My Local Broker prides itself on being “high-touch and high-tech”, as well as offering a local brand with national reach. Fully tech-enabled, the group can take its clients right the way through the loan process completely online.
Scott McTeare, CEO of My Local Broker, says the biggest difference the brokerage has made in the last 12 months is in really listening to the client in terms of what services they need.
“A lot of times most businesses will build something they think people will want. We have gone to the other extreme and ask people what they want, and we build things around what they need,” he says.
The biggest challenge the brokerage is facing at the moment is dealing with service levels, particularly if clients want to go to a major bank that McTeare says is not geared up for the COVID-19 environment.
To navigate the market, he is placing a big focus on the technology piece to ensure the customer journey is as efficient as possible without having to see the client in person. But he says it’s not just about making sales right now; it’s about keeping in contact with your customers.
“Communication at this point in time is more important than anything,” he says.
“Doing the right thing will out-trump profit. Sales will come in the future from supporting your current clients.”
Total loan book: $1,800,000,000
Total settlements, 1 March 2019 – 29 February 2020: $950,000,000
Number of loan writers: 150
Avg. annual volume/broker: $6,333,333
Conversion rate: 50%