New research released by the Finance Brokers Association of Australia (FBAA) reveals that brokers are securing the most business from repeat customers, signalling high levels of trust in the industry.

The Monthly Broker Poll, which is conducted among FBAA members by CoreData, found that nearly three in five brokers (57 per cent) have at least 50 per cent repeat customers, while a quarter (26 per cent) have 70 per cent or more. The proportion was the same for both mortgage and finance brokers.

At the same time, it found that brokers with a higher proportion of returning clients had a more positive view of their business performance. Over three quarters (76 per cent) of those reporting at least 60 per cent repeat customers said that their business is doing the same or better than this time last year.

FBAA managing director Peter White AM said the findings “clearly show that building strong customer relationships is the key to success in our industry, as clients can often become clients for life.” 

“We cannot underestimate the importance of good customer service and putting our clients’ best interests first,” he said.

Highlighting the importance of repeat business even more, the poll also revealed that many brokers found lead generation challenging. One in three brokers (33 per cent) said that generating leads was the biggest challenge for their business over the last six months, in particular finance brokers (38 per cent).

“Existing clients provide the biggest opportunity for leads,” Mr White said, adding “Brokers should always be asking for referrals.”

He said the high level of trust that brokers have with clients is our greatest asset.

The FBAA’s Consumer Access to Mortgages 2023 report revealed that 86 per cent of mortgage broker clients trust their broker. This trust directly leads to long-term and repeat business, with 83 per cent of mortgage broker clients stating they would continue to turn to a broker for assistance with their next mortgage application.