One of the key reasons borrowers opt for mortgage brokers over banks is the ability of brokers to provide personalised, tailored solutions.

Creating a referable experience is often the result of repeatable service systems, something a coach for mortgage broker can help brokers build into daily operations.

In this article, we’ll delve into best practices for enhancing the customer experience in mortgage broking and share seven actionable strategies to deliver a five-star client journey at scale.

Customer Experience vs Customer Service

Customer Experience (CX):

• Refers to how customers perceive their overall interactions with your business.

Customer Service:

• Involves the assistance and advice provided to clients who use your services.

While customer service focuses on resolving issues reactively, CX is about proactively delighting clients. The following comparison highlights these distinctions:

NEVER	ALWAYS
Say “I don’t know.”	Say “Let me find out.”
Wait for the client to initiate a greeting.	Greet the client first.
Treat the client impersonally.	Use their name multiple times during conversations.
Deliver bad news via email.	Communicate negative updates in real time via phone.

The Benefits of a Great Customer Experience

A strong CX strategy isn’t just the “right thing to do”; it provides a significant competitive edge.

• Drives Loyalty: Research by Gartner indicates that customer experience accounts for over two-thirds of client loyalty, surpassing factors like price and brand.
• Encourages Referrals: According to Qualtrics, customers who rate a company’s experience as excellent are 37% more likely to recommend it to others.

Measuring Customer Experience

As Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” A simple yet powerful metric for assessing CX is the Net Promoter Score (NPS).

Clients are asked:
“On a scale of 1 to 10, how likely are you to recommend [Your Brokerage] to a friend or colleague?”

Responses are categorised as:

• Promoters (9-10): Enthusiastic supporters likely to recommend your services.
• Passives (7-8): Generally satisfied but not eager to advocate for your business.
• Detractors (1-6): Discontented clients unlikely to return or refer others.

To calculate your NPS:
NPS=%Promoters−%Detractors\text{NPS} = \% \text{Promoters} – \% \text{Detractors}NPS=%Promoters−%Detractors

For example, if 50% of clients are Promoters, 30% are Passives, and 20% are Detractors, your NPS is 30.

Action Tip: Integrate NPS questions into your post-settlement workflows and monitor the metric over time to identify areas for improvement.

7 Practical Strategies to Elevate Customer Experience

1. Define Service Standards with an Always/Never List

Documenting clear service standards helps ensure a consistent client experience. The Always/Never List, developed by John DiJulius, sets straightforward expectations for staff. For example:

• Never: Say “I don’t know.”
• Always: Respond with “Let me find out.”
• Never: Wait for clients to request updates.
• Always: Proactively keep clients informed.

Encourage your team to brainstorm additional items for your own list.

2. Capture Meaningful Client Details Using the F.O.R.D. Method

To foster deeper client relationships, use the F.O.R.D. framework:

• F: Family
• O: Occupation
• R: Recreation
• D: Dreams

Add these fields to your CRM and encourage staff to update them regularly. For example, noting a client’s dream to renovate could prompt a follow-up loan opportunity.

3. Train Your Team in Soft Skills

While technical expertise is essential, “soft skills” like communication and empathy greatly influence the client experience. Consider introducing your team to renowned customer service books such as:

• Raving Fans by Ken Blanchard and Sheldon Bowles
• Delivering Happiness by Tony Hsieh
• Never Lose a Customer Again by Joey Coleman

Discuss these as a team and apply their principles to your practice.

4. Minimise Mistakes with Robust Processes

Mistakes can erode trust, even when most interactions go smoothly. Mitigate errors by implementing robust, clearly defined workflows. Regularly review and refine these processes to ensure they align with industry best practices.

5. Answer Questions Before They’re Asked

Prevent client confusion and anxiety by addressing common questions proactively. Practical steps include:

• Providing fact sheets on key topics like pre-approvals or construction loans.
• Clearly communicating what clients need to provide and when.
• Scheduling regular updates, even if there’s no new information.

These efforts reassure clients and reduce the likelihood of miscommunication.

6. Simplify the Client Journey

Small touches can make a big difference. For instance:

• Pre-fill forms with known details to save clients time.
• Use “Sign Here” tabs to ensure forms are completed correctly.
• Contact third parties, like accountants, on behalf of clients to streamline processes.

By removing friction points, you demonstrate a commitment to client convenience.

7. End with a Memorable Gesture

A thoughtful settlement gift can leave a lasting impression. Consider personalising gifts based on client interests noted in their F.O.R.D. data. For example:

• For a film enthusiast: Gold Class tickets to an anticipated movie.
• For an adventure seeker: A hot air balloon ride or similar experience.

A bespoke gift shows that you value your clients as individuals, not just as transactions.

Conclusion

Delivering a standout client experience is about striking the right balance between high-touch, personalised interactions and high-tech efficiency. By incorporating these strategies into your practice, you can foster trust, enhance client loyalty, and generate repeat and referral business.

Investing in superior client experiences isn’t just good practice—it’s a strategic move that sets your brokerage apart in an increasingly competitive industry.