fbpx
Broker client retention calculator. How real is your retention rate? 🧮

Broker client retention calculator. How real is your retention rate? 🧮

A Calculator with a difference

The mortgage market is flooded with affordability calculators for virtually every product that a borrower can imagine. We thought it’s about time we made our own, with a twist.

A calculator for brokers, not borrowers.

We’ve spent some time building a broker-client retention calculator to help you figure out how much money you’re really leaving on the table.

If there’s one thing the mortgage market needs, it’s another calculator! 😉

Try the calculator for yourself

How much money are you really leaving on the table?

 

Introducing our broker-client retention calculator built especially for brokers.

All you have to do is drag the bar across so it matches your retention stats and it’ll automatically show you how much revenue you’re losing in remortgage deals.

Want to talk about your results? Just leave your details below and we’ll be in touch.

 

100
How many remortgage cases do you complete on a monthly basis?
40%
Your current retention rate
£800
Average fees earned per case

%


£

Retain could make* you:

£

* based on a retention increase of 20%


Customer Retention Matters.

Get in touch to see what Retain can do for you.

Total:

Total:

Total:

Total:

£

Total:

 

Eligible ai CEO and co-founder, Rameez Zafar said:

No sweat, we got you.

Celebrating sign up success 🥳

Celebrating sign up success 🥳

Pass the cake!

This week, Censeo Financial is the latest firm to jump on board and sign up to Retain!

We’re thrilled to onboard Censeo, as they join firms such as Andrews Property Group, AS Financial, Linear Financial Solutions and Easy Switch, to name a few – already on Retain 🎉.

Rupi Hunjan, CEO, Censeo Financial said:

We’re looking forward to what Retain can do for our business. We’re impressed with the results it’s delivered for firms so far considering its still very new to the mortgage market.

Celebrating Retain sign ups

 

Retain works for all shapes and sizes

The interest for the solution spans across the mortgage market, proving fit for various types of firms.

Shared ownership specialist Censeo joins with over 10 advisers, Andrews Property Group has 50+, Linear with 25+ advisers and signups include smaller local firms such as Easy Switch.

Retain works for all shapes and sizes

 

In Andrews Property Group’s case, since Retain more than 30% of lost customers have reengaged and every customer that has requested a call has progressed to the transaction.

 

Nick Moir, Head of Marketing, Andrews Property Group said:

I don’t have much to say beyond wow! I love it all, the strategy and the content. In fact, I have just passed this over to my team as an example of how things really should be done.

Retain has helped Linear Financial Solutions significantly increase customer engagement and is now helping them win back orphan customers.

David Walton, MD, Linear Financial Solutions commented:

Retain is already making our retention business customer-led. We now know exactly when customers would like to speak and are doing more business in less time. Our advisers love the simplicity and it feels like a solution built for the way they work.

 

Easy switch’s Peter Burke also cited great feedback from his customers about Retain:

We’ve been using Eligible’s tool Retain for several months now. From our experience, we’ve found Retain very easy to use and we’re happy with the progress. As our confidence in the product grows, so does our trust that eligible can look after our retention business. We’re also really happy with the positive feedback from our own clients, especially the more tech savvy ones!

 

Remind me how it works?

Retain uses customer data to track and automatically recontact every existing customer before expiry without the broker having to chase. Say goodbye to voicemails and 100s of chaser emails a year! Every email links customers to a branded web app that looks and sounds like you; tailored to each individual client.

Everything borrowers need to know about their mortgage, with helpful content easy to understand all in one place. At any time, the customer can notify their adviser that they would like to discuss remortgaging.

Brokers can keep track of their expiries in a simple, prioritised list. Retain monitors what clients are doing to ensure that brokers are always contacting their most engaged clients faster improving conversion.

 

Support across the spectrum

In June, TMA Club partnered with Eligible, providing members of the Club access to Retain, the latest in a line of digital enhancements for their brokers. The partnership included an exclusive offer for the first 50 TMA members who sign up to Retain.

Retain features in TMA’s customer retention toolkit and has senior support from Director of Mortgages, David Copland:

Platforms like Retain make retaining customers more efficient and much more hassle-free. By equipping our advisers with the right tools to tackle this, we hope to boost their product transfer and remortgage figures and help them regain time previously spent on administrative tasks, so they can focus on what really matters – providing tailored and holistic advice to their clients.

Pat on the back for Retain sign ups

Co-founder and CEO of Eligible, Rameez Zafar added: 

The volume and level of interest that we’ve had across the market for Retain has been positively overwhelming. We’re excited about the conversations we’re having and what’s to come- watch this space.

 

Want to find out more? Schedule your free demo with the CEO.

