A specialist lender is urging brokers to take advantage of the opportunities for reflection and growth presented by the beginning of the new financial year.
According to John Mohnacheff, group sales manager at Liberty Financial, what makes the beginning of the year an ideal time to pursue new business is the “state of mind.”
“People are asking questions like, ‘did I have a good year? If so, how can I make the next even better? If not, how can I fix it for next year?’ People realise profits and realise losses, they set a budget and they create a plan,” he explained.
Mohnacheff emphasised that this not only makes potential borrowers more receptive to broker assistance, but that many brokers are small business owners themselves, who should view the new financial year as a time to generate intentional strategies for growth moving forward.
To do this, Liberty encourages brokers to sift through their existing database which not only includes borrowers’ contact details, but also lists their assets, liabilities and income, highlighting possible future opportunities.
“Wake up, and grab that market share. You’ve already got the customer there. Look through your application forms. They’ve just told you everything about their life,” said Mohnacheff.
“If they have trusted you with their information, respect that and reciprocate by meeting their needs.”
It’s not about pressuring people to borrow more, Mohnacheff clarified, but rather making it clear to existing customers that you can provide assistance in a variety of capacities.
“Customers may not buy a house every year, but chances are they will need money to buy something else, be it a car, boat, new business, or to buy shares. The broker doesn’t know unless they ask, or inform the customer that they can help them,” he said.
“It’s about understanding your customers’ needs and helping them to get the best deal for their situation. They’re already planning on buying the car, already planning on getting the personal loan. They’re doing it, it’s just whether they’re doing it through you or not.”