A new report by Macquarie Bank has highlighted how mortgage brokers are using social media to drive business referrals through existing relationships with financial advisers.
The third Macquarie Mortgage Benchmarking Report found that mortgage brokers are increasingly leveraging social media to generate leads, market their business and build referral relationships.
Macquarie Bank head of sales and distribution for intermediaries, Doug Lee said: “Businesses that use social media tend to leverage a wider range of referral relationships more effectively, helping to generate leads from multiple sources, such as accountants, financial planners and the internet.”
The report found that early adopters of social media are experiencing higher revenues, increased profits and greater productivity.
“The research revealed businesses that effectively embrace multiple social media platforms significantly outperform other firms within the industry, with revenue growth at least 20 per cent higher,” Mr Lee said.
According to the report, 88 per cent of brokers under 30 use social media for referrals, while almost 70 per cent of brokers aged over 50 are also actively using social media.
Mr Lee said social media is an important tool for brokers to help them build scale and maintain high-quality client relationships.
“Social media allows mortgage brokers to connect directly with clients by sharing insights, expertise and personalised content,” he said.
“It also allows them to promote additional services to existing clients and offer a greater range of services, creating a virtuous circle of communication and diversification.”