The key to building a good business is about the relationships you create. The relationship comes first, your income comes second, it’s a matter of cause and effect. You could be selling the world’s lowest home loan, which anyone would go for right? Wrong. If the client doesn’t trust you then it doesn’t matter what you’re selling, they’re not going to buy it.
When it comes to selling any product, it’s not about the product itself, it’s about how you sell it. People want to relate to and build a personal connection with something, to do this they need to form a level of trust.
An example of this can be something trivial like a consumer choosing a box of cereal because they recognise the brand, or buying a particular type of milk because they have had it before and know what to expect.
When we take a trivial decision and compare it to highly significant one, like someone looking to buy a house, there is one thing they have in common; people like to invest in things that have earned their trust, rather than trying something new that they are unsure about.
The same purchasing behaviour applies for people buying loan packages, although the difference is the amount of emphasis placed upon the importance of trust. Taking out a loan may be the single most important decision a person ever has to make, so they want to be confident that they are making the right decisions.
The key to broker success
Everyone wants to know the key to success, but there is no definitive answer. There isn’t one single factor that will make you successful, rather a conglomeration of actions.
As a broker your number one goal should be to build a strong long standing relationship with your client. The steps you need to take should include; building trust, personalising communication, and consistently delivering quality services.
Trust is an essential component to any long-term relationship. To build trust you need to communicate effectively to understand your client’s expectations. In the situation where a client has unrealistic expectations, it’s imperative that you are upfront and honest in order to come to a mutual agreement. If you promise the world and it’s unachievable, the only one that is going to look bad is you, and your client’s trust will be lost.
Personalise your communication
Find that personal connection with your client. If you’re a numbers person and not so good with your communication skills, that’s ok here are some tips to help you. You can build rapport by sharing some of your own relevant personal experiences to find a common ground. Also, if the client was referred to you, use the referrer as a basis for conversation. Asking general questions about what they like about their area is also a good way to get to know your client and gauge what their values are.
If they have filled in a questionnaire prior to your meeting, read the questionnaire and use this knowledge to relate and form meaningful conversations. The fact that you have taken the time to read and remember what they wrote in a questionnaire shows your client that you are genuinely interested in getting to know them, and you are willing to spend your time on them. Once you gain some good insight, you can use this as a starting point for future interactions.
As a broker with a busy pipeline of clients, it’s easy to forget conversations you have had in the past. With that being said, don’t let that good work go to waste!
You should be keeping track of every conversation you have with your clients. The easiest way to do this is through a good CRM software platform.
Forgetting a conversation might not seem like a big deal to you, but it could be to your client. If they start doubting your attention to detail and your level of care, then it could result in the loss of that client.
Delivering quality services
Focus on delivering quality rather than short-term outcomes for your business. It is important to do everything you can to retain your clientele.
It’s imperative that you are consistent and provide the best service possible in every instance.
This includes everyday client interaction such as maintaining a good personal relationship, checking in regularly, ensuring you are always compliant and staying up to date with current industry news.
To ensure you are meeting your clients expectations you should regularly ask them for feedback and adapt your services to suit these. If a client experiences a positive business interaction with you then it’s highly likely they’ll return to you for their next one and tell their friends too!
The emergence of new technology and abundance of online services readily available to customers is a threat to the broking industry. The only thing a machine can’t do is build a strong personal relationship, so brokers need to be doing this to remain relevant.
KEY TAKEAWAY: Reframe your thinking; yes you are selling a product, but first and foremost you should be selling yourself. Employing the skills and techniques noted in this article, paired with a high-performing CRM system, should see you well on your way to creating a solid relationship with your client.