Who Owns the Client Relationship – Broker or Lender?

In the mortgage industry it is a common and contentious issue as far as who owns the client relationship. Brokers work very hard to generate business, absorbing the cost of acquisition and such, but once the deal is done, who owns that client relationship? While some lenders have checks and balances in place to cultivate broker relationships and support their ownership of the client, others don’t and see the client as fair game after the initial deal is funded. Is there a definitive answer to this question? We put that to you. 

In the absence of a broker and lender coming to an agreement regarding who owns the client, the best way for you ensure that your client remains your client after the initial deal is to invest in that relationship. Here is a short list of things that you can do to increase the likelihood that you will retain your client as a lifelong relationship. 

1.      Seek client feedback. After completing a deal with a client consider asking them for feedback on their experience with you. Online tools like Survey Monkey make this far easier and more comfortable for the client. An important question to always ask clients is, on a scale of 1-10, how likely would they be to recommend you to a friend or family member? 1-6 being unlikely, 7 and 8 somewhat likely, 9 and 10 extremely likely. The more 9s and 10s you have, the more likely your client is to not just be a customer but to actually be a promoter of your service. Also, if a client provides negative feedback, ask them what you could have done differently to learn what may have worked better for them.

2.      Listen to your client. When we say listen to your client, really listen to them – not just their words but also their tone and manner. This is huge. When listening to them, repeat back to them what they asked you as part of your answer to ensure that you really understand what they are asking you.

3.      Action feedback. You may not be able to action all feedback, since, as a broker, you are largely dependent on 3^rd parties and the levels of service they provide (like lawyers, appraisers and lenders), but actioning the feedback that you are able to action goes a really long way and shows your customers that you care what they think.

4.      Leverage new ways to communicate and stay connected. While it is a long standing tool to remember things like your clients’ birthdays and anniversaries – the old snail mail isn’t really as effective in today’s fast moving world of technology. Leveraging social sites like Facebook is a great way to be connected to your client and have a constant portal to reach out to them.

5.      Be consistent. The only way to establish recognition is consistency. Come up with something that you can release consistently: a monthly newsletter, monthly tips or even ramp up the frequency to weekly if you have the resources to do so. This will ensure that your client always remembers you are there.

6.      Give and take. Relationships are a two-way street. Do not use the privilege of being connected to them to spam them with sales materials and current rates. Remember that you want to be viewed as a trusted advisor, not a rate shopper. This means striking the balance between being a solutionist and providing content that solves problems and also promoting new products and services. 

Owning the customer relationship means building loyalty and trust. Once loyalty is established ownership becomes much less of an issue because your clients will prefer you as opposed to being forced to deal with you.

For more information about how you can build loyalty and trust to effectively obtain ownership of your clients please visit www.purview.ca/brokers or call 1-855-787-8439.