The X factor

Taking out the title of Australian Broker of the Year at July’s Australian Broking Awards, Mr Dworcan is proof that a great team and an ‘x-factor’ personality can take a broker from being good to being great.

Based in Perth, Mr Dworcan launched Rate Detective Home Loans just five years ago. Despite being a relatively young player, the company has grown from strength to strength, writing a whopping $130m of loans last year.

“I wouldn’t have achieved what I have today without my team,” says Mr Dworcan, adding that if business is booming, it’s a testament to his staff.

With a carefully picked team of 10, Mr Dworcan says it is crucial to have the right people if they are to drive you in the right direction.

“It takes a little bit of luck and investigating the options, but having the right offering for each person and the right environment for them to work in goes a long way,” he says.

AN UNEXPECTED TURN

Despite his success, writing loans was not the path Mr Dworcan had envisaged himself taking. When his childhood dream of playing soccer for Spain didn’t quite come to fruition, a career in law was on the cards.

But after he experienced the broker proposition in action while buying his first home, his interest was piqued.

“When I saw the process and how easy it was for me, as the client, I became very interested in the property market and felt that broking was something I could master,” he says.

“I liked the idea of helping people find the best home loan for their situation so I gave it a crack – and here we are.”

And helping people is exactly what Mr Dworcan has done, having serviced around 3,500 clients during his time with Rate Detective Home Loans.

THE ‘X-FACTOR’

Within an industry built around client relationships, staff and lenders, Mr Dworcan has an ‘X-Factor’ that has allowed him to form relationships with people in a way that others have been unable to.

He understands people want to work with brokers with whom they get on well and trust, so his initial conversations with clients are based on establishing those two.

“When I first meet someone I want them to feel like they are speaking to someone who is extremely knowledgeable but, more importantly, I want them to feel comfortable.”

With an ability to quickly form a connection with clients, Mr Dworcan is aware he is in possession of some rare characteristics when it comes to doing business.

“You can teach someone ‘knowledge’ but you can’t teach them ‘comfort’ and ‘confidence’,” he says, crediting his parents with bestowing these traits upon him.  

This approach to relationship building also extends to Mr Dworcan’s 10 referral partners who provide him with an excellent flow of quality leads.

“Communication is crucial with your referrers – you need to keep in contact with them on a macro level so you can see what else it is you can do to enhance the relationship,” he says.

But it’s a case of the horse before the cart here since Mr Dworcan says he places more emphasis on delivering great service which is ultimately what keeps the referrals coming in.

“At the end of the day, people want to see what you can do, not hear about it,” adds Mr Dworcan.  

AN EXCELLENT MODEL

Rate Detective Home Loans is a diversified business – a key component of its quick rise to success.

Over the past five years, Mr Dworcan has been pro-active in implementing financial planning and insurance and aims to bring in as many streams as possible to complement the current offering.

Mr Dworcan says diversifying, however, wasn’t just about gaining an additional revenue stream: “With the NCCP changes and compliance, we were positioned to make sure we were facilitating reviews to give our clients adequate protection.

“From there, we tried to develop touch points with clients in a few different areas to make them stickier,” he says.

And stickier they have become, with two thirds of clients returning to Rate Detective Home Loans for an additional service in the last three years.

It’s this exceptional service offering combined with the little ‘extras’ that makes the difference when it comes to client retention, says Mr Dworcan. “Making a phone call or a sending gift to thank someone for being a part of your business goes a long way.”

HIS ADVICE?

There are three ingredients of success when starting in this industry, according to Mr Dworcan: a mentor, a significant amount of capital and a great team.

Mr Dworcan is a firm advocate of partnering with a solid mentor as he himself did, when starting out, with Perth-based broker Rael Bricker.

Mr Bricker was able to offer him advice that he still puts into practice today.

“Rael told me to always ask questions whenever I was unsure and to make sure that I put my client’s needs at the forefront of my decisions.

“So, having a mentor like this gives you direction and helps assist you through the early years when you have little experience.”

Finding your way initially is also about having room to build your own individual concepts and ideas, says Mr Dworcan, but adds that this all requires adequate capital.

With those things in place, a diversified business model can be built up that will eventually boost your bottom line.

If you’re really serious about boosting your bottom line though, “come join me”, says Mr Dworcan, with a smile on his face.

And this is one broker who knows that, skills aside, a sense of humour and a smile will take you a long way in this industry.

“When I first meet someone I want them to feel like they are speaking to someone who is extremely knowledgeable but, more importantly, I want them to feel comfortable”

BROKER FACTS
NAME: Warren Dworcan
COMPANY: Rate Detective Home Loans
TIME IN INDUSTRY: 4-5 years
CLIENTS SERVICED: Around 3,500
LARGEST DEAL EVER WRITTEN BY VOLUME: $11.5 million in July 2012
BEST YEAR (BY VOLUME) TO DATE: $130 million in 2011
IF I WASN’T A BROKER I WOULD BE: Playing soccer for Spain, or a lawyer
BEST THING ABOUT BEING A BROKER: The ability to help people achieve their dream of owning a house and increasing their wealth
WORST THING ABOUT BEING A BROKER: Long working hours and the inconsistency which is rife throughout the industry