What does the Easter bank holiday weekend tell us about the mortgage market? Historically, the data shows that in the two weeks before the bank holiday break, mortgage searches across the board remain steady, but then during Easter week, mortgage searches dip by almost 40% (purchase searches are down 33.4% compared to the week before and remortgage searches are down 37.12% compared to the week before).
However, when we look at the searches closer, we can see that whilst searches for shared residential, buy to let and shared equity dive during Easter Week, first-time buyer searches actually increased last year; they were up 34.6% compared to the week before.
This year, purchase mortgage searches were down 8.1% in March 2024 compared to February 2024 and down 4.98% compared to March 2023.
As many advisers know, peaks and troughs are all part of the day job, but when a quieter week arises, how can you remain front of mind?
Stay relevant
Any adviser will know that whenever a customer decides to take a plunge into looking to buy a home or move home, they’ve been juggling many other things behind closed doors, but when the time comes, you want to be front of mind so that they immediately want your help.
It’s okay not to talk about the market all the time, and the long bank holiday weekend is a good example of staying in touch with your customers or potential client base, offering a personal touch and a chance to build rapport.
The technology available now supports this activity by saving you time and allowing you to drip-feed messages and campaigns to different customers and demographics, as is the case when you use Twenty7tec’s Communicate tool.
Tap into different demographics
The data can help you to understand the trends of certain demographics and ultimately, guide your activity.
As we can see from last year’s data although most of the market quiets down, first time buyers are actually more engaged during this time of year.
Data-led decisions can help you make the most of your time, and target the right customer base at the right time.Â
Time to offer protection
If things quieten down, it’s an opportunity to review your mortgage clients who haven’t taken out Protection. People often change their minds or just get busy and forget to take it out.
Offering protection is also a very natural value-based conversation, which helps keep you in the picture with your customer base, establishes your role as an ongoing service, and most importantly, guarantees better outcomes for your customers.
This has become even more important since in the introduction of the Financial Conduct Authority’s (FCA’s) Consumer Duty.
In light of the significant shift towards product transfers (PT), giving holistic advice and being proactive to review all of your customer needs, has also become increasingly important from an income and business perspective.
There has been a lot said about PT procuration fees, but ultimately with the landscape unlikely to materially change overnight, it’s simply a no brainer to consider the avenues that protect your customers and your business.
Develop yourself as a service
In today’s fast-paced environment, advisers need to develop themselves as a service, and technology can help with this. It’s not about taking up more of your time; it’s about finding the right technology for you so that you can spend more time being an adviser.
The right technology will not only complement you from a product provision point of view but also give you the information you need to truly understand your customer base and, ultimately, what your customers want from you.
Focus on the tools that will help you thrive
As social media and online presence become more necessary in the mortgage world, take any quieter periods to find the tools that will help you do this well without taking up all of your time.
We shouldn’t expect mortgage advisers to be marketing experts; it’s not their bread and butter.
However, there are tools out there that can allow advisers to market themselves without having to upskill or take up all of their time.
Ultimately, with the tech available, advisers can do what they do best: offer advice and build a business whilst marketing themselves online.Â
Take care of yourself
The advice market is becoming increasingly well known for the stress it adds to advisers. At the moment, PT fees are adding to that pressure, and there are stories in the press about brokers working well into the night for their customers.
As the battle for a respectable procuration fee on product transfers bubbles on, and with the market in a constant state of flux, I’d like to finish on a final note for advisers to look after their mental health, something that is easier said than done.
There are tools out there that can alleviate some of the pressures, but ultimately, in a stressful environment, looking after yourself is critical to prevent burnout.
Nathan Reilly is director at Twenty7tecÂ
