Are Reviews The New Social Currency?

Written by on December 6, 2021

Simply: Yes. Reviews give you and your business credibility, social proof, reliability and ultimately, reviews can make or break your business.

“Social proof” means we trust reviews because they come from people like us, who have tried and used a product or service before us and thus have more knowledge on its outcomes than we do. None of us wants to be guinea pigs, we want to know we’re spending hard-earned money on a sure thing. This applies to most things; Restaurants, appliances, movies and mortgage brokers.

In our digital world, reviews have moved online. With a few simple clicks, your potential clients have a birdseye view of your business, your offer, your point of difference and your customer experience without yet interacting with you.

Can be scary if you know you’re not operating at the best you can be. 

So, What If I Don’t Have Reviews? How To Ask For Reviews, Can Negative Reviews Be Good? How Does Social Media Affect Reviews? And There Is Power In Reviews. Let’s dive in.

What If I Don’t Have Reviews?


These stats don’t lie: 85% of consumers say that they refer to online reviews before making a purchase at a local business, and 67% of shoppers read 6 online reviews or less before feeling that they can trust the business.

If you don’t have showcased reviews then you’re missing out on a great lead source. Reviews on Google and other review platforms have become so valuable to any business due to their honest process. A third party endorsement shows your potential clients, potential employees and potential referral partners that you are a professional, reliable, trusted advisor who will be able to guide and lead them during a major financial decision. 

What’s worse, if you don’t have any reviews to tell your potential clients “Yes, trust me, I am the person for you!” they could be negatively judging your business, dismissing you as an option immediately. So you’re missing out on a place at the table without even knowing it. 

How To Ask For Reviews


Similar to our article about referrals, we suggest you educate for reviews. Your ability to stand out as an exemplary service provider and broker will pave the way for a simple “ask” for a review. “What did you think of our service?” – It was great – “Would you mind writing a review?” It’s that simple.

Asking for reviews is a clear and easy way to establish how many clients are now raving fans. Your client needs to invest physical time, even just a few minutes, to tell the world their opinion of your service.

If your clients are telling the market “These are good people doing good things, you will have a great experience” that is a golden tick of approval that could see multiple leads come through to your business.

Can Negative Reviews Be Good? 


Reviews are the most honest opinion on how you and your business serves your clients. So what happens when you receive a negative review?

Firstly, try not to react immediately or emotionally. Take a look at the situation and assess what is really going on. Has a troublesome client taken to Google in a fit of frustration? Can you salvage this relationship and turn a negative into a positive?

Sit down and assess the negative review with your team – is there some validity to the concerns the client has raised? Could you be doing better at some things? 

Something that potential clients value is transparency. If a client has left a public negative review, respond publicly. Address the situation and try to make amends. Always be honest and polite; other potential clients, employees and referral partners are reading what you write. 

One thing we believe is that you attract the type of client that you want to work with and the type of client that aligns with your values and morals; “Good people give good referrals, bad people give bad reviews”. Try to work with good people! 

Pro Tip – Respond To Every Review

When a client has spent time and energy leaving your business and yourself a positive review, please, take the time to respond and say thank you. If possible, make the response personal to that client, mention something special about their journey or relationship with you. Even the “less than five star” and the negative reviews – please respond, acknowledge and appreciate each and every one. 

How Social Media Affects Reviews 


Every broker and broker business needs social media and social proof IF they want to grow and maintain a long term successful business in THIS economy.

Social media presents a great opportunity for your business to showcase the reasons WHY you love this business, why you are passionate about broking and why your clients are the reason you do it. Social media gives your potential clients, employees and referral partners the opportunity to experience your business, your values and service BEFORE becoming a client. It’s a mere tasting plate for what’s to come, and if done right can be a valuable and powerful sales tool. Social media also encourages your clients to leave a review when they see others leaving reviews (back to social proof). 

There Is Power In Reviews


We’re in a business that helps make people’s dreams come true. When you’re in a position to realise that your clients will have an emotional engagement with a review, as will your potential clients then you can really value their power. Where you can see, by the words of your clients, that your WHY and the reasons you love this industry are reflected back in their review, it’s time to celebrate. It means you’ve achieved what you’ve set out to do.  When you get a good review, you have a great sense of achievement – be under no illusion that you are building a database second to none – and that database is a business asset. So reviews are very powerful.

Reviews are just one piece to the bigger pie that is a successful mortgage broking career. For information on how to have your best year in business, check out the Broker Journal™ now. 


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