Milestone Reviews
Reviews should of course also be done when clients come to milestones in their loans, like when they come out of a fixed interest rate or a discounted rate period.
Personally, I have recently come out of a 3-year fixed period on an investment loan. Rates have fallen since I got that loan so fixed and variable rates of more than one percent cheaper are now available to me. However, the lender has reverted me to their maximum standard variable rate which is actually half a percent higher than the fixed rate was and a lot higher than I can get elsewhere.
This is poor Post Sales Marketing by the lender, because if they had noted somewhere on my loan file that I was a Mortgage Broker they would have known better than to think I wouldn’t know there are much better loans available to me and would have reverted me to a competitive variable rate.
The end result is that I am now very much in the market for a new home loan, or at the very least a comparison of the best rates offered by my current lender with other lenders.
A month before the fixed rate ends is when you should be in contact with your client, before the client can re-fix their loan. The lender will be sending them out letters notifying them of the upcoming change in their rate and asking whether they want to fix again. This gives you the opportunity to show them their options with their current lender and other lenders before they get locked back in.
There are surely many other ways to keep in touch with your clients beyond what I have covered here, many of which can evolve to become your unique selling proposition. I would also strongly look at additional services you can offer your clients, particularly ones that give you a regular excuse to be speaking them. Even if these additional services are only slightly profitable, they give you another opportunity to be in touch with your clients and build loyalty.