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ISCOVER
Scaling a mortgage broking business requires strategic planning, effective delegation, and a well-structured team with clearly defined roles and responsibilities, similar to an F1 pit crew. Chris Paterson from Auctus Coaching unpacks how brokers can build their own pit crew.
A successful mortgage brokerage relies on a team where each member has a specific role that complements the others. This approach ensures that tasks are handled by specialists, leading to higher efficiency and better client service.
By building a 'pit crew' of specialised support staff, brokers can streamline their operations, increase efficiency, and ultimately boost their business growth.
But what does this look like? Here are some key roles to consider:
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Triage Officer: Handles initial client interactions, gathers necessary documentation and information so a sound credit assessment can be made.
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Credit Analyst: Focuses on analysing clients' situations and presenting potential credit options to the broker for final assessment and recommendation.
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Data Entry Specialist: Manages the input of client information into the CRM or lodgement system, ensuring accuracy and speed. Generates all documents and application forms required.
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Loan Tracking Assistant: Tracks and manages loan applications from lodgement to settlemen,t keeping all parties up to date and things moving in a timely manner.
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Settlements Officer: Oversees the settlement process, coordinating with lenders and clients to ensure smooth settlements take place on time.
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Executive Assistant: Manages the broker's schedule, fields inquiries, and follows up with clients to maintain strong relationships.
Hiring Strategies
When expanding your team, it's crucial to adopt a strategic approach to hiring.
Here are some tips:
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Identify Gaps: Analyse your pre-documented processes, assess alongside your current operations to identify areas where additional support is needed.
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Hire for Specific Roles: Instead of hiring generalists, look for candidates with expertise in specific areas of your process, not the whole thing.
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Consider Offshore Support: Offshore staff can provide cost-effective solutions for certain roles.
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Invest in Training: Ensure that new hires receive comprehensive training to understand your processes and standards.
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Foster a Collaborative Culture: Encourage open communication and teamwork to ensure that all team members are aligned with your business goals.
Case Study
To showcase how brokers can achieve this, and provide insights into appropriate hiring strategies, I'm detailing the success stories of Peter Savage and Elena Fensom.
Peter Savage
Peter Savage, Director of Savage Money in Adelaide, initially had one support staffer, a parabroker who was onshore and handling all tasks.
He started working with us last year and quickly recognised the need for more specialised and segmented support. This led him to hire a data entry specialist, which significantly increased the efficiency of his operations. The number of one-touch approvals rose from one or two a month to 13 a month. Additionally, he brought on a formal settlements officer and an executive assistant to manage inquiries, his diary, and customer follow-ups.
As a result, Peter now has more time to engage with clients and expand his business. This year, he is on track to write $200 million in loans, with a clear roadmap to reach $500 million annually within a few years.
Elena Fensom
Another one of our clients is Elena Fenson, Director of Babo Finance in Melbourne, who faced a challenge when her onshore support staffer went on maternity leave.
She decided to hire three offshore support staff: a credit analyst focusing on second-tier lenders and missing information requests (MIRs), a data entry specialist to handle all data required for settlements, and an asset finance-based virtual assistant. This strategic move allowed Elena to triple her loan volumes, and she now writes $90 million a year while charging a fee for service.
Impressively, she manages this growth while being a mother of two young children.
By building a team with clearly defined roles and responsibilities, mortgage brokers can scale their business effectively. Strategic hiring, including the use of offshore support, can lead to significant improvements in efficiency and client service.
Christian Paterson is director of Auctus Coaching and helps brokers build more profitable and sustainable businesses.
He has worked in the mortgage broking industry since 2006, first as a broker, then as an operations manager, and now as a coach.
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