January is that time of year where personal challenges are set. Be it to quit smoking, save money or learn something new, resolutions are usually made as a reflection of the year before.
But when it comes to setting business goals, basing them on what happened in 2017 might not be best if your intentions are to grow.
Where to start
You can’t predict the future but it’s worth using information available to get an insight on what could impact your business in the future.
For example, this year we know…
- The government has downgraded its 2018 growth predictions for the economy
- There may be further increases in interest rates
- The number of properties purchased by buy to let investors using a mortgage is expected to drop by over 25% within the next five years, according to Savills
- And that’s not even factoring in the uncertainty Brexit brings
Ways to grow
For many brokers, this could impact on the number of people looking for a mortgage. But there are opportunities too. What you'll need to grow your business is a clear strategy for 2018.
Below are a couple of things to consider:
- Credit score declines aren’t always lost business: You may have a number of mortgage deals on your desk that have gone nowhere due to credit score declines or you think they’d be difficult to place.
The challenge for brokers is to find a lender who is best placed to help with such cases. Doing some research into what lenders can offer may help you place more business. This will also mean you'll have to find fewer new cases.
- Let potential clients know you might be able to help: Many potential clients believe that a failed credit score means no mortgage. But as you'll find out, not all lenders look at credit scoring.
By promoting that you may be able to help with these cases, you’ll be opening a door for new business.
Whether it’s adverse credit, an immature credit history or a complex income, there are mortgage deals available.
So in 2018, embrace the challenges it brings, try to place more of those interesting cases sitting on your desk and support new clients in similar situations.