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Posted on Aug 28, 2014 in Financial

Business tips for small Ottawa mortgage companies

Many people living in Ottawa take on mortgages to buy a home, to remodel their home or to move into a bigger house. Due to the high market demand, there are now numerous mortgage companies in Canada’s capital city, therefore the competition in the field is quite high. Large companies and small mortgage broker businesses are battling side by side to attract clients and remain competitive. Now, large Ottawa mortgage companies already have a well-established client portfolio and benefit from a recognizable name, but that doesn’t mean that all hope is lost for private brokers or smaller companies. If you own, manage or work at such a company, then in this article you will be able to find some valuable business tips that can help you increase profits and even grow your business.


First of all, know your audience. When you large companies represent your competition, then it is imperative to know what type of client to go after. Start with the smaller fish, such as residential clients and don’t try to go after commercial or industrial clients if you don’t have the necessary resources and means to provide the highest standard of service.  By choosing your clients carefully and not going for too much too soon, you will be able to guarantee a high quality service and the kind of customer care that people really appreciate it and, more important, talk about. As a result, your business will benefit from word of mouth recommendations, which can be very valuable for small Ottawa mortgage companies. Step by step, your client portfolio will thicken and you will be able to invest in the resources you need to approach a different market segment if you want. Another business tip would be to promote your services right. Make use of the great opportunity that the online environment provides you with and invest in a professionally designed, high performance website for your company. Many people are keen on convenience and ease of access, which is why consumer trends have shown such a high increase in online research in almost any field, so make sure you give them the tools they need for a thorough research, such as a mortgage rate calculator or detailed info on eligibility terms.


Last, but not least, don’t forget where you started! Even though you grow your business and target different market sectors and various types of clients, make sure that everyone, even your oldest clients, benefit from the same top level of service. The mortgage field is a highly personal field, as buying a house or a property is probably the biggest investment in most people’s lives, so it’s all about dealing with people, communicating with them and helping them feel reassured and confident in their choices. As a result, many small Ottawa mortgage companies live and die by means of feedback, testimonials and recommendations, so be sure that you treat all clients the same and offer the highest standard of service from start to finish.