Sherlok

Repricing isn't just a stop gap for brokers to prevent clients feom leaving but its a great catalyst to driving strategic conversations.

Look at it this way...

We know that the number one reason why customers leave is due to uncompetitive rates.

So repricing them keeps their rate competitive and removes the reason for them to want to leave. I.e. keeping them with you for longer.

But it's also the perfect opportunity to instigate a strategic conversation because you're coming in on a positive note.

For example:

"Great news! We've been able to reduce your rate with your current lender, enjoy the savings! While I've got you, what else is going on in your world? Are you looking at building wealth with property? What are your goals, how can I help you achieve them?"

It's in that moment and with that conversation that you get the opportunity to start talking about the things that will lead to more revenue (and you've been able to prevent them from leaving as well).

So it's win win win all round!

Finding a better rate for your clients is one of the most effective things you can do as a broker to keep your clients happy, loyal and with you forever.

Here are our top three tips on how you can get better reprice outcomes for your clients in the current market:

1. Make sure the LVR is low – think below 80%
2. Larger loans are getting a better discount
3. Submit competitive offers that the lender actually sees as a threat – if it’s a big 4, don’t put a non-conforming loan in there as a comparison

But most importantly, repricing hacks ONLY help if you’re actually making time to do it.

Set a goal for how many clients you want to reprice each week, and make sure you hit it. Even if you just start by allocating 1 hour a week and build up from there.

Short on time? That’s where Sherlok can help you.

Brokers say “I love how much time this already saves because I don’t need to go in and out of the different lender portals.”

Sherlok does the heavy lifting for you from monitoring clients, researching and comparing rates and even saving you from having to talk to the lenders.

How many clients are you going to reprice this week?

We get this question from brokers a lot so we just want to set the record straight…

We’re a tech platform on a mission to help mortgage brokers keep their clients forever.

We’re never going to become a lender or aggregator.

We’re really clear on what we are – and we’re even clearer on what we’re not – and that helps us stay laser focused on helping brokers build long lasting relationships with their existing clients.

Happy homeowners x happy brokers = happy Sherlok