.
“To combat this, many brokers need to change their approach and understand that lead development is instead about a communication process that from time to time requires a voice to voice, face to face, belly to belly conversation,” he said.
“There are many brokers who particularly excel at lead nurture and as a result, are very successful at what they do; these are the individuals who take an ‘outside the box’ approach and present potential clients with a valuable reason to stay in touch, as opposed to simply sending a generic email here and there.
“The best brokers are not those that are the flashiest, best dressed, nor the ones who give the smoothest presentations; they are the professionals who take the time to actually call people back, or politely follow up with clients whom they have been speaking to over an extended period of time. It is thus my firm belief that mortgage brokers (and in fact their colleagues in the real estate industry) who dedicate sufficient time and resources to nurturing potential leads will enjoy sustained business success – regardless of market conditions.”
