Advisers share their top tips for boosting income
In what continues to be an unsettled economy and therefore a difficult mortgage market, making money remains an ongoing yet necessary challenge. Everyone has their own ideas of how best to maximise income, it seems, and no two brokers will approach it in exactly the same way.
With mortgage rates still fluctuating, UK inflation remaining stubbornly high, and the Bank of England’s base rate not coming down quite as quickly as the industry perhaps hoped, it’s still a tough industry in which to do business. So, what are the best ways to generate income, according to mortgage brokers?
“You need to be as reactive as you can, as quickly as you can,” declared Graham Lock (pictured left), adviser at Lock and Key Mortgages. “People's lives are busy. In an environment where people lose interest in an Instagram reel after six seconds, the tolerance for customers waiting is getting smaller and smaller. So from the money making perspective, it is about how you handle enquiries quickly, efficiently and easily. If you promise something, do what you say you're going to do, on time. Naturally, that will give the customer confidence in you and keep them coming back. Repeat customers are where brokers can really make some good wins.”
Saam Lowni (second from left), founder and managing director at Merryoaks Finance, sees the commercial benefit of true expertise. “Know your product, spend time researching, knowing it inside out,” Lowni said. “Know your client. The better that you are at that, the more you become an authority in the space, and you can have confidence in dealing with any situation that's thrown at you.”
Authenticity is key for Amar Dhanota (second from right), co-founder and specialist adviser at London-FS – and don’t over focus on money. “Be genuine and be transparent, and the money will come,” Dhanota said. “I try not to look at a monetary value of a case, I look at my quality of service. If you are yourself and you come across as being a genuine person, you don't have to worry about money coming in, because people will want to do business with you.”
The specialist market may seem niche to some, but that’s where the greatest financial rewards can be found, according to Sam Hutchins (pictured right), from Blueberry Specialist Lending.
“There's nothing wrong with just being a broker, doing straight forward residential, vanilla cases,” Hutchins said, “but specialist pays well because it's a lot more challenging and it's a lot more rewarding. You can charge a premium for your services, if you're very knowledgeable in a certain area, such as commercial mortgages, and large development loans. You can charge a premium because you're one of the few people doing it. So I think in terms of money making, if you want to be a broker, get into the specialist market.”
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Maintain contact with your clients
For Oscar Goulding, adviser at Home Me Mortgages, maintaining contact with clients after your initial business with them will also maintain income. “Always follow up,” Goulding said. “People appreciate when you've got a good relationship with them. People appreciate the need to check in every six months or a year to give them an update on interest rates or to have a discussion as to where the market might be, or just to check in and make sure everything is okay. Your relationship with people goes beyond a transaction. Checking in, giving those updates and providing that added value over time is critical.”
Insurance products are a popular way of boosting income among brokers, of course - Sam Mason, managing director of The Mortgage & Protection Hub, believes brokers should become experts in selling protection. “If all you're focused on is on mortgages, you're really leaving a lot of money on the table there, in terms of the opportunity and the scope for selling protection,” Mason noted. “If your clients are protected, then you've done everything you can to give them the best possible service, whilst also potentially doubling your income.”
Broker Emily Franks, director of Emily’s Mortgage Services agrees. “Don't forget protection,” she urged. “We have a duty of care to make sure our clients are fully protected, but let's face it, sometimes it pays more than the mortgage, so always have a conversation about protection. It's our job and it pays well. Why wouldn't you?”
Benjamin Perks, managing director of Orchard Financial Advisers, acknowledges the challenges the current marketplace presents for brokers, but offers a very simple solution.
“Making money is difficult, especially in the current economy,” he said. “Work hard - I don't think there's any secret. You can try as many different things and as many life hacks as you want to, but I think at the end of the day the people that work the hardest will get the biggest reward.”
