It may feel like only weeks ago that we wishing each other a happy new year and looking ahead to what was expected to be a major year for the mortgage market but here we are entering the final quarter of 2016. The nights are drawing in, the shops are stocking Christmas cards and the silly season is just around the corner.
There is a temptation around this time of year to start looking ahead to 2017. With only a matter of weeks left, it’s easy to put 2016 to bed and spend time planning strategies for the new year. While this sort of planning is always a good idea it’s dangerous if it means you write off the remainder of this year and, in doing so, the opportunities it holds.
We all know what a difference a good month or even a good week can make to businesses so why would you ignore the next nine or 10 weeks? In fact, with a little bit of effort you could make the last quarter of the year your best yet.
One of the reasons brokers tend to lose momentum at this time of year is that business levels often dip because Christmas, bad weather and the lure of staying at home in the warm can make house hunters hold off on their house hunts. But as we all know, you can’t sit back and wait for business to walk through your door all of them time. You have to be proactive.
Use the quieter times to revisit your client book. Offer them a financial review. Buildings & Contents is always a good starting point but can lead to much more once you start talking. Indeed, often clients don’t know how you can help them until they start discussing their situations. You may be looking to review a client’s home insurance only to discover they’ve started a business and need cover for that too or they own a buy to let and are looking for landlord insurance. Find the opportunities even if they aren’t always obvious.
Make use of your market knowledge. October saw another IPT rise, though this time only marginally, but this is still an opportunity to talk to your clients who are approaching the end of a policy and encourage them to use you to find them the best deal. Trust me, they’ll appreciate the heads up. In the next few months money will become a key concern for many families as Christmas costs mount up so any opportunity to save a few pound will be very welcomed.
Similarly equip yourself with as much information as possible on not just your own market area but the wider market. You may be an expert on mortgages to your client but if they want to know what will happen with rate rises or whether the Help to Buy scheme will be extended you should be able to offer them some educated opinion.
Don’t be scared by the threat of technology. Comparison websites have long been a thorn in the side of quality brokers. However, the last 18 months has seen a massive shift in the way these sites are viewed with various critical reviews. Make the most of the opportunity this provides and show your worth by demonstrating your knowledge of the market and access to five star policies.
Clients who use internet sites are more than likely to see their premiums increase considerably when it comes to renewals, so target these and showing them how they can save them money. They may think comparison sites offer them the most efficient service but if you demonstrate how they could be throwing money away by looking to the internet for protection products they’re sure to see the benefit of speaking to you.
Finally, if this year hasn’t been the big year you’d hoped for and you are looking ahead to the next 12 months, consider whether you need to rethink your alliances. The firms you partner up with can have a huge impact on your business. If you don’t feel you’ve been given enough support from your provider this year, or that their systems and product offerings are not as good as they could be consider making the move to a new one. Don’t wait until January. Take the time now to research the providers out there and find one that can offer you the type of service and added extras you need to make your business reach it’s potential.
Mark Hutchings
National Account Manager
