The Intermediary speaks to Marc Randall about Property Circle’s mission, its use of technology and why supporting brokers is more important now than ever before.
To begin, tell us a little about Property Circle and its proposition.
Property Circle provides a growth platform for brokers – generating quality, qualified leads from new client sources and existing client banks.
It’s designed to help brokers do what they do best – give great customer service through the most appropriate advice while delivering the best mortgage to every client.
Why do you think it is now more important than ever that brokers get the additional help that they need?
The last few months have been challenging for mortgage brokers to say the least!
Market forecasts show that over 90% of new mortgages will be placed by brokers, with the threat of remortgage and product transfer opportunities reducing through competitor action.
The Property Circle platform facilitates the capture of quality new leads, but also timely and validated client retention opportunities.
How many brokers would benefit from a 10% increase in client retention rates whilst retaining each and every client through their mortgage lifetime?
When you combine these approaches, Property Circle provides a great, controlled business growth platform.
With the popularity of remortgages and product transfers on the rise, maintaining a customer base has never been more important – how does Property Circle help brokers keep track of their pre-existing clients?
The Property Circle platform constantly reviews every existing client’s mortgage to identify whether a better mortgage deal is available (or not).
If there is an opportunity then it is prioritised for the broker to action with all the pre-validation works undertaken (including ERC) and available for the broker’s use.
Our LeadConnect (own branded app) also updates every client so they can instantly ascertain whether a better mortgage deal is available to them.
For landlords this also includes a calculation that shows the extent of equity available within their portfolios and also a great opportunity for the broker to engage with them to assist in liquidity and potential property acquisition.
How does technology factor into Property Circle’s proposition and in what ways does it help streamline the process for brokers?
Technology, integrated with 25 years of broking experience, is at the heart of Property Circle.
It means Property Circle can essentially interrogate every client’s mortgage in seconds and give qualified, prioritised leads.
Whereas for a broker to review every client’s mortgage (in a client bank of 500) would take somewhere in the region of 42 days!
Coupled with the broker’s own branded app, which we provide, means the customer can be fully aware of their mortgage status – not only ticks the important Consumer Duty box but also acts as a call to action to contact the broker.
Finally, what’s next for Property Circle? What can we expect from the brand going into the last few months of 2023?
With the upcoming integration of the Affordability Calculator with the app, we shall have a truly unique proposition for mortgage brokers to connect with letting agents and estate agents.
Our platform helps create an ecosystem where a landlord or homebuyer is connected with a broker and agent, enabling them to have the best opportunities available in the market to create new and improved revenue opportunities for both of them.
Also, with landlords who are considering selling, we can show brokers and agents how technology can help them retain them as clients.
