The Need for Mortgage Broker Communication Amid COVID

With a somewhat unstable economy and news of the U.S. Federal Reserve's recent rate cut, homeowners speculate if the time to refinance their mortgage or buy a new home is right. As a mortgage broker, this is the time to ensure your communication strategies serve your clients and potential clients better. But with the ongoing pandemic playing a role in disrupting the buying and refinancing process, how can you achieve this?

Usually, customers call and reach their mortgage broker on their office phone. With offices still closed in most parts of the country, mortgage brokers need innovative ways to stay on top of their customer communication. The good thing is that with more digital options comes more opportunities to get and stay connected to clients.

Here are some reasons why communication is more critical than ever before and some tips on improving communication.

Communication During COVID

Digital communications between lenders and customers is no longer an option. Instead, keeping lines of communication open during COVID-19 is the only option most people have. As mortgage brokers increase their dependence on technology to get in touch with customers, build relationships with them, and manage their needs as the pandemic continues to progress, it's essential to choose the right kind of technology.

The information customers receive from lenders must be clear, consistent, and informative. Sending relevant information and personalized and helpful messages can also help build trust and keep customers on top of their needs. Lenders must keep a human and personal touch in their communications as they transition to fully digital customer experiences.

Promoting Human Connection

Relationships are the core of strong financial partnerships in the mortgage lending market. Borrowers want to work with a broker who is on their side, is personable, and feels they are with them every step of the way. That's why people trust lenders and brokers who put people first and are accessible, accountable, and relatable.

This is more important than ever during COVID-19, as anxiety and uncertainty are prevalent. Mortgage brokers can relate to the goal of building lasting and trusting relationships with customers. Personal communications will help the borrower and lender relationship stay healthy as they travel through this ambiguous financial time.

Keep Customers Updated on Your Hours & Services

It's more than likely accurate to assume that your hours of service and availability have shifted since the beginning of the year. Keep your customers updated on your service hours and availability to ensure they are reaching out at the right time of day. Nothing is more frustrating to customers than being left out of the loop or being unreachable.

Make sure to update your hours on your website, through an email blast, and a text message if your customer has chosen that communication option. Using these different options gives you coverage if a customer feels left out of your communications. Having multiple options helps limit the chances that your customers won't know when you are available.

Text to Talk

While email blasts and phone calls can help stay in touch, using text messaging is another useful way to keep communication lines open.

Text messaging has an open rate of nearly 100 percent, so it's a useful tool to get in contact with your customers. This trusted channel can help brokers communicate with their customers effectively and efficiently, updating them or asking them questions in a quick note. Text messaging can be a reliable source to reach current and potential customers with changes in work routines.

While the world waits on a vaccine and life to get back to normal, there are lessons that mortgage brokers can take with them moving forward. Making sure to be upfront, open, and accessible are useful tools to keep in contact and navigate through the pandemic. Learning this and utilizing these tips will only increase trust with customers and build a reputation of professionalism and dependability.

About Axis Insurance

At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer's needs. To learn more about our solutions, contact us at (877) 787-5258 to speak with one of our professionals.

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