Reap the rewards of repeat business – Gosai
Client relationships are the cornerstone of every broker’s business, and during times of economic uncertainty, maintaining those relationships is absolutely paramount.
Brokers invest a great deal of time and resources in establishing their client book and work hard to lay the foundations for what has the potential to be a lifelong relationship that will span many decades.
Safeguarding these relationships is therefore a priority, yet in tougher market conditions and during periods of greater economic uncertainty, placing mortgage business can certainly prove more challenging.
This is especially true in the current economic climate, where higher interest rates mean a standard and seemingly straightforward client may no longer meet the requirements of mainstream mortgage lenders.
In some cases, it may be that the client needs specialist mortgage advice to close the deal because they are facing increased affordability challenges in the current market. Or perhaps the client needs a short-term financing solution such as a bridging loan to help them navigate a chain break in a slow-moving market.
Whatever the reason, for brokers unfamiliar with this area of the mortgage market, this can prove to be both extremely frustrating and daunting, as the lack of familiarity and understanding of the specialist mortgage market means some brokers may not know where to start when it comes to placing this type of business.
It is here that specialist master brokers and distributors such as Norton Brokers Services can help by advising the client on their specialist borrowing options while ensuring the broker is rewarded financially for the referral.
Referring broker is always kept in the loop
One of the many misconceptions we encounter when dealing with referring brokers for the first time is that the client is no longer theirs once they come under the Norton umbrella of advice.
Although it may be true that Norton becomes responsible for conducting due diligence and advising the client on their mortgage options, the referring broker is always kept in the loop regarding any repeat business and is remunerated accordingly.
This is an ongoing arrangement in all repeat business cases, even if the client bypasses the introducing broker and contacts Norton directly again at a later date. Therefore, if a client repeatedly returns to Norton during the course of their lifetime, the introducing broker will also continue to receive a regular but passive revenue stream during this time too.
This is a win-win situation for the referring broker, as all the work is carried out by Norton, but they are paid for any repeat business while simultaneously staying free to focus on helping other clients and growing their existing client book.
Norton prides itself on its client retention record and regularly deals with many longstanding and repeat clients that were initially referred by an introducing broker. This is a key indicator of customer satisfaction and business success, and it is therefore only right that we share this success with those brokers who initially referred the clients.
By keeping brokers in the loop and paying them the commission they rightly deserve, Norton Broker Services is showing that it is fully committed to the intermediary mortgage market and acknowledges the importance of these brokers in helping to grow the business.
If you are a broker with a client in need of specialist advice, referring them to Norton will not only ensure their needs are met, it will also stand you in good stead for a passive income from any repeat business that occurs in the future.
