In the wake of his Queensland BBA double win, we speak with Paul Hixon on his journey to become Broker of the Year and the virtue of both patience and education.
Earlier this year, Paul Hixon, a broker with Loan Market based in Brisbane’s New Farm, was named both the Residential Broker and Broker of the Year at the 2022 Queensland Better Business Awards.
It’s a recognition that not only amplifies Mr Hixon’s accomplishments in the broking space, but also certifies his maxim in how support and education are key ingredients in the swim upstream to industry success.
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We speak with Mr Hixon about his direction from a one-person show to a full-team operation, what to consider when taking on a second broker, and the value of patience over diving in head first.
The Adviser: You became a broker after relocating to Australia from the UK in 2008. How did you become a broker?
Paul Hixon: I used to be a real estate agent in the UK, but when my wife and I came over to Australia, it was so I could be a broker.
I was initially sponsored by Loan Market, and was also trained by a really great mentor, Chris Dobbie. My wife missed the UK, so we went back a couple years later, before returning again in 2014, where Loan Market sponsored me again.
My background made it quite easy for me to slot back into real estate. When I first came over in 2008, it was the global financial crisis. Everybody was complaining about how broke they were. If you look back, it’s so much more difficult now. But back then, there were first home buyers’ loans all over the place. And that tied into real estate – being able to talk to real estate agents and explain how things work.
You’ve taken Loan Market New Farm from a one-person operation to an outfit with almost 20 members. You took on a second broker shortly after you started, Adam Wallace Harrison. At what point did you realise that you needed a partner?
I think the first few years when you’re a broker, it really depends on how you set out to do broking. If you’re a one-man band, you’re only going to be able to write a certain amount of business. You don’t have enough hours in the day to do what you want to do.
If you’re constantly looking for process efficiencies, you’ll end up finding those, which then means you need more staff. And then you look for more efficiencies in the staff, you get more business, and then you grow.
I knew Adam from years before – I’d done a loan for him. I knew he could bring in business as well, and I had capacity in the team – I only had one member of staff back then…
It wasn’t a question whether I should bring Adam on, it’s just that he was the right person.
What advice would you give to someone who is nervous about bringing a second broker or new team member on board?
I think that if you’re ever questioning bringing somebody into your business, you’re either talking to the wrong person or you need to think about what that person needs to be adding to your business.
That addition should be good to a point that you’re wondering how you can process the loans quickly enough. It’s not whether they will work; they should be the person that works. They should be a person that brings in business to a point that you need to work out how to handle that increase.
So, take your time in recruiting. Find the right person. Test them.
Rate rises are a key talking point at the moment. What conversations are you having with your clients about affordability?
For some clients, it’s too early for them to think about it, but we force the subject. We already calculate their repayments on 4 per cent, making sure they can afford it. Giving them the repayment at 4 per cent, and hardly even giving them the repayment at 2 per cent. We throw it out there but you just can’t use that number. A client’s home is not going to be under pressure in the future [if you do it] in that way.
Is there anything specific you do to unwind?
I surf and swim. I actually grew up swimming in a 25-metre indoor swimming pool with steamy windows. I remember when I first came over to Australia, I asked my mate [whom] I was staying with if there was a 50-metre pool nearby and he said there was one at the end of the road, and there was one about half a kilometre away, and there was one another one over there. So the first time I was in Australia, I just went around all the swimming pools. Swimming outdoors it’s just amazing. I couldn’t believe it. I still do it now.
What advice would you give to new brokers?
I think if you join a team who are good, successful and have leads, you can accelerate your learning. For example, one of my brokers, who’s been with me now for a couple of years, started with no experience and now, two years in, he’s [writing] $50 million a year.
If you then want to step out on your own afterwards, you’ve got the knowledge, you’ve got a book, you’ve got some clients.
But, if you go out and just do it by yourself it’s a bit of a struggle. And it can be a bit of a pain.
Is there anything you’d do differently if you started on this journey again?
I wished I’d learnt from other people earlier. People are already doing it, I didn’t need to invent the wheel myself.
If you want to learn how to do it quicker and better, you need to find the person that’s doing it quicker and better and ask them how they do it.
You can find out more about Paul Hixon and his journey to becoming Queensland’s top broker in The Adviser’s Elite Broker podcast.
Tune in to the episode with Paul Hixon, How Qld’s Broker of the Year 2022 made it to the top, below:
[Related: Winners of Better Business Awards 2022 Qld unveiled]
