Taking out a mortgage is the biggest financial commitment anyone can make. It requires a lot of trust between the borrower and the lender, good communication, negotiations and hard work. Once the borrower trusts you it is then vital to retain their business as gaining new business in this competitive industry can be very difficult.
With new technologies, challenges and competitors from every angle it can be hard to keep up. So, how do you stand out from the crowd as a mortgage lender in a highly competitive market?
1. Build a solid relationship
The key to differentiating yourself from other mortgage lenders is to build a solid relationship with clients and be a fantastic communicator. With something as important as a mortgage, customers like to be updated on the status of it at all times. It can be a stressful time for the borrower so it’s important to keep them in the loop and make the process as clear and simple as possible.
By building a strong relationship worth the client, not only will you understand their wants and needs more, but you’ll also be making them feel like a valued customer. They’ll be far more likely to use your services again in the future and recommend you to others. It’s also a great way to build a good reputation, which is crucial in the property industry.
2. Provide a platform that adds value
Providing a platform that allows customers to have access to all the information they need about their mortgage process, as well as reward them with exclusive discounts and offers for their loyalty will really help to ensure that your company stands out from the rest.
Our unique loyalty platform is white labelled and can be designed to suit your brand. This platform will not only keep users engaged and boost retention, but it’ll also allow you to showcase your products and win new business. Clients will be able to see and experience the benefits of using you as a mortgage lender above others.
3. Personalise products and services
Offering personalised products and services to your customers, rather than a one-size-fits-all, by using comprehensive data analysis will ensure you’re always sending customer products they have a genuine interest in. If you’re bombarding customers with every product and service that may not be relevant to the specific person, you risk them switching off and unsubscribing.
Having a platform, such as our loyalty platform, which includes data analysis will be able to provide targeted discounts and benefits as well as open up new selling opportunities and keeping you informed on customer behaviour.
4. Offer exceptional customer service
One of the easiest and most effective ways to stand out from competitors is simply to offer exceptional customer service. With many mortgage lenders focusing purely on the job at hand rather than the customers themselves, they can come across as too methodical and cold.
Going above and beyond and thinking outside of the box to find the best mortgage for your customers will show customers that you genuinely care which, in turn, will boost your reputation in the industry and potentially generate new leads.
Take a look at the unique local offers and financial services we can offer with our loyalty platform to help you retain and maintain clients.
For more information please feel free to get in touch and book a demo for our loyalty platform.