Concentrate on developing leads from your client bank in 2024

21 December 2023

With the prospect of a challenging year ahead, brokers should concentrate on looking for new business closer to home by generating leads from existing clients in 2024, according to Property Circle, which markets LeadGen, the unique client bank lead generator for brokers.

With fewer people actively on the housing ladder, it is increasingly difficult to generate new leads. Latest figures from the HMRC reveal that transaction levels in October 2023 are 21% lower than in October 2022.

When linked to an agent’s client base, Lead Gen automatically evaluates existing clients 24/7 and constantly scans the database for timely renewal, equity release, and other early review opportunities. It then validates them, prioritises them, and serves them up to brokers as fresh leads. Our experience is that for every 100 mortgages in a client bank there are over 40 mortgage opportunities.

According to Marc Randall, CEO of Property Circle, it would take approximately 42 days for a mortgage broker with 500 clients to manually review every mortgage account they possess.

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.

Not only does it free up time to leave brokers free to concentrate on new business but adopting LeadGen means that by keeping in closer contact with existing clients, brokers are meeting Consumer Duty requirements by actively demonstrating a constant overview of customer outcomes in the longer term.”

Marc added, “ Make 2024 the year when your client bank becomes a real asset.”