Advice from the MFAA, Aussie and the Young Guns themselves for brokers looking to take their businesses to the next level
For our Young Guns report
, sponsored by Suncorp, we wanted to find out what makes successful new brokers stand out. Here are the top tips we received from the MFAA, Aussie and the Young Guns themselves.
For the full Young Guns list click here
Top tips from Zarco Jokic, NSW and ACT BDM at the MFAA
As the MFAA’s BDM for NSW and the ACT, Zarco Jokic has worked with numerous new brokers, including those setting up their own businesses. He gave MPA his top tips for new independent brokers:
MPA: What are the main challenges facing new entrants to broking?
Zarco Jokic: Starting out as a broker is no easy task. The main challenge is that it can take more than a year to be earning enough from broking to support your family.
MPA: What would be your advice for a new broker looking to run their own independent business?
ZJ: New brokers should try to build an ‘ecosystem’ around them of known and trusted service providers who your clients need as part of the transaction you are helping them with – for example, lawyers, real estate agents, accountants and financial advisers. You should aim to become a trusted adviser for your clients. Setting up an effective website and social media sites to complement your marketing strategy is critical.
MPA: What’s your one tip to help new brokers thrive?
ZJ: Identify what is important to you. What does that look like and what do you need to achieve that? Once these things have been defined, make sure you have accountability in your practices to realise the end goal. A whiteboard helps with this.
Young Gun – Maddison Purdue, Resolve Finance, Osborne Park, WA
Maddison Purdue believes flexibility is vital. “Just because you wear the tag of ‘first home buyer’ doesn’t mean you’re in your second year of university, or in your first job. You could be in your 40s with a family, but you’ve been renting your whole life. So you do need to diversify your skill set and ability to adapt to clients to be able to relate to them.”
What Aussie looks for in prospective brokers
Lynda Harris, general manager for people and culture at Aussie, told MPA what the franchise network looks at when assessing prospective brokers:
“In my 20 years in mortgage broking I have seen a lot of change. But there are some key attributes that we look for in an Aussie broker, and these haven’t changed despite the swirling distractions of changing regulation, compliance, competition, technology and product complexity, to name a few. Tenacity and determination are critical to broker success. We want people who want progression. We want true business owners who can leverage the various business opportunities Aussie can give them, from mobile broker to senior Aussie broker to becoming a franchisee or even a multi-franchisee.
“The broker marketplace is becoming more digital, but we can’t lose the human difference. The ability to build, maintain and nurture relationships is critical to any broker’s success. This is something a new, out-of-industry rookie broker can do from day one. You start building your loan book and customer portfolio by doing the right thing by your customers, converting them and then keeping in contact with them over the years that follow.
“Having the right technology to help nurture customers, from enquiry through to their final loan payment and beyond, is critical, and Aussie provides those tools and helps our brokers look after their customers in a compliant way.”
Young Gun - Luke Harborne, IFA Mortgages & Finance, Bondi Junction, NSW
One method for impressing clients was getting their existing bank to discount their home loan, Luke Harborne says. “Even if it is 0.1% or 0.15%, that reflects greatly on you because you’ve put in the legwork to improve the client’s interest rate and they’ve had to do nothing.” From there he asks if he can help clients with other services, including investment properties
, guarantor arrangements for FHBs, car loans, credit cards and more.
Watch our video featuring all 30 Young Guns: