The challenge for many lenders, is that things are changing, according to Mike Davies, head of business development at YBS Commercial Mortgages.
Davies said: “The last two years, we have seen record growth at YBS Commercial.
“Despite the challenges brought by the pandemic, we are now doing twice the levels of completions that we were two years ago, which is a real achievement, and we are proud of it.”
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Discussing creating deeper relationships with clients and why it is so important, Davies explained that this approach helps with retention, which is needed in difficult times, such as those faced during the pandemic.
One problem, for example, is that less housing stock is available for purchase currently, and, as a result, the overall mortgage market, and therefore the number of clients available, is shrinking.
As a result of this, Davies said that lenders are having to look to other areas to find growth, however, answers are not necessarily where you would expect them to be.
“Of course, it is important to continue to grow and transform, improve efficiencies and make your service slicker and quicker, this goes without saying,” he said.
“However, I believe that building deeper relationships with your clients is where the real secret to success lies.”
Looking to resolutions, Davies said that at YBS Commercial Mortgages, its main focus is on its broker panel.
For starters, Davies explained that it is looking at separating the panel into segments to enable focused business development activity and to drive communications.
He said: “If you are looking to implement this, it means really getting to know your clients and what their drivers and triggers are, which can be time-consuming at first, but you will reap the rewards later.”
In addition to this, Davies said the company is also implementing structured activities, as well as stepping up its communications to encourage better, and higher quality engagement.
He explained that this requires forward-planning, but is worth it in the long run as it creates more fruitful conversations with clients.
Davies went on to focus internally and said initiatives inside the organisation are also important.
“Encouraging colleagues to get behind your plans is key, and motivating them to take their own steps to build deeper relationships with their customers can really help you on the journey,” he added.
Davies explained that this has meant setting specific engagement targets for individual team members, which he said had contributed towards boosting the firm’s applications pipeline this year.
Finally, Davies outlined that it is important to continue to look for improvements to your product or service.
This can be achieved by building deeper relationships, but he outlined that it must be underpinned by a good quality product or service.
Davies said: “We have optimised our offering this year with the objective of getting even better at what we do, listening to client feedback and responding to market demand. It also means improving our processes and the way we go about things.
“That is why we are currently testing our new portal, which will improve efficiencies and free up precious time for brokers once it has been rolled out.
“So, even when the market is shifting, as we have seen, there are ways you can take back the control.”
Combining this information, Davies went on to explain why it is so important, and what YBS Commercial Mortgages has learned.
He said that deepening relationships with clients means that they will come back to you again and again.
“It also means that you will understand them better, and therefore be better able to tailor any products or services to meet their needs, and it means that they will feel that you have listened to them and really understand what they want,” added Davies.
Finally, he believes it will set an individual apart from the competition, and position a business as a firm that does not just focus on increasing sales targets, but one that cares about the customer and has their best interests at heart.
He concluded: “And in an ever-changing market, where customer expectations are increasing all the time, this could not be more crucial.”