Over the last couple of years there has been an enormous amount of attrition in the market because a lot of brokers entering the industry haven’t been aware of what they needed to do to become successful, says David Zammit. The Mortgage Choice general manager – distribution says this is one of the driving forces behind the aggregator’s new franchise joining package – an offering that enables brokers to hit the ground running for much less than $10,000.
Reflecting a changing industry
Zammit says the package is designed around five key components that enable franchise owners to jump right in and build a successful business.
“With all the regulatory changes and the barriers that are coming into entry, we wanted to make sure that the onboarding process and the way that we bring brokers to the market was reflective of the way the market is moving forward.”
He says while the previous offering was suitable for its time, the new one is more reflective of the evolving industry; the package including a digital marketing campaign and social media optimisation as well as a complete induction and training program.
“The world has changed a lot in the last 6-9 months and we want to be on the front foot of making sure that our brokers are taking advantage of that change and riding that wave of success.”
“The way brokers engage with their clients from a local perspective has increased 150% since COVID started – but what’s really interesting is the leads we get from a brand perspective at a national level are up about 350%.”
A high touch approach
To gauge how it stands out from others in the market, Zammit points to the aggregator’s impressive output.
“Our business has the most amount of people in the Top 100 brokers in the country.”
“We also have more than double the earnings on upfronts and trails than any other average business across the country.”
He puts this down to the “high-touch” nature of the business by which it focuses on the support and education of its broker network
“We ensure that they can partner with best in class across the industry to close their gaps but also to leverage off their strengths.”
He adds that Mortgage Choice is also developing the “Mortgage Choice Best in Class Playbook” which aims to lift levels across its entire network once is it rolled out early next year.
The importance of good support
A common mistake that new brokers make when choosing an aggregator is focusing on price alone, he says. But, without support to get the business running at its best, building and maintaining leads can be quite a challenge.
In fact, while technology is often talked about in the current market, he says the real pain point for brokers in today’s climate is a lack of clients.
“You can have the best technology in the world but if you don’t have enough clients to grow and support your business then the technology’s irrelevant.”
“One of the things that is the feather in our cap is the fact that we have thousands and thousands of clients every month coming to us to find a broker and find a home.”
“We’re looking to set those people up for success.”