MortgageStream, the leading case management system for brokers says that it has witnessed a massive increase in brokers using technological tools to ‘farm’ their databases in the search for new business.
They have also noticed a four-fold increase in users undergoing tutorials to master functions such as the mail-merge of letters enabling them to invite clients to undergo a review of their borrowing needs. Feedback from users suggests that much of this activity is as a result of the credit crunch.
Paul Holden, sales director at MortgageStream says: “We’re noticing that brokers are using the publicity in the national media surrounding the credit crunch as the basis of marketing campaigns. Many consumers read these headlines and for some it instils panic but for many more it creates a sense of confusion and trepidation as to what it might mean for them personally.
“Brokers are highly effective business people and are using the system to communicate the opportunity for previous clients to contact them to find out the answers to their questions. For some clients the exercise is nothing more than reassurance that their mortgage arrangements are correct but by opening up a dialogue can act a catalyst to discuss other financial requirements such as complementary insurances.”
Automatic activity reminders integral to modern systems are also being hailed as an effective source of business.
Lee Martin of Regency Mortgage Bureau Ltd says: “The existence of automatic reminders for client milestones and key dates is really helping my business. At the time of the mortgage sale most brokers, including myself, are totally focused on seeing the application through to completion as quickly as possible. I probably would not have taken the time to insert a date into the system to remind me to review the case.
“However, because the MortgageStream system made me do this I now have reminders popping up all of the time from mortgage deals that I arranged years ago. It’s like having my own lead generation system but the great thing is that these leads are free! I’d encourage every broker to find a system that lets them do this. Those few seconds of effort at the point of sale are really paying dividends now!”