Increasing your bottom line

 

We all know that as a mortgage broker, your income is derived in two main ways – upfront and trailing commissions.

It is then obvious that in order for you to increase your profits you need to not only attract new clients, but retain existing clients. 

In this ever competitive market you may also look at ways you can diversify your business to add to the opportunity to generate income – perhaps insurance options that are available to you, or deposit bonds to offer to your clients.

Marketing effectively is not only a matter of sending out a newsletter every quarter.  Each target area may require a different or multiple marketing strategies.

Target areas could be in the following areas:

·          Attract and convert new clients – word of mouth, networking, social media, web site, advertising etc.

·          Retain your existing client base – stay in touch, maintain a personal interest in your client.

·          Increase options to sell to clients – ensure clients are aware of additional products and services you can offer them.

·          Increase opportunity to re-sell to clients – stay in touch with your clients, conduct home loan evaluations regularly.

·          Increase transaction size – again, stay in touch with your clients, who knows when they might decide to move or discuss investment opportunities.

·          Increase your commission level – look for an aggregator group that meets your needs and will help you reach your goals – financial and otherwise.

Write a list of ways you feel you could achieve the most effective marketing in each area – of course every business is different, so think of how you could make it work for YOUR business and YOUR clients.

Finally if you want to increase your bottom line, look for ways to decrease your overheads.  Write down your expenses and look for areas that you could potentially cut down or out without damaging the operation of your business or customer service.

Set yourself some goals – and write them down.  Have short, medium and long term goals – set a firm date to reach them... otherwise it is like running a race with no finish line.. no joy there!  Assess your progress and if necessary adjust your goals. 

Keep track too of the ever changing opportunities and advances that may help you and your business.

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Disclaimer : While we have taken all reasonable care in producing the information contained on this site, we do not promise that it contains all the information you need to answer all your questions. This document is for information purposes only, and must not be relied upon as a substitute for professional services or legal advice. Mortgage Broker.com.au does not guarantee the accuracy of information provided by third parties linked to this site.

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