Phil Whitehouse: Blog

Monday 28th November 2011

As I was making my way back home on the train from two days at Mortgage Business Expo London I wondered if indeed I was on the right train as the conductor mumbled his announcement at such a pace and so incomprehensibly that no-one could understand a word he said.

This reminded me of the need for clear and effective communication in business by slowing the pace down and making sure that the people we are talking to understand us.

On the communications theme, I thought about the different body language I had picked up from various exhibitors at Expo. Some looked really keen to engage with visitors whilst others looked as if they didn’t want to be there and just sat back waiting for delegates to approach them.

I wonder if it was the stands with people who looked as if they didn’t want to be there that later said they were really quiet, as so many of the stands where staff looked energetic and interested, and created a welcoming place for intermediaries to visit, I had found to be really busy. 

It reminded me of the need for organisations to look at themselves as potential customers would and made me wonder: do we actually always proactively look for and ask for the business we need?

The changing market

It was also interesting to note who was exhibiting at Expo this year. Everywhere I looked there seemed to be bridging companies, technology organisations, insurance providers and the like. 

Very few mortgage lenders were present, which I thought quite strange as we were, after all, at Mortgage Business Expo.

It made me realise how the shape and content of our market has changed over the years and products once known as ‘ancillary’ now appear to be the new mainstream. I was reminded of how markets change, that nothing can be taken for granted and that we should all embrace that change.

The FSA

Perhaps the biggest learning exercise came from the presentation by the FSA on the last day. The room was packed in great anticipation as if people were waiting to hear the comments of an X Factor judge!

Expectations were high that the audience was going to learn about the content of the much-awaited Mortgage Market Review (MMR), but hopes were quickly dashed when the FSA said that it can give no guarantees on when the final paper will be published. 

The FSA said it was going to start a series of intermediary roadshows in the North-West in early 2012 and was still keen to listen and gain feedback from the market and take broker views into account.

A timely reminder in our businesses about the need to set expectations up front with our customers so that there are no surprises along the way.

So putting these last two days’ experiences at Expo together, what key things have I been reminded of that could be useful for brokers in a business environment?

Firstly, good presentation coupled with clear communication and positive body language will improve customer interaction and the sales process.

Effective communication should involve active listening: how can we offer our clients great solutions to their financial needs if we don’t actively listen and get the full picture before we give advice?

Likewise we need to ensure that the client listens actively to the advice given so that they understand the recommendations and why that solution was arrived at. This should help reduce cancellations of products as the client has bought into the process.

Perhaps nothing new here, but a great reminder of the tried and trusted skills required for a better business, and of course a great two days of networking and keeping up to date with important things affecting the mortgage market. 

* Phil Whitehouse is the head of the Mortgage Alliance