LinkedIn is fast becoming to a broker what a Magnum 44 was to Dirty Harry.
But will it make your day? It's a topical subject, and whilst many brokers all have different ways of using this increasingly popular weapon, is there a danger it will backfire?
Described as a "social networking website for people in professional occupations" it's merits are abundantly clear.
It can be used as a client management system, keeping you updated with your clients movements and contact details, notifying you each time they move employers.
It can be used as a platform for obtaining referrals from satisfied clients who can give testimony to the work you have done for them.
It can even be used by clients trying to "track down" their broker who placed them on that steal of a deal at 0.49% above base seven years ago!
It is the ultimate tool
Unfortunately, it is also the ultimate tool for spam.
As more and more brokers take to the networking site, so too do the spammers.
Your inbox can ultimately end up crammed with people wanting to "increase your income", people that have the perfect job for you (in Texas!!) and those that want to reduce your clients utility bills by 17p per month and you must get in touch with TODAY!
In extreme circumstances, it has even been used as a search tool to find an unassuming broker that was ultimately exposed in a case of mortgage fraud, through an introducer of business that targeted them via LinkedIn.
The lesson here, is to be careful and be selective.
LinkedIn has many great features.
It allows you to see who has been looking at your profile.
Who has been checking you out and why?
It clearly shows the connections you have and also the connections they may have. It outlines contact methods, websites, numbers and also gives a bio on that connection.
One of its greatest tools is its ability to accept or decline their invite to link in.
If you know nothing on a new contact, do your due diligence. If someone wants to introduce business, remember the FCAs stance and ensure you have checked them out thoroughly and that they have signed a formal mortgage introducers agreement. This offers you more protection.
A recent discussion between brokers highlighted that some will not accept other brokers as a connection, others use it to form groups and chat forums FOR brokers to help troubleshoot problematic cases.
Whatever your use, this modern day client management tool can help you keep in touch with your client bank, can help generate referrals and can be used as a business networking tool. Whilst it does have some issues, you can control this by being selective and using its features to your advantage.
I know what you're thinking.
"Did he say it's good or bad?!"
Well, to tell you the truth, in all this excitement, I kind of lost track myself.
But being as this is a professional business networking tool, the most powerful tool in the business world, and would blow your business to the next level, you've got to ask yourself one question and one question alone.
Do I feel lucky?
Well, do ya, punk?
