a sherlok case study

How an award-winning broker streamlined his brokerage’s customer retention strategy

Gordon MacVicar is a Mortgage Choice broker based in Queensland, and winner of the Better Business Awards Regional Broker QLD of the Year 2021. Here’s how he leverages Sherlok to streamline customer retention in his business.

Too busy to reprice

Like many busy brokers, Gordon MacVicar found himself constantly frustrated trying to integrate all the banks’ many systems with his brokerage’s processes, making actioning reprices and refinances a time-consuming and frustrating process for his brokers and admin staff.

“I think most businesses struggle to do it effectively,” says Gordon. “It was the sort of stuff that kept me up at night. There was no easy way of doing it.”

Gordon wanted to effectively and efficiently reprice clients with their existing lenders and make sure they were getting a competitive rate in a streamlined and automated way, as opposed to being constrained by the banks’ long-winded process.

The solution? Sherlok, Australia’s first automated repricing and refinancing tool.

High value client conversations

Gordon started using Sherlok because he wanted to automate internal processes – but it also created an opportunity for them to talk more to their clients.

“It’s easier to retain a client than try and find a new one. It’s a small investment required that gets paid back tenfold,” says Gordon.

“For example, we sent one of our clients an email telling them that we’ve been able to save them money and then they responded with, “Hey that’s great news and it’s good to hear from you. We’ve been thinking about buying an investment property and been meaning to get in touch. Let us know when you’re available for a chat”.

“Another client replied, “Thanks for this, we’re not happy with our lender and would love to explore these refinancing comparisons”. The opportunity to have those conversations wasn’t presented to us from our clients before Sherlok,” he says.

Preventing clawbacks

Gordon credits Sherlok for saving them $15,000 from half a dozen prevented clawbacks ≠ and that’s just in the first [time period] of using the platform.

Importantly, they found out that several of these clients had been speaking to the bank about $4k cashback offers, and they’d been able to save them, and keep them with the lender.

“People get seduced by cashbacks, and we’ve been able to have a convo with those clients before they get too deep in,” says Gordon.

Sherlock removes the work

Thanks to Sherlok, Gordon is able to have all these high value interactions with his clients with no extra effort, and no back and forth with the lender.

“It’s low touch,” says Gordon. “Sherlok removes all the work. The client doesn’t have to be involved, they just get to be pleasantly surprised.”

Striving for better client retention?

Brokers just like Gordon around Australia are all kicking goals and winning at client retention by automating their repricing and refinancing activities with Sherlok.

It’s a win for brokers, a win for homeowners, and a win for the lenders and aggregators too.

“This is the sort of stuff aggregators should have been working on ten years ago.”