Having started his own brokerage 25 years ago, George Massouridis from Mortgage Navigators has charted the course of the broking industry, helping countless borrowers find their true north in the property journey. We find out how he’s navigated the changing needs of borrowers and the broking industry over the last quarter of a century.
Q. What made you pursue a career in broking?
I transitioned from being a banker at Westpac, where I worked for about six or seven years. I dealt with a lot of brokers during that time and saw what they were doing, and I thought I could do it better.
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I literally made the decision and said, "I can do this." On September 9, 1999, I decided to leave the bank. Westpac actually introduced me to their broker unit the day I resigned, allowing me to become a broker instantly!
Q. How did you set up as a broker to begin with?
Initially, it was direct accreditations. My first accredited lenders were Westpac and St. George. For the first three or four years, I was pretty much just a Westpac broker. I started from my granny flat at home. My mobile phone number from Westpac remained my number, so clients continued to call me, thinking I was still with the bank. I would explain that I would still write their Westpac loan, but from a cafe or their home.
When I couldn't get other lenders due to volume restrictions, they pushed me towards aggregation. I was introduced to FAST (now part of LMG Group) through David O’Toole. FAST was the simplest and cheapest option, as I didn't need training, just access to lenders.
I chose the name "Mortgage Navigators" with a friend, building it around the concept of navigating people through the maze of home loans and property wealth. For the first 12 months, I operated without a business name, only establishing it after proving I could sustain the business.
Q. How have you structured and evolved your team over the years?
Currently, there are six of us in our mortgage business. My wife is the Operations Manager and HR, and I have four other staff: two brokers and two executive assistants to the brokers. My first support staff came in after about a year and a bit.
One of the current brokers has been with me for 23 years, starting as an admin assistant and transitioning into a broker role. Another gentleman, an ex-Westpac employee, also started as admin and I trained him to become a broker. They now write most of the business.
I see myself as the "pilot" of the plane. My staff (the "crew") handle the client experience and transactions, and I step in at the beginning and end to make people feel comfortable and thank them. This empowers my staff and gives them accountability. I started stepping back from loan writing about 10-15 years ago, about 10 years into the business, to focus more on connecting with clients and exploring other opportunities.
Q. Why and how did you launch a property management offering?
About 10 years ago, I launched Property Navigators, a buyer's agency and property management company. As a property investor, I wasn't being correctly serviced by my property manager, and I saw an opportunity to do it better. I went back to study, became an agent, and completed all the necessary courses. Two and a half to three years ago, my son, who was 11 months old when I started the brokerage, took over as the licensee of Property Navigators.
When a client comes in for a home loan, and they are investors, we introduce my son early in the conversation to showcase our property management services. We help clients through the entire property journey, including attending and bidding at hundreds of auctions for them free of charge. All we ask is to do their mortgage and manage their property. This service helps with mortgage conversion as well, naturally growing our mortgage book.
Q. Why are you now looking at business acquisitions?
Growth has been on my mind for years, and I believe acquisitions are the quickest way to achieve it. We're looking to acquire good businesses with strong intellectual property and integrate them into the Mortgage Navigators model. This also helps keep brokers who are looking to exit in the industry, as the loneliness of being a sole trader often pushes them out.
We can offer them our supportive environment to rejuvenate them. We are currently negotiating to acquire a rent roll and are looking to buy a couple more. We also recently launched our sales arm for Property Navigators, bringing on a veteran sales manager to headhunt and recruit salespeople.
Q. What are the key elements to fostering a good work environment for your team?
Even though we are a small team, we operate as if we are a large organisation in terms of HR and operations. We are extremely personal with our staff, and they are very empowered. If a client is upset, I always back my staff, provided they have done the right thing. It's crucial for staff to know you have their back because customers come and go, but staff are with you for years.
My success is because of their support over the last 25 years. We are more efficient with four people than we were with nine.
Q. What would you change about the broking industry?
The education piece is important, and I think we've lost our way a little bit. It seems to be all about volume for aggregators. This is a professional industry, and we need to emphasise that. I believe it's important to either create a barrier to entry by limiting new brokers or, alternatively, require new brokers to work under experienced brokers.
A diploma, if not a degree, should be the minimum education requirement. Working under a mentor helps new brokers, especially those new to the industry, understand what the profession truly entails beyond misconceptions about income.
Q: What advice would you give new brokers?
Do it for the right reasons. Become a broker genuinely to help people, as opposed to making a name for yourself. It's more about the people; everything else will follow. I've never lost sight of that, and I still get emotional about people buying property as if it were my first time, because I love what I do and making people happy.
Always do the right thing, and everything else will follow.
Understand the property aspect, not just the lending.
Educate your clients on why and how to buy property. Our product is the loan, but we do so much more for our clients in the lead-up; we hold their hand and walk them through the entire journey. This comprehensive approach has allowed me to be successful for a long time.
You can hear more about George Massouridis from Mortgage Navigators in the Elite Broker podcast, here:
