Almost every industry has in some way been affected by COVID-19. Unfortunately mortgage brokers are among those affected.
While the recession may seem an unavoidable calamity, there are ways that you can position your business to not just survive but thrive during an economic downturn.
Here are some of our top tips and tricks:
1. Cut discretionary spending
During a recession, luxury items and company perks are not sustainable and should be the first cut, especially when the benefits do not outweigh the costs for your business. You will greatly benefit from taking the time to consider what your discretionary and non-discretionary costs are, and cutting back consequently on non-essential spending.
2. Review your customer service processes
Now, more than ever, it’s essential that you implement strategies for optimal customer service processes. Go above and beyond to ensure that your customers are offered the best experience regardless of business downturn. This is the time to invest in your most valued and loyal customers.
Use the best tools and technology available to stay connected to your customers. Now is the time to experiment with different ways of staying in touch with customers and encouraging repeat-customers. It’s important to discern which modes of communication work best for them so you can personalise your interactions and tailor them to their preference.
3. Stay motivated and goal-oriented
It’s common to lose sight of where you want your business to be in the future when you’re focused on trying to survive the present. Setting out clear goals and making extra efforts to achieve them will help you to stay motivated and push through all the setbacks that are thrown towards you during the recession.
Through HashChing’s HashSuccess program, we offer a range of motivational and educational tools that aims to provide brokers with access to business coaches, seminars and discounted training in business sales, leadership and compliance.
4. Look for new revenue models
Mortgage brokers don’t have to just stick to mortgages. Focus on your clients financial needs holistically, by aiming to offer solutions that will help them save time and money! Think about solar panels, utility connections, conveyance and more. This will help you increase customer loyalty while providing you with an extra source of income.
For example, HashChing gives brokers access to a free utility connection service that allows clients to connect all their services in one go while earning attractive commissions. Brokers don’t need to lift a finger, it’s all managed through our utility connection partner.
5. Lower inventory costs
Managing inventory is often a challenge for mortgage brokers at the best of times. Where possible, cut back inventory that isn’t adding to the value and success of the business. If you’re in a position to make larger changes to lower inventory such as rent, insurance and maintenance, weigh up the value of making these changes and analyse if lowering these costs could overall increase the chance of business survival.
6. Stay competitive with mortgage lending data and analytics
While you can’t control the magnitude of the recession and what it will do to the industry, you can reduce the internal impacts and ensure you stay as competitive as possible. Utilising data and analytics programs to assess your position within the industry, note your inefficiencies and monitor your operations will give your business that competitive edge and allow you to stay on top of operations, customer services, and your goals.
With mortgage brokers facing a number of challenges during the recession, HashChing is committed to providing the best tools and technology to allow brokers to thrive.
To find out more about the service and gain access to motivational speakers and business mentors such as Niik Stewart and Stuart Donaldson, visit the HashChing website at https://www.hashching.com.au/. If you would like to know more about how HashChing can support you and your business, please get in touch with the support team on 1800 464 338 or firstname.lastname@example.org