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Trusted Advisor Series Part 3 – Long Term Plans Mean Long Term Relationships

mortgage renewalIn the third part of our Trusted Advisor Series we want to expand upon what it means to forge long term relationships with your clients. How do you demonstrate to clients that you want to be their trusted advisor for life?

A lot of this has to do with not looking at your client as a single transaction but as a series of transactions over time. When a client is looking for financing, simply securing the financing for them at a rate that is acceptable to them is not forging a long term relationship.

Long term plans mean long term relationships.

What you can learn from your client? Ask your client about their short and long term financial goals. This information could change the term and amortization you recommend to your client. Look at your client’s other debts and discuss with them their plans to become debt free in the future. Look at your client’s goals and dreams – what do they want in life: a cottage, to renovate their home, to pay their child’s way through college? Perhaps their goal is to pay off their mortgage as soon as possible so they want to explore ways to leverage accelerated amortizations and pre-payment privileges.

Learning everything there is to know about your client positions you to sculpt their mortgage to open up at the right time. You can also look at other complimentary financial products that they may qualify for now or in the future after taking your financial advice.

Notes, notes, notes – documenting what your client tells you about their financial goals enables you to know them on a personal level and have those details top of mind when the time comes to reach out to them.

As important as it is to track your mortgage renewals, it is equally important to do an annual or even semi-annual (if you work in major centres like Toronto and Vancouver) review of your past mortgages. You could run an automated valuation model (AVM) to identify points in time when your client may take advantage of new equity to go after some of the financial objectives they shared with you.

Timing is everything when it comes to long term planning. As a rule of thumb, timing your client’s second mortgage renewals to coincide with their first mortgage renewals pretty much guarantees you that if you do an excellent job, you should have them again to refinance their first and second into one mortgage later. When the time comes to help the client with that second deal, you can review your notes from the previous one and review an AVM to see if there is new equity to help the client not just combine their mortgages, but pay off debt or finance big ticket purchases at the same time.

Being a trusted advisor means caring about more than just the deal you are funding at the moment and the client’s value long term. Long term relationships mean big revenue and success to the brokers who see this and adapt accordingly.

Establish a long term plan for long term relationships with Purview For Mortgage Brokers – this tool makes it simple. Contact us today at 1.855.787.8439.

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