Powered by MOMENTUM MEDIA
the adviser logo
Broker

Cross-selling strategy drives revenue growth for Sydney broker

by James Mitchell5 minute read

A recently-listed mortgage brokerage has seen a 25 per cent surge in home loan revenue over the first quarter of the 2017 financial year, bringing its incomings to $908,000.

Mortgage broking and financial services business N1 Holdings, which listed on the ASX earlier this year, this week announced that it has achieved significant revenue growth from all businesses in the first quarter of FY17 including diversified revenue (non-home loan revenue), which it attributed to the successful execution of a product and service cross-selling strategy.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

Home loan revenue has traditionally been N1’s core business. However, in September, N1 Loans submitted more than $10 million in commercial loan applications and has “a robust current pipeline of new loan applications”. The brokerage said it has seen a significant increase in enquiries for commercial lending and development funding.

Commenting on the group’s strong revenue growth, N1 Loans chief executive Ren Hor Wong said the result illustrates that N1 is continuing to strengthen its position in the market as a diversified financial and property services firm.

Advertisement
Advertisement

“Since our IPO, we have focused on a cross-selling strategy to better assist our customers and to grow complimentary revenue across the N1 group of companies,” Mr Wong said.

“These results prove that this strategy is working. To support continued growth we continue to develop our team with the recent hire of a new business development manager who will work across the N1 group of companies and seek to leverage our existing database of more than 3,000 clients,” he said.

“Our property sales team has also been enhanced with the hiring of two sales managers to focus on residential sales in the northern area of Sydney.”

N1 Realty commenced operation in July 2016 and has since signed up seven new rental management agreements which provide additional recurring annual revenue via the provision of ongoing property management services.

“On completion of the acquisition of Sydney Boutique Property, N1 Realty will add a further 162 rental management agreements to its existing property management portfolio,” Mr Wong said.

During the quarter N1 Realty also signed exclusive sales agreements with three properties in the Sydney metro area, one of which sold within two weeks of listing.

Mr Wong said there is currently more than $7 million worth of newly listed properties in N1 Realty’s pipeline being prepared for sale, all within the Sydney metro area.

N1 Migration, another recently commenced new business which provides migration services to its clients, has signed $80,000 worth of revenue during the quarter.

[Related: N1 Loans reveals real estate play]

Cross-selling strategy drives revenue growth for Sydney broker
ren wong  x
TheAdviser logo
ren wong  x

James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Boomer home loans

New non-bank lender enters administration

Specialist lender Boomer Home Loans, named in reference to its target age demographic (Baby Boomers; those born in...

READ MORE
royden dvaz assetline capital ta fh2e1i

New national head of sales recruited at Assetline Capital

Royden D'Vaz, formerly head of distribution with the non-bank mortgage lender MKM, has been recruited as Assetline...

READ MORE
john maxwell oscar zhuo ta sthnmq

Uptick Marketing launches

Uptick Marketing (Uptick) aims to work in partnership with brokers to assist the third-party channel in “closing...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more