One small step for us, one giant leap for broker-kind 🚀

One small step for us, one giant leap for broker-kind 🚀

Mission #1 to help you keep customers for life

 

We’re happy to announce the launch of our first TMA cohort on our Retain Lite product. 🎉🎉🎉

The Finance Roome, UK Financial Consultancy Services and Zebra Mortgage Centre are among the first firms to be launched this quarter.

 

rocket launch

 

Courtesy of TMA, we’ve offered 50 members a free trial on the product as part of our partnership with the mortgage club.

The partnership was announced late June with a high demand for free trial signups.

Co-founder and CEO of eligible, Rameez Zafar said:

We’re really happy with the uptake for Retain Lite and we’re working hard to ensure Retain helps advisers keep more customers for life. We value our relationship with our partners, so it’s great to have TMA’s stamp of approval and backing for Retain.

TMA key account managers are encouraging their broker firms to take advantage of the trial and try to secure a spot. However, with double the amount of interest vs trials available, the promotion will be ending in Q1 2020.

 

In support of Retain, David Copland, director of mortgages at TMA, said

We are always looking at ways to enhance our members’ businesses and customer retention is a key aspect of this.

By equipping our advisers with the right tools to tackle this, we hope to boost their product transfer and remortgage figures and help them regain time previously spent on administrative tasks, so they can focus on what really matters – providing tailored and holistic advice to their clients.

The next destination

 

We’ll be working closely with the mortgage club to ensure the 50 members get the best out of the Retain Lite free trial and optimise the solution through customer feedback.

We’ll also be introducing members to what Retains full features can do for them in the long-term and, working together with firms to achieve our mission.

If you want to find out about more about Retain you can always request a free demo.

Are bargain hunter borrowers stealing your mojo?

Are bargain hunter borrowers stealing your mojo?

There’s a lot of noise surrounding mortgage comparison tools on the market, but what exactly does this mean?

More tools = more choice = more confusion? 

Let’s explore…

The paradox of choice

Robo-advice, going direct or even switching to a new broker – with such a variety of different options to choose, customers can now shop around.

Comparison tools are growing more popular cross-sector. They do more than help consumers choose between a summer holiday in Benidorm vs Barbados (choose wisely).  

decision time

Even big lenders are jumping onboard the comparison tool wagon in a bid to keep up with the digitisation of the mortgage market.

These online tools source mortgage deals using a mix of property data and disposable income details to calculate offers relevant to your situation.

If borrowers qualify for deals, they see the lender’s product transfer rates compared to other products. So, they can see if the grass is greener should they opt to switch. 

New tool features can even allow borrowers to see savings on remortgaging with a new deal vs product transfer with their current lender.  

Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, cited customer choice as the greatest threat to brokers.

He was quoted in the Mortgage Introducer stating:

The biggest risk is what they (the customer) feel is the right thing to do. If they feel it’s better to go direct or execution- only, they’ll do that

 

What does this mean for my clients and me? 

Borrowers could be missing out on cheaper deals from rival lenders. And, similar digital tools are now offering timely options to your clients.  

Is this kind of digital disruption good for brokers? 

HELLO HUMAN

Every disruptor uses technology and companies have been digitising processes for a while now. However, when it comes to your mortgage, it’s a very emotionally driven decision. It’s your home, its where you live- there’s something very human about it.

And, as human beings, we’re wired to talk to people about such sentimental buying decisions. We develop feelings and need advice and support throughout the process- just like a human relationship.

Duncombe added:

If they (the customer) feel that they have a good broker experience of someone looking over them continually over the fixed period, it does not matter what options they get, they will go back to the broker.

By looking after the customer all the way through, that risk (losing customers) is mitigated almost entirely.

Remember our blog on how much time brokers spend on new customers vs retention? Might be a good time to refresh your memory on that one while you’re here.

 

Wrapping up

Borrowers still have needs for real-life brokers. But, this doesn’t mean that technology shouldn’t be used at all- it’s about balance.

Technology should be on your side, its a supportive solution. Something that’s freshening up a process, not entirely replacing it. Especially when you’re dealing with emotionally driven product purchases.

Hate to say it, but I told you so

Hate to say it, but I told you so

So, 10 year mortgages are on the rise…

Remember our Let’s speak in 5 years – A shift to 5-year fixes impacts your bottom line blog post?

 

Well, we said that by 2020, there’s a chance you will see a significant drop in the number of potential remortgage customers – due to consumer shift from 2 year to 5+ year fixed rate mortgages.

This week it was reported that 10-year fixed-rate mortgages are becoming more popular.

We told you so

Lenders are jumping onboard the long-term wagon, which now sees a record high of 157 options existing for fixed rate mortgages, according to Moneyfacts.co.uk.

