Will Hamer successfully operates a high-volume, dual-branded asset finance brokerage by leveraging referral-based growth, family hiring, a flat-fee commission model, and a crucial 20-minute discovery call process. We find out how he does it
Q: How long have you been broking, and what led you to the asset finance space?
The business has been operating for about five to six years now... I was a diesel mechanic and then worked on trucks and cars and lots of stuff and had a super passion for cars... and then came back to Melbourne and worked for ANZ Esanda. I just didn't know how lucky I was really falling into that job, which was a customer service role.
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I left there when it was all kind of changing... I was with Quantum Business Finance for a short amount of time. While there, I was surrounded by some absolute legends of the industry in asset... One day, I got an opportunity. Nicole Ferguson, DM'd me on Instagram and asked if would be interested in coming over to Loan Market..
I then started my own business when I had a baby due in three, three or four months. So there was a bit of a fire under me! But the rest is history.
Q: How did you establish your dual-brand structure with Hamer Asset Finance and Loan Market Accelerate?
I originally started off as Hamer Asset Finance. But because we've built a referral base off that, we made the decision to start, start a second brand, which is a Loan Market franchise. And that was purely just to sort of come a little bit more in line with the people that we were getting referrals from. So it was B2B made a bit more sense and we really sort of came a bit further into the fold within the loan market brand.
Q: What sort of volumes do you write now?
Across both businesses, we're writing about 60 to 70 transactions a month... about $5-$6 million a month of asset finance.
And that's a lot of cars. I've got an awesome team now. We've got a couple of brokers here and a great support staff and my wife is heavily involved... I think everyone needs and gets what they need out of their job. And therefore, if they're your family or friends, it kind of accelerates it in more. In a more positive light because everyone's happy.
Q: How do you structure payments with your referral partners?
We went to a flat fee model based on net amount finance. And that was for two things for us. We started to get a lot of referrals and it ended up becoming a behemoth of admin, trying to figure out how much, to the cent, someone's getting paid out of a deal... The percentage actually got really complicated. So we ended up moving to a flat fee model based on a net amount finance... it's very transparent for our referrals. They know what to expect... And for us as a business it's very transactional as well with that as well.
Q: You undertake a 20-minute discovery call with every client. Why do you do this?
It's something we built and it's so simple. The discovery calls that we do with clients are done on the phone... and I feel we build a special rapport in that time. For 20 minutes, we educate the client, understand who they are and what they need and showcase what we can do to them. That builds asolid relationship with the client that we... We're not just saying: 'Hey, this is XYZ number per week, per month' and 'here's your only option'. We're letting the client choose after they understand the ins and outs of a car.
Q: What trends are you seeing in the Australian car market?
You look at the market over the next six to 12 months in Australia, there are about five or six new brands from China that are going to set themselves up and flooding the market with another 20, 30, 40 different models of cars... So it's due for a shakeup.
I don't know where it's going to land and how it's going to go. But if anything for the consumer I think it's going to be better... I think we're going to see a lot more people driving those electric cars for sure. And you're going to have choice. I think it's really cool. And so hopefully that brings pricing down a little bit.
Q: What is your advice for new asset finance brokers starting out?
Business is a funny thing and one thing I've learned is it's a game of how long you can last... So, so don't be the one to quit. You might only be a day away from things clicking and things working, so don't give up. I might sound like that's such a cliche thing to say, but it's true. Hang in there.
And don't be afraid to ask for help. People are open in this industry. There hasn't been anyone that has offered me advice that hasn't been good. So, you know, reach out... Honestly, everyone is very friendly and I think that's really good for our industry.
Tune in to hear more!
You can find out more about Will Hamer's journey to becoming a top asset finance broker in the Elite Broker podcast 'Why this broker is going hammer and tongs on asset finance' here:
