A Newcastle-based mortgage broker has offered tips for new and aspiring brokers looking to thrive in the mortgage market.
Speaking on The Adviser’s Elite Broker podcast, the managing director of Wisebuy Investment Group and Better Business Award NSW finalist Brad East provided the following 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.
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.