When we look at the numbers, the average rate charged on a 10-year fixed mortgage stands at 3.01 per cent, a fall of 0.09 per cent year-on-year from the 3.10 per cent recorded in August 2018.

 

Are we ready for the change into the decade of debt?

Keeping up with debt

Newcastle building Society launched two of these products just this week, one available at 80 per cent loan-to-value and one at 90 per cent loan-to-value, charging 2.85 per cent and 2.89 per cent respectively. They also added the touch that borrowers are also able to repay their mortgage after five years without penalty- sounds appealing so far.

 

Has Brexit trigged this behavioural change with consumers? Are borrowers now trying to safeguard themselves from market flux? With such a lengthy commitment is this really what we should be advising our customers?

Rachel Springall, finance expert at Moneyfacts.co.uk, said:

A decade-long fixed rate mortgage is no doubt a big commitment, so borrowers must feel confident that their circumstances are unlikely to change to avoid the expense of refinancing earlier than expected. There is a much larger choice of mortgages within the five-year fixed market and these should ideally be considered as an alternative.

 

But that’s just one opinion, right?

 

Bob Steel, mortgage and protection sales coach at First Mortgage, Steel said that he couldn’t “see the appeal of recommending a client to lock into a product with fairly hefty exit penalties” and added:

Whilst the market is moving towards longer term deals to take advantage of low long-term rates, I think the lenders need to make the exit penalties less excessive.  Although we have seen a slight increase in the demand for a 10–year rate since the vote to leave the EU, this is usually for a very specific type of client – i.e. nearing retirement and 10 years or slightly more left on mortgage with absolutely no plans on moving.

Similarly, Nicola Arbon, managing director at Mortgage Hut, indicated a “slight demand” in 10-year options. She also added that she made sure to always advise her clients to “proceed with caution” in case their circumstances changed and they were left with a “hefty” early repayment charge.

This shift potentially verifies the uncertainty that our customers feel and their confidence in the future of the UK property market.

On the other hand, Paul Flavin, managing director of Zing Mortgages, believed it showed “confidence in the money market” that in the short to medium term the economy was going to be “pretty good”.

Are we surprised? Well Norman is…

Surprised by 10 year mortgages

Norman Philips, director of Drake Mortgages, said:

I am surprised that 10-year fixed rates are popular. In the modern world, you have to balance the certainty of a mortgage payment with lack of job security; and then include the knowledge of early repayment charges plus an understanding of the way that underwriting works on portability.

With such long-term mortgages on the horizon there has never been a more important time to think about innovative ways to nurture our customer relationships in order to ensure we Retain and grow business.

Thumbs Up from TMA

Thumbs Up from TMA

We’re proud to announce our new partnership with TMA Club.

We’re working directly with the Club to combat customer retention for brokers across the UK with our solution Retain, by Eligible.

In support of Retain, David Copland, director of mortgages at TMA, said:

With up to 30% of homeowners in the UK deciding not to remortgage with the same broker, there is a clear gap in the market.

We are always looking at ways to enhance our members’ businesses and customer retention is a key aspect of this.

What’s all the fuss about?

Put simply and practically:

Retain contacts clients prior to expiry so brokers are able to keep track of their expiries in a simple, prioritised list.

Retain supports brokers by using customer data to track and automatically recontact existing customers who are due to roll off their current mortgage deal, before lenders get in first

Clients receive an email which links them to a broker-branded web app where they can learn more about their mortgage and are reminded of the value of their broker’s advice.

Ok, so far so good..

So far so good

Copland added:

Platforms like Retain make retaining customers more efficient and much more hassle-free.

By equipping our advisers with the right tools to tackle this, we hope to boost their product transfer and remortgage figures and help them regain time previously spent on administrative tasks, so they can focus on what really matters – providing tailored and holistic advice to their clients.

The automated customer retention tool also monitors client’s activity within the app so brokers are able to contact their most engaged clients.

Clients can notify their adviser at any time that they would like to discuss remortgaging to encourage customer-led retention.

 

If it’s good enough for you, it’s good enough for me.

sold on the product

Rameez Zafar, chief executive at Eligible said:

As one of the UK’s leading mortgage clubs, TMA’s ethos to provide the best possible broker and customer experience, is one we mirror.

Through offering our retention solution to TMA, we will work together to reduce brokers’ workloads, allowing them to focus on doing what they do best – advising customers

We also aim to improve financial literacy for our clients whilst keeping the customer at the heart of the mortgage journey.

In support of the partnership, TMA Club has provided 50 members of the club access to Retain.

Want to partner with us too? Get in touch and we’ll make magic happen.