
A Brokers Perspective on Losing a Client :(
Losing a client is never easy; thankfully, it is rare for us, but it’s something that every business will experience at some point. The frustrating part is that there was no real reason for it this time. We could have provided the same services they’ve arranged with another broker. It was something we advised them to do, and the client had initially said they didn’t want to make that change. They were concerned that we weren’t keeping them informed about all the rate changes.
Rates have been fluctuating a lot over the past month or so due to Trump’s tariffs and other factors. Of course, when there’s a downward trend, our clients want to ensure they’ve secured the best rate before finalising their new mortgage. We regularly monitor the trends and rates behind the scenes to make sure that happens, which is why we have so many satisfied clients. In this case, the client was also monitoring the rates themselves and continuously questioning what they could have gotten. We explained that while rates were moving downward, we just needed to wait until we were closer to completion or until we got wind of an increase. It’s when we’re notified that a rate is going to increase that we need to act, call our clients, and warn them that now is the time to make any adjustments to secure that last low rate offer we had, as rates are due to increase. If we had to change a mortgage offer/rate every time rates changed, we wouldn’t be in business anymore.
A broker’s job is to think strategically and make the decision to change things if and when necessary. It was a Friday, and we made that call at 5:30 pm on a bank holiday weekend, only to be told “sorry, we no longer need your services ☹” We were sad to hear this, as we want to support all of our clients. But as they say, ‘you can’t win them all.’ Hopefully, they’re happy with their decision, and it will turn out to be the right one for them.
Rest assured, we will always act in the best interests of our clients.