Why this broker sought ‘beehive’ referrals

As such, in addition to establishing partnerships with accountants and financial planners, Mr Bradley said that he has also formed what he called “beehive” referral partnerships with conveyancers, family lawyers, builders (including pool builders), buyer’s agents, relocation agents, insurance brokers, and building and pest inspectors.

Mr Bradley explained to The Adviser’s Elite Broker podcast that he approaches all potential referral partners by expressing his interest in collaborating with them, explaining how he can add value to the relationship, and understanding the benefits of their current relationship with a broker.

“Every one of those referral partners had a broker that they were using before we started talking to them,” he said.

Mr Bradley said that he also liaises with his clients’ solicitors and conveyancers to ensure that the journey is smooth by offering to answer any questions, or assist with any funding requirements or shortfall accounts.

“We’ve had conveyancers ring us and say, ‘We’ve been a conveyancer for 10 years, and we’ve never had a broker that’s introduced themselves to us’,” Mr Bradley said.

“It’s great to have that connection and to get this [loan] across the line because we’ve got a common goal.

“It’s always so stressful for clients going through this process, so if we can make that easier for them and liaise with the solicitor or conveyancer about looking after the finance for our mutual clients… we’re always here to help.”

In order to ensure that the relationship with the referral partners is beneficial for both parties, Mr Bradley said that he tailors the message for different referral partners.

For example, while Mr Bradley may focus on loan approvals speeds and lender turnaround times when speaking with real estate agents, and his level of knowledge about credit policies across all lenders, he may instead focus on tax effective loan structures when speaking with accountants and financial planners, he said.

In addition, Mr Bradley said that he would prefer to meet with referral partners face-to-face, reasoning that those partners would prefer face-to-face relationships with the broker.

“People do business with people. There’s plenty of good online opportunities and lenders available,” Mr Bradley said.

“But there’s a reason why the broker market share is growing so rapidly. It’s because people want to do visits with people. That’s the same with referral partners.

“They don’t really want to be referring to an online form. That’s how they built their business (word of mouth and face-to-face relationships with their clients). So, if they refer to a broker, they want the broker to do the same.”

If you want to listen to the full Elite Broker podcast with Adam Bradley, click here:

[Related: Why Adam Bradley is ‘The Guarantor King of Brisbane’]