There are many challenges for businesses seeking to retain customers, especially given the recent trend of mortgage refinancing in Australia. According to the Australian Bureau of Statistics, refinancing has increased dramatically over the past 10 years, to the point where the average length of a home loan is less than four years [1]. However, there is plenty of scope for smart mortgage providers to impact the longevity and profitability of their customers.

One solution is customer retention programs, which can be a relatively inexpensive means of ensuring customers feel special, increasing their purchases and in turn, improving a company’s word-of-mouth marketing.

Reward your existing clients with something quite different.
Are you looking for the ideal incentive to build customer loyalty and reduce churn among your mortgage customers?

PropertyValue.com.au is one of Australia’s leading property information websites and can help you reward your current client base. Giving your clients the opportunity to estimate the value of their house with the Individual Property Report from PropertyValue is a way of making them feel valued by you as their mortgage provider.

The Individual Property Report provides useful, objective and valuable information, including:

• Estimate of property’s current value
• Previous sales for the property
• Growth rate analysis
• Suburb and postcode medians and ranges
• Sales figures of surrounding properties
• Map of surrounding areas.

Integrate PropertyValue reports into your daily acquisition and retention programs.
Here are some examples of marketing tactics based on the Individual Property Report from PropertyValue.com.au:

Retention marketing tactics:

• Offering customers an Individual Property Report when they are refinancing, seeking a loan balance or at any other appropriate time
• Cross-selling other financial products (e.g. margin lending, secured line of credit, etc…)

Acquisition campaign – case study
Recently, a well-known Australian bank decided to use PropertyValue reports as part of its acquisition strategy. As a special welcome offer, the bank offered five Individual Property Reports to every new mortgage applicant. This initiative was met with such a positive response that the program has been expanded.

Now, the first 500 callers or email requests from advertising campaigns receive an Individual Property Report for free. New applicants are also offered additional reports if they recommend a friend to the " bank. As an additional service for clients, the bank is currently exploring ways to offer property reports through its website.

To talk about how we can help you with your retention or acquisition programs and to receive a free copy of your Individual Property Report, call PropertyValue today on +61 2 9236 4849 or email raphael.nottebohm@baycorpadvantage.com.  Alternatively, visit our website for more information on property reports.

PropertyValue.com.au is a service offered by Baycorp Advantage Marketing Solutions Pty Limited.

[1] Source: 5609.0 “Housing Finance for Owner Occupation Report” produced by the Australian Bureau of Statistics, Australia