Chapter five of Aussie Warwick's journey explores how to reduce issues with external parties.
Phil Barton and Natalie Duong began Aussie Warwick last year. Over 12 exclusive diary entries they talk about the personal and professional challenges of running a new brokerage.
As a mortgage franchise owner you have to wear several hats at once; those of business owner, mortgage broker, compliance officer, chief financial officer, human resource manager, marketing manager, IT specialist and business development manager, to name a few.
Owning a franchise means you need to be in complete control over all aspects of your business. Herein lies the issue of what to do with external parties over whom we have little or no control?
As a broker we deal on a daily basis with solicitors, settlement agents, real estate agents and clients who have their own agendas. As much as we try to successfully manage the process of meeting a potential customer and nurturing them through to application, settlement and beyond, there are times when parties unrelated to your business seem to unintentionally conspire to derail the train to success.
It is becoming more commonplace for banks to outsource settlements to external solicitors and accountability can often be lost. A case in point; I made a call to a large solicitor (who acts for multiple banks) after a refinance fell over for a customer because the ‘other party’ failed to show up at the agreed time, with no investigation carried out.
After some gentle probing by us (and a little surprise which quickly turned to outright horror from them), it was pointed out that the very same solicitor was acting for both parties! How strange that they were waiting for themselves to turn up to a settlement! The irony of this was lost on the nameless individual on the phone (whom up to this point had been fairly blasé) but in a matter of minutes the refinance was again booked in to settle within the hour.
This type of incident is not uncommon in our business and the consequences for the broker can be huge. Clients have expectations to be met and brokers have reputations to uphold. In this instance there was really nothing that we could do other than to follow process and to be aware of when settlements are occurring, and if in doubt make the call to the solicitor to ensure all is on track.
We now have a process of ensuring that all parties know which solicitors are to be attending and we confirm several days before the deadline that there are no outstanding issues. It is surprising how many errors can be picked up by this simple process. Constant education is also paramount.
We have established an excellent relationship with a local settlement agent Mink Settlement Services and we refer to their superior knowledge of all things conveyancing. We invite them to talk to our team on settlement process, common pitfalls and to encourage familiarity with documents such as the Transfer of Land etc. and consequently potential problems can be identified and avoided.
With growing experience I try not to become drawn into the blame debate with third parties, and prefer to look for someone in the process who is willing and able to solve the problem. My philosophy when trying to work with others to achieve successes for our clients is now drawn from a simple quote.
"People will forget what you said, people will forget what you did, but people will never forget how you made them feel."
Phil and Natalie will be detailing their experiences every other Friday on MPA Online and in Australian Broker magazine two weeks following. You can find Aussie Warwick's website here.
Previous diary entries:
Diary of a new brokerage #4 When three become four
Diary of a new brokerage #3: Build relationships within
Diary of a new brokerage #2 "Our location is the foundation of the business"
As a mortgage franchise owner you have to wear several hats at once; those of business owner, mortgage broker, compliance officer, chief financial officer, human resource manager, marketing manager, IT specialist and business development manager, to name a few.
Owning a franchise means you need to be in complete control over all aspects of your business. Herein lies the issue of what to do with external parties over whom we have little or no control?
As a broker we deal on a daily basis with solicitors, settlement agents, real estate agents and clients who have their own agendas. As much as we try to successfully manage the process of meeting a potential customer and nurturing them through to application, settlement and beyond, there are times when parties unrelated to your business seem to unintentionally conspire to derail the train to success.
It is becoming more commonplace for banks to outsource settlements to external solicitors and accountability can often be lost. A case in point; I made a call to a large solicitor (who acts for multiple banks) after a refinance fell over for a customer because the ‘other party’ failed to show up at the agreed time, with no investigation carried out.
After some gentle probing by us (and a little surprise which quickly turned to outright horror from them), it was pointed out that the very same solicitor was acting for both parties! How strange that they were waiting for themselves to turn up to a settlement! The irony of this was lost on the nameless individual on the phone (whom up to this point had been fairly blasé) but in a matter of minutes the refinance was again booked in to settle within the hour.
This type of incident is not uncommon in our business and the consequences for the broker can be huge. Clients have expectations to be met and brokers have reputations to uphold. In this instance there was really nothing that we could do other than to follow process and to be aware of when settlements are occurring, and if in doubt make the call to the solicitor to ensure all is on track.
We now have a process of ensuring that all parties know which solicitors are to be attending and we confirm several days before the deadline that there are no outstanding issues. It is surprising how many errors can be picked up by this simple process. Constant education is also paramount.
We have established an excellent relationship with a local settlement agent Mink Settlement Services and we refer to their superior knowledge of all things conveyancing. We invite them to talk to our team on settlement process, common pitfalls and to encourage familiarity with documents such as the Transfer of Land etc. and consequently potential problems can be identified and avoided.
With growing experience I try not to become drawn into the blame debate with third parties, and prefer to look for someone in the process who is willing and able to solve the problem. My philosophy when trying to work with others to achieve successes for our clients is now drawn from a simple quote.
"People will forget what you said, people will forget what you did, but people will never forget how you made them feel."
Phil and Natalie will be detailing their experiences every other Friday on MPA Online and in Australian Broker magazine two weeks following. You can find Aussie Warwick's website here.
Previous diary entries:
Diary of a new brokerage #4 When three become four
Diary of a new brokerage #3: Build relationships within
Diary of a new brokerage #2 "Our location is the foundation of the business"
