What Do Borrowers Really Want?

If your lender or mortgage broker, it can be hard to figure out just what borrowers really want. When they’re looking at real estate, luxury homes for sale, or maybe a commercial property they’re looking for the best price and the lowest interest rates on their mortgage. Let’s face it, more and more Canadians can get a really cheap mortgage right now – you have to go the extra mile to provide something of value. Maybe you’re going to offer ultra-low interest rates, give your customers superior customer service, or maybe have something else in mind; whatever you do, you need to make sure you do it fast.

What Do You Provide of Value?

The first thing you need to ask is what do you provide borrowers, what is the unique selling point or value that offering? If you can’t differentiate yourself from your competitors, how can your potential customers? The short answer is: they can’t. If you don’t define who you are as a company, someone else will. You have to be able to provide them with something of value – maybe it’s superior customer service, maybe it’s extremely low interest rates, or maybe you’re the best for fair mortgage terms. Whatever it has to be spectacular when compared with what your competitors are offering.

Think about Running a Survey

Think about running a survey, asking your repeat customers why they keep coming back to you. This way you’ll be able to identify where you excel, but don’t make it one-sided! You also want to know if they have any ideas about what you can improve on. Maybe they’re unhappy that you lose customer support to India. Maybe they don’t like the fact that it takes 3 ½ months to close on a home. Whatever the problems may be, it’s important that you identify them and start working on them. Make sure you incentivize the survey though! You’d be surprised what the promises of a free iPad can bring.

Are Interest Rates the Way to Go?

Sometimes interest rates are the way to go – if people get the best deal with you they may not worry about anything else. But right now some banks and lenders are offering 2.75% interest rates. Even if you’re selling to borrowers who are buying luxury real estate or luxury homes for sale, you may not be able to make enough of a margin to be profitable. Going too low can hurt your business!

Will Customer Service Make the Difference?

Having great customer service is a game changer. The better your customer service is are the more likely people are to pay more. Over 60% of Canadians polled in a recent survey said that they would pay a more on their mortgage for better customer service. Even if you can’t close in a month, just by being there when they have questions and help you gain a competitive edge.

More Canadians are buying luxury real estate than ever before, make sure that you’re tapping into this market.

The Goodale Miller Team is the #1 team in Canada for Century 21 8 years running. Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. Visit http://www.goodalemillerteam.com/ for more information today!