Are you tapping into your brokers' full potential?

1st Street Home Loans director Jeremy Fisher talks about how brokers can get the most out of the talent in their office

1st Street Home Loans director Jeremy Fisher talks about how brokers can get the most out of the talent in their office

Any business-owner would know that the not-so-secret secret to running a successful business is their staff.
However, are brokerages really making the most of the talent in their office?

According to an award-winning broker and entrepreneur, brokerages could be better capitalising on the unique skill-sets of their brokers. Jeremy Fisher, founder and director of 1st Street Home Loans, says that as much as brokers all like to say they are a “one-stop-shop” and are experts in all types of loans, the reality is they are probably not – and that is okay.

“It’s a big world out there and there is a lot to know. I don’t claim to be an expert in everything and I don’t expect my staff to be an expert in everything. With the abundance of regulation, policies and information it is impossible to be.” It is about finding out what you are an expert in and what your staff are experts in, says Fisher. Every broker will come from a different background made up of different experiences and unique skill-sets. Fisher says you just have to identify these and capitalise on the expertise.

In Fisher’s case, 1st Street Home Loans’ main business comes from residential loans, however each of his brokers has been chosen to specialise in, or be the “go-to” person for, a different area or type of loan – depending on their background, skills and knowledge. “It just came to me that there are brokers here with skills that are quite unique.

So, if there is a deal that sits outside of one of our brokers’ comfort zones or skill-sets, we could utilise the other brokers here in the office who may have the experience or the interest in that type of loan. “It still means that the individual broker who has the client will still write the loan in most cases, but they know who the expert is on, let’s say construction as an example, due to their experience and their unique skill set for that type of loan – they have kept up-to-date with all the changes within the construction industry and the bank policies and regulations in that industry. It means that we have recognised the vast skill set we’ve got in our office and we are taking advantage of it.”

No broker is fenced into writing only one particular type of loan, says Fisher, but having a go-to person makes the management structure and lines of communication clearer – which in turn makes the business more efficient and provides better outcomes for clients. “As I said, in the majority of instances the broker will see the deal all the way through, but it is about capitalising on our brokers and utilising their unique skills as best as we can. It is ultimately so the client is getting the best information and the best deal.

“We won’t just take over a client from someone else, we will make sure that we skill them up at the same time.”

Fisher says paying attention to your brokers’ experiences and skills won’t only increase business efficiency and ensure clients are getting the best service, but it will boost staff morale because they will get to specialise in what they are interested in.

“The last thing I want to do is an SMSF loan, but at the same time I’ve got a broker here that has a client that’s got multiple trusts and companies and to me, that’s easy. That’s what I like doing and that’s where my skill-set lies. So, it is also about letting brokers specialise in what they are passionate about.”

While the strategy at 1st Street might not work for every business, particularly smaller brokerages, Fisher urges all brokers to take a deeper look at the talent in their office and try and utilise it in the best way for their business. “If you are a brokerage that has a varied pool of certain skill-sets in your office, then you should absolutely be honing in on them and utilising those skills. The benefit is ultimately the client.”

This article originally appeared in Australian Broker issue 12.02.