Four mortgage broking trends you need to be aware of

The Australian mortgage broking industry recorded 69.5% market share in the March 2022 quarter – its highest ever. It’s important to stand out in a crowd, as our industry continues to grow. 

We’ve put together these four trends in marketing and technology that are shaping what it means to be a mortgage broker in 2022. 

More and more we are seeing QR codes being used as a functional way to share contact details.  

Consider how you could implement QR codes in your marketing materials, advertisements or business cards to drive leads and improve your customer experience. QR codes are relatively easy to make and roll out, check out this QR code generator to get started.  

Google has made changes to local search recently. Google My Business is now Google Business Profile. 

Your Google Business Profile is often the first impression a potential new customer will see, so it’s important that it reflects your brand in an important light and showcases all you have to offer. 

Here is an overview of the changes for all brokers with a website and how it can benefit you: 

• Why should you care? Local Google search is crucial for brokers looking to attract new customers and focuses on what the brokers have in Google Business Profile. Gain a competitive edge by obtaining, updating and maintaining your business profile. 
• The Google My Business mobile app is no longer available. You can use the Google Maps mobile app and Google Search to keep your Business Profile up-to-date and reach your customers where they are. 
• There is a new chat feature. Along with the ability to claim and verify your Google Business Profile directly in Google Search and Google Maps, if you turn on 'chat', customers can message businesses directly from Google Search in real-time. You can answer questions, tell your story, and attract more customers to your business. Find out more here. 
• Where do I start? Google has resources that provide guidance on what you can do with your profile and online marketing. You can also rewatch our Back to Basics session from last year which still has many relevant tips.

 
3. Providing ongoing great customer service is essential 
Customer expectations are higher than ever, they want a smooth process, a variety of choices, and fast approval times. Communication is key but it’s important to remember that there are things that can’t be automated. 

Customers come to brokers for their expertise and guidance to help their financial situation. It’s important to leave them with a lasting impression and a personalised experience. 

For example, your existing customer base will appreciate the efforts you make to keep in touch with them and see how they’re tracking post-settlement. Add dates to your calendar to remind you to check in with them at key milestones, such as six months prior to the end of their loan agreement so you can discuss refinancing options. Read more in our recent article.

4. Professional development is more than a tick box 
Learning and development extends beyond just keeping up with CPD requirements. While it used to be seen as a compliance tick box exercise, the attitude within the industry towards CPD has shifted, with brokers using it as an opportunity to upskill themselves in a variety of areas. 

Advanced courses and bespoke learning opportunities can help you progress your career, grow your business and provide a better customer experience to your clients. 

Put simply, professional development can be a tool to help you push ahead of the competition. 

Consider what you need to learn today to ensure tomorrow’s success 

Develop a deeper understanding of critical business skills across a broad range of disciplines using our Learn Collections, such as: 

Customer Service | Finance Skills | Human Resources | Leadership and Management | Marketing 

We host a range of training sessions and events for you to gain insights from your Partnership Management team, keep up with the rapidly changing lending environment and give your customers the best advice possible. 

View the training and events calendar