Top tips for new brokers

1. Be meticulous

Mr East’s first tip to brokers is to ensure that they meticulously asses a loan application before lodging it to improve time efficiency. 

“[Be] thorough with every application that hits your desk,” Mr East said. “Get the information before you speak to them or before you actually sit down with them, so you’re saving a lot of time there.”

He added: “I see a lot of brokers, they get excited [about a deal], [so] they’ll run out and they’ll book an appointment.

“They’ll get them in and they’ll look at the statement later as they’re lodging the application and see that [the borrower’s in arrears].

“You need to get into the process of being more thorough in the application process before you even lodge it,” he said.

2. Invest

The Newcastle-based broker also encouraged newcomers to invest in their business to “build credibility”. 

“The only way that you can grow a business is [by] investing in it,” Mr East said.

“While everyone was having a nice Christmas break, I’ve been painting a new office in Merewether.

He continued: “You’ve got to invest in the business – whether that’s hiring staff or creating that office, it all builds credibility.”

Mr East explained why he decided to stop working from home and invest in a shop front: “A lot of people would argue that working from home is great, but for me, it just didn’t work,” he said.

“I didn’t feel like I was running a business, so I [started] with a serviced office. That was an investment in itself. That was $400 a week or something like that.

“Now, I’ve got the shop front, I’ve gone with the retail brand approach. That’s a bigger investment again, but every time I've made that investment, I’ve made more income. It’s a no-brainer for me.”

3. Market your services

Mr East also noted the importance of personal and brand marketing as a way to attract more business.

“A lot of marketing now is organic, so I do a lot more [of that],” Mr East said.

“I've got a Facebook group in Newcastle called Newcastle Business Owners. I’ve got 600 business owners in a Facebook group. It fits really [well] with what I’m going to do this year.”

4. Find a mentor

Mr East also encouraged new brokers to find a trusted mentor that would help them develop their knowledge of the broking industry.  

“If you want to learn, you need to learn from someone that’s got a lot of time for you,” he said. “Not just someone that’s going to sign you up on a commission split and sort of roll with that.”

To hear more from Brad East, tune in to the latest edition of the Elite Broker podcast.  

[Related: How this rising star manages a broking business]