Brokers are increasingly using technology to help ‘farm' their customer databases for new business, rather than hunting new customers, according to MortgageStream.
Feedback from users of MortgageStream suggests the credit crunch is a major reason for the changing business tactics of brokers.
Paul Holden, sales director at MortgageStream, says brokers are using consumers’ fear of the credit crunch to prompt previous clients to contact them for advice in a confusing market.
“For some clients the exercise is nothing more than reassurance that their mortgage arrangements are correct but opening up a dialogue can act a catalyst to discuss other financial requirements such as complementary insurances,” he says.
MortgageStream has also observed a four-fold increase in users using tutorials to master functions such as mail-merge, to invite previous clients to review their borrowing situation.
Lee Martin from Regency Mortgage Bureau says brokers should ensure they make automated reminders so they can review client cases when their fixed terms come to an end. This will prompt them to contact customers who they might not have seen for several years and boost sales.
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