How conveyancing solicitors can help mortgage brokers make additional monies from remortgage cases
By: Ittaman Pattat | Posted: 19th February 2010
The number of remortgages taking place has started to increase and experienced mortgage advisors have built good links with Conveyancing solicitors so that they can benefit from referrals.
Conveyancing solicitors who are well versed in handling remortgage cases will be able to offer not only good referral fees on every case that you refer but will also be able to assist you through any difficulties.
: Before you can refer a case to a conveyancing solicitor you would need to be able to sell their services to your client and this requires understanding of the clients, their needs, desires and their perspective on the services you are offering.
When you are referring a client to a conveyancing solicitor you are in essence trying to sell their services to your client and this is very easy once you understand how to do it.
Clients are willing to pay for quality remortgage service
It is important to understand the psyche of the general public today. They are ultimately looking for a luxury service at a good price. Supermarket luxury brands are one example of this. Customers will spend two or three times the price of a standard tin of beans for a luxury product which they perceive it will be better for their health and fits in with their image.
Remortgage advisors or Conveyancing solicitors selling high value products such as conveyancing can follow the same principals. Clients are very happy to pay the full price or even more, for an excellent conveyancing solicitor's service when they understand what they are getting and how it differs from an inferior conveyancing service.
Build your industry knowledge
The property sector is a fantastic business to be in. The adrenaline rush when a mortgage offer is obtained for a client is sensational and provides the incentive to keep going. The best remortgage advisors know their business inside out. For example an experienced London remortgage advisor will know everything there is to know about their clientele, the local area; its history, demography, transport links, new developments, schools, crime rate and future council investments as he or she can then provide a holistic service to their clients. They will also have detailed understanding of the conveyancing solicitor that they want to make a referral to. Those who build their knowledge capacity in these areas will naturally present them well to clients. Furthermore, by integrating your property knowledge with your area knowledge, you will be able support your clients through the decision making process.
When referring a client to your conveyancing solicitor, use the Consultative Sales approach
Remortgage advisors that are successful at referring cases use the ‘Consultative Sales' approach; whose aim is to understand in detail the client's circumstances and need. This requires detailed information on the client so that their needs can be matched closely with a remortgage product. A client may want to remortgage because of cheaper rates or to release equity and you need to understand their needs.
Task I: Let the client know that you care
Both London remortgage advisors and conveyancing solicitors are in a business that can be defined as an exchange of values between people. We buy from people that we like. Therefore building confidence and trust with your client is critical and this must be done at the very beginning of the relationship. To do this, a good remortgage advisor will listen to the client, establish earnestness in your dealing, communicate your relevant competence in the remortgage market in the area and use language that the client can understand. Will this be enough? Nope there are some very elementary things that we have to do, that costs us nothing but will propel us forward whatever business we are in. These are things that are considered by many as good manners and probably more important than any of the above you have read. The first step is to make sure your business and people are all seen to be smart and approachable. Therefore, remember to look pleasant and smile at potential clients even if you are having a hard time. Remember that most of us think we are smiling and pleasant but we are not perceived as such by our clients, so make a positive effort to smile. If a client comes in to see you, make an effort to be friendly by offering something, it can be a cup of tea, cake or just biscuits. Once you get the client to like you, you extraordinarily increase the chance of success including getting your client to use your choice of conveyancing solicitor as we all like to work with people we like. Remember well begun is half done.
When you communicate with your client remember to use positive language as language that does not show commitment will make you look weak and the client will not gain confidence in you. Therefore avoid qualifiers like ‘maybe' ‘possibly', ‘I might be able to', ‘I will try'. Also remember to pass negative messages in positive light. For example, instead of saying ‘don't forget' say ‘please remember'. Instead of saying ‘the property is small' say ‘the property is cute', instead of saying ‘the property is run down' say ‘the property has potential'.
We all love to talk about ourselves, therefore if you can get the client onto a topic about themselves and let them do a bit of boasting about themselves not only will you get to know the client better but you showing interest in the client and he will like you better for it.
When you are beginning a topic start with an open question and let the client talk. Then probe further by narrowing your questions and then ending with closed questions. These are good practices not limited to remortgage work or referring cases to your conveyancing solicitor but for anything in life.
Resource Box: In fine we can say that the Conveyancing Solicitor has the great impact in alleviating fees. Now a days Remortgage
issue becomes very soft handling to the customer
Phew! offers a highest-quality service at all times - without exception. It has all the checks in place to ensure this.
Clients can get an instant online quote. Clients receive SMS updates, 24 hour online case tracker, direct dial access to the solicitor. Clients can also submit documents electronically and make payments either online or via the phone.
www.phew.co.uk,www.viewexperts.com,www.pukkaproperty.com
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Tags: clientele, three times, desires, local area, supermarket, psyche, principals, adrenaline rush, property sector, industry knowledge, luxury brands, conveyancing solicitor