The major brokerage has launched a new franchise joining package as it continues to ramp up its recruitment efforts.
Mortgage Choice has launched a new franchise package for brokers joining the Mortgage Choice brand – regardless of whether they are a storefront owner or a broker working from home.
According to the brokerage, the joining package has been overhauled to help brokers survive the changing operating environment caused by COVID-19 and enable them to set up their business quickly and efficiently through digital means.
Speaking to The Adviser, Mortgage Choice’s general manager of distribution, David Zammit, said the package included an induction program, training, marketing support, business management and business stationery.
Mr Zammit said: “If you go back two or three years, the market then compared to the market now is very different. The way brokers interact with clients now is very different, compared to even just 12 months ago – as is the way people market to clients.
“We’ve had this tsunami of change come through, and it’s creating an environment where people will either sink or swim successfully. Mediocrity is being drowned at the moment.
“So, we looked at the five key areas that enable a mortgage broking business to be successful – sales skills, credit skills, business management, marketing and technology – and tailored the new program to set them up for success in the new environment.”
The package, which costs $8,400, covers initial marketing (for example, setting up business websites, social media, Google optimisation), local area marketing, business stationery and business management and training.
According to Mortgage Choice, the cost of the package is used to pay “best in class providers” to provide the assets so that brokers “don’t have to spend the time becoming marketers or tech experts themselves”.
The brokerage’s GM of distribution said: “We are conscious of the fact that there’s an enormous amount of people displaced from their roles across many different jobs and industries in the last few months. So, our view is that every dollar that they spend should be a dollar towards the growth of their business, because that’s what makes them successful, and that’s what makes us successful, ultimately.”
He continued: “We hope that, with this package, we can empower brokers joining Mortgage Choice to build their business, target their clients, and get that client growth quickly, so that they can reinvest their efforts into their business and accelerate their growth.
Mr Zammit concluded: “Irrespective of the model a broker wants to take – whether they’re a one-man band or whether they’re planning to build an empire of 20-30 staff – this package is designed to help them grow faster than they could have done anywhere else through accelerated growth success.”
Mortgage Choice has been focusing on its recruitment efforts recently, with CEO Susan Mitchell telling The Adviser last month that it was “putting a lot more of [its] resources towards growing [its] revenue by recruiting, regenerating [its] network and retaining the talent that [it has]”.
When asked how the brokerage was working to attract more brokers to the brand, Ms Mitchell pointed to the group’s educational platform and digital proposition, which helped generate a record number of leads in the second half of FY20.
“We believe that our brokers can grow bigger businesses, and bigger businesses will make more money for the broker,” she added.
Looking ahead, Ms Mitchell said the group would continue to invest in improving efficiency across its network.
“We’ll be focusing on growing our revenue, continuing to roll out software that’s focused on a great digital customer experience and continue to ensure our platform and processes are very efficient, and they’re able to grow their businesses,” she said.
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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