Without proper guidance, clients will often overestimate the value of their home when undertaking a refinance. If the amount of the debt involved is greater than 80%, then lenders mortgage insurance (LMI) will apply. Because of the insurance principal the refinance would not proceed.
No client would trust an amateur with their financial welfare or their family’s home, so make yourself the professional with the best information available by using RP Data and become their first choice.
The downside of an increase in refinances is the greater likelihood of your own clients going to another broker or bank. You can minimise this by keeping in regular and close contact with your clients.
- To keep LVRs below 80% – use an AutoVal to get a fast and accurate value estimate.
- To find fresh refinancing clients – Use RP Data’s filtered searches to identify houses that settled between 3 and 4 years ago, typically the most “High Risk Churn”
- To win the business of a new client – use a Comparative Market Analysis report to impress them with your market knowledge.
- To minimise your own churn due to refinancing – Use Property Monitor to keep track of you entire client book.
- To keep your current clients close – integrate personalised CMAs into your CRM process to keep them informed of the market’s status.
Don’t miss out on a chance to increase your business and minimise your churn during a refinancing surge. By making good use of RP Data’s finance products and services, you can increase your volumes and work towards achieveing a better conversion rate.
For more information and techniques to use RP Data in your business, visit rpdata.com/training or call 1300 734 318 to book an Advanced Training session.