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We find out why Ms Hook entered broking, the value of maintaining customer service, and how she responded when a former manager criticised her writing ability.
In March 2020, Thuy Hook, a finalist at the FBAA’s Queensland Finance Broker of the Year award, reached a settlement figure of $100 million. A distinctive achievement for someone who only entered the industry seven years ago.
But it’s also one that reverberates her tenacity to become involved in lending, her priortisation of the customer, and how she has managed to rebound from every obstacle.
The Adviser: You entered the industry seven years ago. How did you actually become a broker?
Thuy Hook: I’m originally from Vietnam, but I arrived in Australia via New Zealand in 2007. I was working a lot of different jobs while I was studying, but afterwards I applied for an entry-level job at Commonwealth Bank and was there for five years. I’d tried to apply for lending roles, but couldn't get in. That was when I saw an ad online about broker roles. I had no idea what a mortgage broker was, what they did, anything at all. But I took that risk and applied because, while I love lending, I knew I never had an opportunity at the bank.
How was that transition for you?
When I first started, which was at a franchise, they provided all the training and leases, which was amazing. And as a brand new broker, that's where you need it. But after the first 12 months, I wanted to build my own brand, and you can't do that in a franchise.
When I left, I had no data, so what I did was, I paid $15-a-day for a stand at the Saturday and Sunday markets in Brisbane North for nearly six months as a way to get more leads. We absolutely couldn't afford to go into a shopping centre to have a $5,000 stand.
How are you getting your leads now?
All our business comes through from real estate agents, existing clients and event and trade shows. So with a real estate agent, if a new contract comes through, I’ll get permission from the client to contact them, introduce myself and let them know when the valuation order, when the loan unconditional approval, and when the loan booking for settlement are ready.
We’ve also done the Brisbane Home Show for the last five years and that’s been very good for us. And we’re also at the gyms – we have a lot of relationships with the gym owners in Brisbane.
What about the existing customers?
We have a private Facebook page for all existing customers after the loan settles. So on this page, there’s no selling. Nothing except for tips and tricks and to explain how things work. And, once a year, we have yearly events for ladies as well.
Is there anything else that you’ve embraced to make the client experience, or your experience, more efficient?
My challenge is that English is my second language. So when I first started out, I created template emails and templates for all the booklets and flyers to give upfront before an appointment – just to make the process easier.
When I first started broking, one of the managers said to me that my writing grammar was so terrible, they didn’t think I was going to make it as a broker. That traumatised me for a long time. I’d send emails to my mother-in-law before I sent it to the client. But that’s also when I began creating these templates to keep everything – conditional approvals, approvals, post-settlement, yearly settlements – together.
You recently settled $100 million. How long did it take you to actually get to the point where you were substantial volume?
It was when I started outsourcing an external company to do the data entry and loan processing. About four years ago, I contacted a business coach, which we’ve been using since. She said: "You need to let things go, you need to let people do more stuff for you instead of you doing everything”.
Is there anything else that you would've done differently or earlier?
I think mine would be to find a business coach earlier. The information, and also their guidance and checking in, are so important.
You can find out more about Thuy Hook and her broking journey in the Elite Broker podcast.
Tune in to the episode with Thuy, Helping first home buyers get into the property market, below:
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