The traditional customers for many brokers are fewer than ever before.
Paul Hunt is a marketing consultant
Last week social media was filled with pictures of bouquets of roses, cards and #hashtag love and it made me think about how such traditions take hold and how certain ones fade, as others take precedence (Bonfire Night and Halloween for example).
This clearly has parallels in business too and how customer behaviour and attitudes/habits change will have a direct impact on mortgage brokers and the sector as a whole. The shocking statistics released at the end of last week showed in 1995-96, 65% of middle income earners owned a home, but just 27% do in 2015-16, with the biggest drop in south-east England.
This aligned with increased barriers for private investors to invest in residential property, means that the traditional customers for many brokers are fewer than ever before and those brokers reliant on leads from estate agencies could expect even harder times.
Never before have existing customers been more important and I know I have commented on this before, but brokers must seek to urgently improve how they manage and maintain contact.
It's time to invest in urgently building customer contact strategies to retain as much of your existing customer base as you can, this could be your lifeline and so can you afford to just let them drift away?
In 2018, you will undoubtedly see many roadshows, events and news about tech providers helping brokers in this space and I recommend that you investigate your options before it's too late
