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According to industry experts Alex Whitlock and Jason Back in the latest episode of Business Accelerator, trust should be a key consideration for any broker.
In a competitive market with over 22,000 peers, how do you build this intangible quality, and more importantly, how do you communicate it without ever having to say the words “trust me”?
“As an invisible commodity, it’s such an important thing. Consumers in the future … they’re not going to buy rates. Speed will be taken care of by technology. What they’ll buy is trust … They’re going to buy you,” Back said.
However, trust is not something you can claim. It’s a perception granted to you by others. It’s a balance sheet item that is hard to earn but extremely easy to lose through inconsistency, overpromising or a simple lack of communication.
While there are many facets to trust, there is one constant pillar: communication.
“You may be doing trustworthy activities, but if you miscommunicate what you’re doing or don’t communicate what you’re doing, the person you’re working with will jump to a conclusion,” Whitlock said.
In the high-stakes, high-pressure environment of securing a loan, customers are often left in the dark, unable to see the complex processes happening behind the scenes. This vacuum of information is where doubt and distrust breed.
The duo said the key to building trust is to manage expectations with crystal-clear honesty:
- Avoid vague assurances: Replace “Don’t worry, it’ll be fine” with a precise plan.
- Be proactive with bad news: If a timeline slips, communicate it immediately. Don’t wait for the client to follow up and discover the delay themselves.
- Honour small commitments: Trust is built in the minutiae. Returning a call when you said you would or following up on a minor detail signals reliability for the bigger tasks.
Back noted that in the absence of facts and truth, clients will make up their own story. It is the broker’s job to fill that space with transparency and reliability.
How to signal trustworthiness
The conversation noted that brokers cannot simply declare themselves trustworthy. It must be demonstrated.
This can be done in a variety of ways, such as positive Google reviews, video testimonials or referral partners.
What must be avoided is inconsistency. Brokers should maintain a consistent tone, language and presence across all your platforms.
What can help is regularly showing up as a thought leader, providing valuable content that reinforces your position as a knowledgeable and reliable adviser.
“Remember, information is not trust. Information is abundant. Trust is the scarcity,” Back said.
By focusing on flawless communication, showcasing authentic social proof and maintaining unwavering consistency, you can build and market the one asset that will never be commoditised: the trust your clients place in you.
[Related: Business Accelerator: How brokers can build and market trust]
