In the third part of our TrustedAdvisor Series we want to expand upon what it means to forge long term
relationships with your clients. How do you demonstrate to clients that you
want to be their trusted advisor for life?
A lot of this has to do with not
looking at your client as a single transaction but as a series of transactions
over time. When a client is looking for financing, simply securing the
financing for them at a rate that is acceptable to them is not forging a long
term relationship.
Long term plans mean long term relationships.
What you can learn from your client?
Ask your client about their short and long term financial goals. This
information could change the term and amortization you recommend to your
client. Look at your client’s other debts and discuss with them their plans to
become debt free in the future. Look at your client’s goals and dreams – what
do they want in life: a cottage, to renovate their home, to pay their child’s
way through college? Perhaps their goal is to pay off their mortgage as soon as
possible so they want to explore ways to leverage accelerated amortizations and
pre-payment privileges.
Learning everything there is to know
about your client positions you to sculpt their mortgage to open up at the
right time. You can also look at other complimentary financial products that
they may qualify for now or in the future after taking your financial advice.
Notes, notes, notes – documenting what
your client tells you about their financial goals enables you to know them on a
personal level and have those details top of mind when the time comes to reach
out to them.
As important as it is to track your
mortgage renewals, it is equally important to do an annual or even semi-annual
(if you work in major centres like Toronto and Vancouver) review of your past
mortgages. You could run an automated valuation model (AVM) to identify points
in time when your client may take advantage of new equity to go after some of
the financial objectives they shared with you.
Timing is everything when it comes to
long term planning. As a rule of thumb, timing your client’s second mortgage
renewals to coincide with their first mortgage renewals pretty much guarantees
you that if you do an excellent job, you should have them again to refinance
their first and second into one mortgage later. When the time comes to help the
client with that second deal, you can review your notes from the previous one
and review an AVM to see if there is new equity to help the client not just
combine their mortgages, but pay off debt or finance big ticket purchases at
the same time.
Being a trusted advisor means caring
about more than just the deal you are funding at the moment and the client’s
value long term. Long term relationships mean big revenue and success to the
brokers who see this and adapt accordingly.
Establish a long term plan for long
term relationships with Purview For Mortgage Brokers – this tool makes it
simple. Contact us today at 1.855.787.8439.
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