In light of a challenging housing market forecast for 2024, Property Circle is advising brokers to focus on generating new business from their existing client base.
This strategy comes as the latest HMRC figures show a significant 21% drop in transaction levels in October 2023 compared to the previous year, indicating fewer opportunities for new leads in the housing ladder.
Property Circle, which markets LeadGen, a specialised lead generation tool for brokers, suggests that this tool can be a valuable asset in these circumstances.
LeadGen works by constantly evaluating a broker’s existing clients, identifying opportunities for mortgage renewals, equity releases, and other early reviews, and then validating and prioritizing these opportunities as new leads.
According to Property Circle, for every 100 mortgages in a client bank, there are typically over 40 mortgage opportunities.
Marc Randall, CEO of Property Circle, commented on the efficiency of using LeadGen, especially for brokers with extensive client banks.
He said: “All brokers and other agents need to be able to proactively manage their client banks. Manual systems are OK if brokers have the time to be constantly scanning existing clients, but for anyone with larger client banks, without dedicated human help, the task is nearly impossible. LeadGen takes the burden of manual checking away.”
He also noted that utilising LeadGen not only saves time but also helps brokers meet Consumer Duty requirements by maintaining a consistent overview of customer outcomes. Randall concluded by encouraging brokers to make the most of their client bank in 2024.
