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Strategic partnership ideas (not just) for mortgage brokers
By Brenda Thomson
I was running a webinar on strategic alliances last week. Thanks to the mortgage broker who inspired today’s post. Here are 8 strategic alliance ideas and 30+ potential alliance partnerships specifically for mortgage brokers and their potential partners.
Of course this post is not just for mortgage brokers or even just for all the businesses out there whose clients ever need a mortgage. Think outside the box… how could you use each of these ideas in YOUR business, even if your clients never need a mortgage?
As you read the post I think you will agree… knowing EXACTLY who your ideal clients are and what they need and buy is critical to finding and implementing effective alliance opportunities.
1. THE SUPPLY CHAIN/PROBLEM SPOTTER OPPORTUNITY
Most mortgage brokers work with real estate agents. It’s a no brainer, most people buying a house need a mortgage and the real estate agent doesn’t want the deal to fall over for lack of finance. However there are other businesses in the real estate supply chain or who spot when someone needs a new mortgage. Conveyancers, lawyers, financial advisors, property inspectors, accountants, extension and renovation companies, interior designers, even car companies and mechanics, the list goes on. Who are the businesses in your community that know when someone is in the market for a mortgage or a re-mortgage? Focus on building quality long term relationships that will make you top of mind when the problem comes up.
2. THE BRAND CREDIBILITY OPPORTUNITY
I’ve written before about the value of having a credibility tool to make it easy for your referral partners to refer you. (Two Strategies Guaranteed to Increase the Value of Your Referral Networks)
Here’s a great brand credibility tool for mortgage brokers…
Co-author a book
Option 1: if your ideal clients are first home buyers… “Everything you need to know about buying your first home.” (Co-authors – financial adviser, accountant, property inspector, lawyer, interior designer, buyers advocate etc)
Option 2: if your ideal clients are investors… “Everything you need to know about buying your first investment property” (Co-authors – financial adviser, accountant, property inspector, lawyer, interior designer, buyers advocate, property management company, property developer etc)
Option 3: if you do a lot of refinancing for renovations/extensions. “Whether to Renovate, Redevelop or Relocate your questions answered” (Co-authors – financial adviser, accountant, property inspector, lawyer, interior designer, buyers advocate, property management company, property developer, extension company etc)
Got a different target market? Write a different book!
3. THE COMMUNITY PACK OPPORTUNITY
This one’s for mortgage brokers who work primarily within a local geographic community.
Case study: This mortgage broker spends a lot of time building relationships with service providers within her local community.
When she provides a mortgage for someone new to the area then she gives them a package of information and high value offers from her recommended service providers. Everything from the mechanic to the hair-dresser. All of the services families struggle to find when they first move into a new area.
When she helps with a refinance for a renovation or extension she has a special “make-over package” including a gift from her alliance partner the interior designer.
PLEASE – make sure you are only endorsing quality services!
4. THE WELCOME HOME PARTY OPPORTUNITY
This one is a bit of a spin on the Community Pack opportunity. This mortgage broker makes sure he knows his clients moving in date and time and what’s their favourite type of takeaway. On the morning of the move he makes sure they get a hamper with tea, coffee, bubbly and a certificate to confirm the delivery of their favourite food from a nearby takeaway. He’s creating great relationships with a number of quality take away restaurants in his local area who, of course are happy to refer him business as well.
5. THE REMEMBER ME OPPORTUNITY
This one’s for all of the mortgage brokers who remember their clients’ birthdays or house moving anniversaries. You do remember those don’t you? Instead of sending a bottle of wine or a birthday card, I’ve had both of those, why not send a gift from one or more of your alliance partners? And of course they’ll include something from you in their birthday and anniversary gifts!
6. THE PROBLEM SPOTTERS OPPORTUNITY
The case study: A mortgage broker and a massage therapist teamed up. The massage therapist gave all her new clients a financial health check from the mortgage broker. The mortgage broker gave her new clients a massage certificate.
Who are the people in your world who see people in need of a mortgage? People in financial stress, people needing a bigger home (think new babies), people relocating, people looking to invest?
7. THE EXPO STAND OPPORTUNITY
This opportunity is for mortgage brokers whose ideal clients are tradies. Now that’s a specific niche of mortgaging particularly associated with low doc loans. If that’s you then this idea will work a treat and it’s not limited to expo stands but to anywhere that you can advertise directly to tradies.
The case study: A mortgage broker, a bookkeeper, a financial planner, a business coach, an accountant and a commercial finance broker took a stand at a trade fare specifically targeted tradies. They bought a large flat screen colour TV and created a competition – enter to win the TV. The competition entry form included name, phone and email and 6 tick boxes.
Which of these issues are ever a problem in your business?
- Managing accounts and debt collection
- Managing cashflow
- Financing plant and equipment
- Getting low doc financing
- Business profitability
- Growing the business
- Understanding my superannuation and planning for my family’s future security
8. THE SOCIAL ENTERPRISE OPPORTUNITY
There are over 600,000 not for profit associations and causes in Australia. Imagine if every worthy cause was connected to a business that supported it. A win for the cause and a win for the business. Pick a cause that you can be passionate about and become a sponsor. This doesn’t mean just throwing a bit of money at advertising – it means becoming genuinely involved with the cause and its community. The WIN won’t just be about the leads you generate believe me!
Information on HOW to implement Strategic Partnerships and JVs effectively
Four steps to an effective strategic partnership plan
The 10 things you absolutely MUST know about creating strategic partnerships and joint ventures (JVs)
Is your business strategic partnership ready?
Seven steps to identifying the perfect strategic partners for your business
Strategic Partnership and JV Checklist
CEO and Founder, Synergy48 Group
Brenda has an honours degree in organizational psychology and a Graduate Certificate in training and development and she is an experienced trainer, facilitator and counsellor. She is a firm believer in mutual collaboration combined with a practical, hands on tools, strategies and systems as the most effective way to achieve real results in business.
Brenda has over 20 years of experience training in communication, team work, time management, productivity, organisation and strategic planning in large organisations. She is also the developer of the Business Benchmarking Toolkit used by Synergy48 Group members and clients to identify areas for improvement in their business processes.
Brenda is a sought after mentor, speaker and trainer in the areas of strategic partnerships and networking with a difference. She is passionate about actively giving back to the community. In addition to donating her speaking fees and a proportion of every Synergy48 Group membership to provide microfinance to help women in Malawi to start their own businesses, Brenda has climbed the Himalayas to raise money for Kids Help Line and helped lay a pipeline to supply water to a remote village in Tanzania.