We asked Australia’s Top 10 Independent Brokerages what they would say to a broker hoping to follow them
We asked Australia’s Top 10 Independent Brokerages what they would say to a broker planning on following them
Independence is fundamental to the broking community, integral to its history – and still enormously attractive to its top performers. But actually setting up an independent brokerage can be enormously hard work. We’ve asked Australia’s best for their top advice, for our forthcoming MPA Top 10 Independent Brokerages report, sponsored by NAB Broker, on desks next week.
(note: tips not necessarily in order of ranking)
MPA: What would you say to a broker looking to set up an independent brokerage?
1. Being independent means setting up your own systems, processes and marketing. If you can’t do it better than the franchises then stay with a franchise. If you can then go for it!
2. New brokers can benefit from meeting with the owners of lots of different brokerages, both independent and franchise, and then decide how they’d like their business to be, decide on the core focus and think about effective ways of attracting and retaining clients.
3. Try to build high standard professional service and customer services with clients
4. Find your niche; don’t try to be everything to everyone. When starting out it is very easy to run around trying to get every deal across the line, but actually getting very little done. It is important to focus your energy on the type of business you are best equipped to handle. Sometimes saying no to an opportunity, or referring it to someone else, can be more beneficial than trying to do it yourself. You need to write efficient business that allows you to provide your client with a positive experience.
5. Take a long term view.
6. Ensure you are confident with where your business is going to come from and choose your aggregator well as a strong and supportive aggregator partnership is crucial if you opt to be independent.
7. Understand what your offer is going to be and make sure it is relevant in today’s market. Also ensure it is attractive to brokers, will you provide processing support, training or leads. Make sure you have strong systems in place (including compliance) and understanding that this business is all about relationships, whether with clients or lenders.
8. Be passionate about what you do. Create a peer group, have a plan and be fully committed to making it work. Aim to write one loan, then two loans and build slowly from there. Plus be prepared to do lots and lots of hours!
9. I would tell an individual broker, to come and work for us, to avoid all of the compliance and processing paperwork now required with mortgage broking. We offer a full support model for our brokers, so that they can concentrate on the next client and the next sale, whilst we provide all of the lodgement, follow up and administration support required to make them look good.
10. Do your research. Think hard about what it is you are looking to achieve. You can make your business into whatever you want, but it is hard work and more hard work. Surround yourself with the best, get advice and take some risks. Sometimes in our industry you need to check the ego at the door and just be prepared to forget what you think you know and learn from others that do. Life is short and the journey is just as important as the destination. Don’t forget to have fun along the way!
Read more tips in the MPA Top 10 Independent Brokerages report, sponsored by NAB Broker, on desks next week.
Independence is fundamental to the broking community, integral to its history – and still enormously attractive to its top performers. But actually setting up an independent brokerage can be enormously hard work. We’ve asked Australia’s best for their top advice, for our forthcoming MPA Top 10 Independent Brokerages report, sponsored by NAB Broker, on desks next week.
(note: tips not necessarily in order of ranking)
MPA: What would you say to a broker looking to set up an independent brokerage?
1. Being independent means setting up your own systems, processes and marketing. If you can’t do it better than the franchises then stay with a franchise. If you can then go for it!
2. New brokers can benefit from meeting with the owners of lots of different brokerages, both independent and franchise, and then decide how they’d like their business to be, decide on the core focus and think about effective ways of attracting and retaining clients.
3. Try to build high standard professional service and customer services with clients
4. Find your niche; don’t try to be everything to everyone. When starting out it is very easy to run around trying to get every deal across the line, but actually getting very little done. It is important to focus your energy on the type of business you are best equipped to handle. Sometimes saying no to an opportunity, or referring it to someone else, can be more beneficial than trying to do it yourself. You need to write efficient business that allows you to provide your client with a positive experience.
5. Take a long term view.
6. Ensure you are confident with where your business is going to come from and choose your aggregator well as a strong and supportive aggregator partnership is crucial if you opt to be independent.
7. Understand what your offer is going to be and make sure it is relevant in today’s market. Also ensure it is attractive to brokers, will you provide processing support, training or leads. Make sure you have strong systems in place (including compliance) and understanding that this business is all about relationships, whether with clients or lenders.
8. Be passionate about what you do. Create a peer group, have a plan and be fully committed to making it work. Aim to write one loan, then two loans and build slowly from there. Plus be prepared to do lots and lots of hours!
9. I would tell an individual broker, to come and work for us, to avoid all of the compliance and processing paperwork now required with mortgage broking. We offer a full support model for our brokers, so that they can concentrate on the next client and the next sale, whilst we provide all of the lodgement, follow up and administration support required to make them look good.
10. Do your research. Think hard about what it is you are looking to achieve. You can make your business into whatever you want, but it is hard work and more hard work. Surround yourself with the best, get advice and take some risks. Sometimes in our industry you need to check the ego at the door and just be prepared to forget what you think you know and learn from others that do. Life is short and the journey is just as important as the destination. Don’t forget to have fun along the way!
Read more tips in the MPA Top 10 Independent Brokerages report, sponsored by NAB Broker, on desks next week.
