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spending slightly less time on the market, going not already done so, at some stage, websites and other variables. As a rule of
from 10.4 weeks in April to 9.9 weeks in May. intermediaries should be looking at the viability thumb the weaker the website/conversion
of a fee charging model. The Financial Services rate/traffic volumes the more money the
Confusing data Authority has already stated that it's looking at affiliate marketing agency will have to invest in
If this succession of data can appear somewhat proc fees and whether applying the Retail generating traffic to prompt the desired
confusing to those working within the industry, Distribution Review to the mortgage market actions, therefore they may request higher fee
the question is how does this appear to the could benefit consumers. Speaking at the recent rates. Conversely a strongly branded site with a
consumer? I think we all know the answer to Financial Services Authority’s Mortgage high quality sourcing engine and application
that but what is also apparent is that the very Conference, Dan Waters, director of retail policy process already in place should lower the
British mentality of wanting to own property and conduct risk at the FSA, admitted that the agency’s demands.
has not dwindled despite current LTV and regulator is looking at introducing adviser
pricing issues. Without delving into the why’s charging to replace the mortgage proc fee. By Potential clients
and why not’s regarding the availability of offering a range of service levels this could be The web can provide a great resource for
mortgage deals, it is fair to say that there one way of introducing a range of fees that attracting potential new clients which may not
remains large numbers of potential buyers out simply reflect the level of advice that is being previously have been on an intermediary’s
there on the sidelines waiting for the right offered. radar. There is no need to be intimidated by its
price/deal combination before they pounce. potential, far from it. Depending on the size and
So, it appears that there are buyers out there Maximise clients ambition of the business there are a number of
and whilst I don’t expect the housing market to In a slow market it is imperative that brokers avenues available. Smaller brokers can also use a
take off anytime soon there is certainly appears do all they can to really maximise their client professional white-labeled sourcing engine to
to be a renewed sense of stability at the interaction in terms of service and efficiency. attract a number of local introducers and
moment and estate agents are reporting Such a facility provides more options for the strategic affiliations. Speak to local estate agents,
increasing interest as the summer months client ensuring brokers maintain a real edge solicitors and accountants for example and
embrace the market. Essentially this means it is which enables them to improve referral and show them the merits of the mortgage sourcing
important that brokers are fully evaluating retention rates. The system also provides access engine. Incorporating a top quality engine into
their positions and asking themselves what to direct to lender offerings to attract those a firm’s website can really highlight its
more can be done to attract new business, and consumers that might previously have used this professional nature which is consistent with the
vitally, what more can be done to convert this information elsewhere. Integrating these service received from the other professional
business. Obviously this has to be done in a facilities will help brokers to place this business organisations who may refer clients to your site
cost effective manner which is why technology which as a result opens up opportunities for on the back of this relationship. This
can play such an important role for life and protection business plus the referrals relationship should of course work both ways
intermediary firms of all sizes and all budgets and future business. which means it may be possible to share
provided they choose the right options. However, having a website with a market marketing, future search optimisation costs and
leading sourcing engine is not quite enough. A affiliate marketing costs.
Back to basics small amount of business may naturally find its In terms of general marketing by having a
Firstly, stripping it back to basics we need to way to an intermediary’s door but marketing is system where potential clients can enter their
realise that potential buyers are viewing the a vital element in maximising its potential. To email details easily – and remember by having a
market in a number of different ways. I have bring some scale to this, according to the branded website it will not be an unknown
read recently that the number of house hunters Internet Advertising Bureau, there are now just entity who will then contact them – the broker
using the internet to source a property has shy of 30 million people with access to online can act swiftly. It is common sense to realise
climbed back up to pre-recession levels and as connections. By embedding certain key words that the quicker the contact is established to an
online property websites become an into the text, with search engine optimisation initial enquiry, the higher the chances of
increasingly popular research tool, people are in mind, a website can improve its flow of conversion. By building these details into a
also starting to utilise online mortgage sourcing traffic resulting in a higher enquiry level than client database brokers can then easily update
engines. may previously have been the case. these parties with new products, product
Having a strong online presence is a way to withdrawals etc to keep them regularly updated
target a different market of the ever-growing Affiliate marketing during their search therefore helping to build a
numbers of web-savvy consumers. By offering a One example of a potential cost effective relationship. This could also be pertinent if
range of service propositions whether it be solution is affiliate marketing. To put this in people are existing homeowners looking for
online only, fully offline or a combination of basic terms this is where a firm will instruct an remortgage deals.
the two will allow the client to decide on the agency to manage online advertising/marketing Online really is the future. However, when
level of interaction. Having these options activity with an agreement in place whereby the you bandy terms such as search optimisation
available enables firms to help those clients that firm in question will pay the agency a fee when around it is easy for an intermediary to be
may not necessarily want to be ‘sold’ to, but this activity results in a website visitor intimidated by this jargon but the fact is that
will still enable firms to hold the hands for performing pre-agreed actions. These actions there is support and cost effective help out there
those that want them held. Make no mistake if are negotiable and could be anything from the to really help firms get the most out of the
they have leaving of contact details through to a closing of internet. Firms simply need to do a little
a deal. Obviously the fee will homework and talk to the technology specialist.
depend on the result but in We all need to work a little harder in the
essence it is a performance related current market, business will not come flooding
structure with no up-front fees. through the door. It is increasingly evident that
These fees may also be firms have to start knocking on doors and
determined by the quality and target areas they may not necessarily have
usability of the individual targeted before to survive and prosper.
www.mortgageintroducer.com July/August 2009 Mortgage Introducer
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