The brokers who work smart spend most of their time with two types of customers: repeat customers returning for more financing and referrals. This client base is the sign of a successful brokerage, ensuring that a broker has a steady stream of deals. Establishing these connections can require a large investment, but doing so is essential for growing your brokerage.
How to do it
Clients need to be seen as more than just a business asset. Nobody likes to be seen as just a job. Showing clients that they are as important as each member of your team helps them feel recognized, and ensures that they want to continue doing business with the brokerage. No matter the size of the potential deal or business, making sure that a client feels respected is essential to keeping clients and earning their referrals.
There are several ways to go about establishing this connection. Making sure to keep in touch regularly is one of the easiest. Providing them with updates throughout their funding process, and making sure that they are connected at each step in the path, makes them feel like they are respected and a part of the process.
However, this is not the only form of communication that a broker can maintain with their clients. Sending emails or calling whenever the opportunity is available furthers those connections. Whenever a major life event occurs, like a graduation, birth, or holiday it is important that the broker connects with their clients. This helps them feel like this is more than a business relationship, but a true connection between equals.
The final way to communicate is through a newsletter. A semi-monthly newsletter allows a broker to help and educate their clients, while also proving expertise. It also gives the client the ability to get a sense of their broker’s specialization and learn more about financial loans.
It’s also possible to provide benefits beyond the financial. If a client feels they are getting something out of the partnership beyond just money or knowledge they will feel more inclined to view the broker as more than just a useful path to a bank, and more as a valuable asset to share.
How to go above and beyond for a client
A broker who provides more than just financial aid to their clients is one who goes above and beyond. Providing networking opportunities, like meet and greets or happy hours gives clients the ability to establish new connections to grow their business. This allows them to find value in not only the financial resources a broker provides but also in the expansion of their network.
This allows the broker to expand their network as well. Not only does it strengthen client ties, but networking sponsored by the broker can open them up to new potential clients. Going above and beyond is about more than just giving the clients opportunities, it is about establishing a reason why the broker is the best at what they do.
As an example of our networking events in Denver, check out http://COINDenver.com. We also help students to put on local events just like this in their own city.
Why it makes sense
There are several reasons maintaining a relationship is so important. The most significant is that clients are more likely to do business where they feel comfortable. Nobody likes talking about money, and if all conversations focus on lending fees then clients can feel like nothing more than ATMs. When your clients feel comfortable, they will be more willing to work through the challenging financing issues together.
The next major reason to maintain a relationship is so that the client feels like they continue to get something out of the relationship. A broker is not a business manager, but providing a benefit beyond just financing helps clients feel like they are learning and growing.
The final benefit is that the broker builds connections with their clients. These don’t necessarily have to be friendships (although it never hurts to have more of those). But current clients can help you find new clients, can bring in business, and may return for future financing needs. This is easier, and much less awkward than continually hunting and fishing for leads.
There’s more to being a successful broker. Understanding how to interact with your clients can make the job easier and can help close better deals.