What Canadians Are Thinking

Maritz Marketing collects some great data on our industry that shows where we have some opportunity as well as some challenges.

  • 84% think real estate is a good investment
  • 81% feel mortgage debt is good debt
  • 10% took money out of their home last year
  • 18% plan to or have taken out equity this year
  • 36% put extra money towards their mortgage reducing their amortization on average by 7 years
  • 38% are considering a refi and last year those who did, reduced their interest by an average of 1.24%
  • #1 challenge facing broker channel, 44% said they were not aware of or didn’t understand what a broker does
  • 35% said they understand what a mortgage broker does
  • 65% are completely open to broker recommendations
  • 68% receive less than 2 communications a year from their mortgage broker
  • highest satisfaction from clients is receiving communication at least 6 times a year ( actually higher for variable rate clients )

What these stats tell us is that Canadian’s actually want to hear what we have to say, but we are only getting our message out successfully to 35% of the market.

We can’t compete with the big banks in the main stream media as they spend hundreds of millions of dollars and have 5 of the 10 most recognized brands in Canada.  Where we can compete is getting the word out through our databases because 88% of our clients find us through word of mouth.

How much time have you spent focused on making sure that your clients are singing your praises to their friends, family and co-workers.  Have you ever asked a client, “How would you describe what I do to your friends?”

Nurturing these client relationships by finding out what is truly important to your client and creating a plan to deliver on their values is so important.  Using your GoMax CRM to deliver on the plan by sending information and triggering follow up accountability calls will change your business.

The banks are great at competing on rate, but mortgage brokers can win by delivering value and nurturing client relationships as long as they invest in the tools to do so.

(Information from GoMax Content Team)