Having the capacity to process a high volume of loans while maintaining excellent customer service is one of the biggest issues brokers are facing in the current environment according to Theo Chambers. The CEO of top brokerage Shore Financial told MPA that while most brokers want to write as much as possible and outsource their back-office work, this often comes at the expense of the customer experience.
“Having a robust back-office processing system with good customer service, whether it be internal or outsourced, is the most crucial challenge brokers are facing at the moment,” he said. “Especially when there is such a shift in the industry to outsourced offshore solutions.”
To overcome this, Chambers recommended a combination of onshoring and offshoring, explaining that any client interaction should be done by Australian staff, while the data entry could be outsourced.
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“Some easier tasks like post settlement matters can be done via email offshore but the loan application process for someone purchasing a property needs to be handled delicately due to the emotional rollercoaster clients go through when house hunting,” he said. “This way customer service is maintained and raving fans will be created.”
Another major challenge brokers are facing at the moment is the creation of “quality leads and opportunities,” he said.
“Once again there has been a shift in the industry toward purchasing leads online or through various platforms or subscription services,” he said.
While doing so may sound like a convenient fix, the benefits of this sort of arrangement are minimal. Chambers explained that since the leads aren’t clicking on the broker’s branded website, instead going through a third-party platform that on-sells, the business generated ultimately drives the growth of the platform – which really could be seen as the competition.
“That process is not helping businesses build their own brands online,” he said.
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While generating leads online can often be a costly exercise, there are ways brokers can do this through their own social media accounts or websites without breaking the bank, he added.“You don’t need to have a significant marketing budget to build leads online,” he said. “You just need to put the time and effort into creating good content and targeting the right audiences.”
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