We sit down with Sydney-based broker Julian Choo from Loan Market to explore his journey from real estate to mortgage broking and his plans for future growth.
Q: How did you first become interested in property and finance?
I think it was really a family thing, you know, growing up, influence from mum and dad. Mom was really a real estate agent back in Singapore. Just attending the opens with her growing up really got me into the whole real estate industry.
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Q: What was your earliest experience in the property market?
When I first came over to Melbourne, I actually had a little side hustle selling off the plan apartments to my fellow international students. They were projects selling dreams in the air, right, that are two, three years into completion. It was a really early introduction to the way property transactions work.
Q: What was your route into broking?
I struggled to get permanent residency as an international student, so I started off in CBRE, doing resi projects, residential projects. I was looking at transactions for developmental sites.. It was really hands-on and gave me a strong foundation in property development.”
By the time I got my permanent residency, my friend hooked me into Westpac. He then later on brought me into a property finance team. I was doing the simplest of things all the way up to private wealth. I saw the flow of funds across the different layers of trusts and business banking. It gave me an understanding of financial structures and client needs at every level. But I kind of missed that front line, helping clients out.
When you’re a banker, you only have one set of policies. But when you’re a broker, you have the whole panel, and you basically find your way to provide value.
Q: Did entrepreneurship also play a role in that decision?
Mom was my inspiration for real estate, dad was my inspiration for entrepreneurship. He started his own printing company in his garage. So I think broking showed that to me and made me realise I could build something of my own.
Q: How did you choose where to start your broking career?
The options were Shore Financial or an opportunity like with Loan Market. Learning the ropes of a top hundred broker like Daniel Pym, I felt, would be the more conservative and better way. It seemed like a strong place to build experience and credibility.
Q: How did you build deep credit knowledge early?
It’s just a numbers game. You just have to get in there and be in a situation whereby you can deal with volume. Having a good mentor also made a huge difference in accelerating that learning.
Q: When did you decide to move from employee to business owner?
I was kind of getting eaten away day by day because I was building up someone else’s dream, not my own... It was about taking ownership of my career and future.
Q: Why did you build a mobile, digital-first business instead of a shopfront?
Broking is purely digital now. I could be a digital nomad and still run a successful business. My dream was just to have a team where we can catch up and a massive offshore team supporting operations.
Q: What does your team structure look like today?
I’ve got four in the team: an appointment setter, a data entry and post-approval person, and two people helping me set up the loans. They pretty much do everything else. It’s a lean, efficient structure that keeps things moving smoothly.
Q: How do you win new clients—especially first home buyers?
Weekend open homes are great if you find areas where the first home buyers are. That’s just an obvious answer for where to build your client base. You meet people face-to-face and start building trust right away.
Q: Beyond open homes, how else are you generating leads?
It takes a big budget to partner up with a great marketing agency. You need to niche because if you speak to everyone, you speak to no one. Focused marketing helps you reach the right clients efficiently.
Tune in to hear more!
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