Use ‘quiet’ periods to better your business: Brokers

Speaking to The Adviser, managing director and mortgage broker at Atelier Wealth, Aaron Christie-David, stated that those viewing the quiet period as a time where nothing can be done need to reassess their “state of mind”.

Mr Christie-David expressed that there were always actions brokers could take to better their business even in lull periods.

He commented: “I’d be repricing every single existing loan, depending on how big your book is, for example. Find ways to reprice your existing clients, and save them money. While it’s not going to generate an immediate uplift in business, what it is going to do is solidify the relationship, so you’re not going to lose clients by going silent

“Have you got a system for sending out birthday cards? That consistently blows me away how low involvement that activity is, but how high the reward and high return on time investment that is.

“The other one is if you’ve got time, then use this for education and knowledge.”

Mr Christie-David stated that brokers should look to broaden their knowledge, particularly with resources such as the Elite Broker podcasts with Annie Kane, where “all the top brokers are sharing their stories willingly on the podcast”.

“Absorb as much as they’re giving out and go, what can I do to copy or emulate what they’re doing?” he added.

Leveraging social media was another recommendation Mr Christie-David made for brokers during slow periods, he said that looking to become active on socials and getting into a rhythm will help attract attention.

Director and broker at Fox Financial Solutions, Lee Barron, agreed and said that he always looked to take a “proactive approach to enhance [his] business”, particularly during quiet periods.

He stated: “Dedicate time to updating industry knowledge via webinars, industry forums, and meetings with lender BDMs to stay abreast of policy niches/products or scenarios I’ve struggled with previously.

“Staying informed with regulatory changes and scheduling meetings with referral partners to understand market trends ensures I’m well-informed when new opportunities arise.

“Additionally, I use this time to review internal processes, explore new technology offerings that may streamline processes, and ensure efficiencies in the business.”

Mr Barron added that brokers need to maintain a positive outlook during the slow times, to see it as an opportunity to “strategise and emerge stronger”.

He commented: “Focus on building and nurturing relationships with existing clients. Taking time to make calls to ask if they are satisfied could be the catalyst to greater referrals.

“Keep communication channels open with existing clients, updating them on market trends or any relevant information. This not only reinforces your expertise, but also keeps you top of mind for future transactions.”

Jason Lin, partner at Insight Property Finance, added that there were plenty of ways brokers could look to build value outside of just writing loans for clients.

He said during quieter periods, he looks at different methods to add value, to both clients and referral partners, such as organising gift baskets, reviewing existing loans, and organising face-to-face catch-ups to discuss future plans and how he can help.

Mr Lin said that the lull periods were a good time for brokers to get out and meet clients, find business referral partners, meet other brokers to learn from them, and “pay close attention to social media on what other brokers are doing well”.

However, he also highlighted the importance of brokers looking after themselves and taking advantage of the quieter times to do that.

Mr Lin noted: “One [thing] which is often forgotten is actually taking the time off. We work in such a fast-moving environment that we forget to rest and reset, leading to built-up stress and burnout.

“Take at least a week or so off during the holiday season to switch off completely. It is amazing what doing this can help each person achieve after coming back with a fresh mind and potentially a completely brand-new outlook.”

[Related: How this broker runs 4 brokerages at the same time]