INSIGHTS | PRODUCTIVE
There’s a quiet truth echoing across the industry right now. Everyone’s working harder for less – or the same at best. Rising costs. Tighter margins. Shifting lender and regulatory requirements. They all mean brokers like you are expected to get more done with fewer resources. Every case takes longer, every customer needs more reassurance and every decision carries greater weight. For many, margin pressure means burnout-inducing late nights and working weekends.
But it doesn’t have to be that way. Across the market, forward-thinking brokers are finding ways to protect performance without sacrificing wellbeing. They’re discovering the ‘work smarter, not harder’ mantra. In other words, increasing efficiency and freeing up more time to concentrate on growing their business.
In this article, we’ll explore how you can boost productivity through focus, prioritisation and intelligent use of technology. As we’ll see, it’s all about investing in tools, habits and partnerships that protect both performance and wellbeing.
Smarter prospecting
Our recent broker survey revealed that many of you are having to fight harder to secure new business. Some of you told us you’re even struggling to hang onto current business thanks to competition from larger firms and brokers operating free of charge. An inconsistent influx of new customers adds to the stress and financial pressure you’re under, making smart prospecting critical.
The ideal would be hiring someone to do it for you. But if that’s not an option, the next best thing is setting up channels that bring leads to you rather than you having to proactively look for them. “I have established lead generation channels that I have worked on for a while and they are now stable and consistent,” one broker told us.
So, what might that look like? If you dream of a steady stream of enquiries coming your way, a few popular methods of achieving this include:
- An up-to-date website that demonstrates your expertise and is well optimised for key search terms – articles on relevant subjects are great for this.
- Content marketing – providing valuable content (such as mortgage application guides) that people can download after entering an email address.
- Automated lead generation email funnels – to convert those prospects into customers.
- Word-of-mouth referral programmes – providing incentives for happy customers to refer you to friends.
- Social media marketing – spreading the word about your expertise and services through regular organic posting or paid advertising.
These require varying amounts of work to set up and maintain. But implementing several different lead generation tactics ensures you’re not putting all your eggs in one basket.
Tackling the admin burden
We understand that admin is a particular bugbear standing in the way of productivity and growth. “The amount of paperwork is slowing me down,” one broker commented.
“I would like to spend more time on the things that make me money and less time on admin,” said another. Of course, admin has always been a feature of this job. But regulatory change (such as Consumer Duty) adds further layers of documentation.
Cost-cutting has meant that many of you take on paperwork yourselves rather than delegating. But the benefits of getting some help with admin are clear, and many of you are seeing it as a worthwhile investment. “Having admin support has made a massive difference,” explained one of several brokers who told us they’re planning to hire. “I can now focus on the advice and client contact and I am not stressing about the admin.”
But what if you’re not in a position to pay someone to take care of your admin? Putting in place more effective, streamlined processes is key – and tech is your friend. For example:
- Online document signing services – these cut the time it takes to onboard a new customer.
- Workflow automation software – this lets you create simple rules to deal with mundane tasks.
- Accounting software – this speeds up invoicing and chasing payments.
- CRM systems – to better track your existing and prospective customers with upcoming tasks clearly prioritised.
From gathering and checking documents to chasing progress, optimising your admin workflow can mean big time savings and a major productivity boost.
More support from lenders
While technology is increasingly a powerful enabler of productivity, it can also be a barrier to it. Many of you are frustrated with lender tech and systems, which you’re finding often aren’t joined up. This means you have to duplicate work across platforms. “A more joined up IT framework that reduced the amount of data rekeying” was high on the wish list in our broker survey.
One broker gave an example of what this means for you and your customers during the application process: “Currently I have to enter the client’s name, address, date of birth and contact details into my own system, the lender’s app, the protection app, the GI app and then sometimes the conveyancing system too.”
This repetition of work isn’t helped by the glitches, inconsistencies and poor user experience you’re reporting from back office systems. And there are other challenges. As one broker commented, lenders automatically adjusting rates “would save a lot of wasted, non-productive broker time, focus and mental energy” that’s currently spent “constantly reviewing existing cases.”
Combined, these issues add hours to your admin burden each week and make your day-to-day work a frustrating experience. On the face of it, this can feel like something you don’t have much control over. After all, it’s down to lenders to test their software platforms with real users and implement feedback. It’s down to lenders to implement time-saving processes that make a real difference for brokers.
But one thing you can control is the partnerships you nurture with lenders. You can choose to invest in relationships with those who understand the real-world pressures you’re under. Who make efforts to simplify your workload. And who are easy to work with.
At Pepper, we’re working hard to keep things simple and deliver a better experience for brokers from day one. For example:
- We’ve introduced a refined process flow on our new and improved website. This gives you useful tips and information on submitting business.
- We’re transparent about our processes and service levels.
- You’ll enjoy direct access to a decision-maker, with clear and timely communication.
- Our online portals enable smoother case management, streamlining your workflow.
In short, we’re here to help and support you to fulfil your ambitions – taking you closer to life as you’d like it.