Gunning for growth? In this final blog of the series, Choice Aggregation Services CEO Stephen Moore reveals his top 3 tips for brokers looking to grow their business.
Over the course of this blog series, I’ve focused on a variety of strategies and techniques that brokers can implement in order to refine their value proposition and achieve solid business growth.
From creating a seamless customer experience, through to diversification and ongoing education, there are myriad tools and strategies brokers can use to maintain a competitive advantage.
In this final blog entry, I’d like to leave you with my top three tips for positioning your business for growth. These aren’t business strategies, but rather some basic, yet powerful, tips that can underpin your successful career in broking.
With our industry continuing to grow its share of the home loan market, opportunity is ripe for brokers who are hungry for growth. I hope these tips help you reach your goals and take your business to the next level.
- Embrace change
Our industry continues to change at a rapid rate. The Deloitte Australian Mortgage Report 2016 showed the total market for outstanding residential mortgages burst through the $1.5 trillion mark in October last year and reaffirmed that the market is based on positive fundamentals. But there are challenges – adapting to meet customer expectations in an increasingly digital world, the emergence of online ‘disruptors’ and fintechs being just a couple of those highlighted in the report. In this context, those brokers who adopt a mindset that embraces change, rather than lament it, are going to be best placed for success.
With technology moving so quickly, a key component of this needs to be a dedication to keep abreast of, and leverage, new tools and systems. The advantage of this is enhanced efficiencies and customer service. Failing to embrace technology means being left behind - and once you fall behind on technology, catching up is increasingly difficult.
Part of embracing change is also looking for opportunities to grow and learn. Even the most successful brokers keep an open mind and recognise the importance of continued learning and education. Make the most of your aggregator’s professional development program and invest in additional learning opportunities as you see relevant. For example, if your business has grown significantly and you’re not confident managing a growing team, it may be worth investing in a people management course. Investing in yourself is an important part of success.
- Build your referral network
As the old saying goes, it’s not what you know, but who you know. Of course, in broking, the ‘what’ is important, but it’s undeniable that networking can generate serious outcomes.
Quality referral partners can go a long way, when it comes to broadening out your customer offering. If you can meet more of your clients’ needs and make the property purchasing and financing process seamless and simple for them, you’re going to win a client for life.
Invest time in finding quality referral partners and be sure to maintain those important relationships too. Like any relationships, referral partnerships need ongoing care and attention to ensure they continue to flourish. Make time for regular check-ins with your partners and you won’t regret it.
- Learn from others
Don’t underestimate the power of learning from your peers. At Choice, we facilitate regular peer-to-peer sessions with our brokers and the feedback we get is overwhelmingly positive. While formal education is important, the practical insights you can gain from engaging with other brokers are priceless.
And while network can be important for commercial reasons, it’s also vital to seek out peers you can confide in and learn from. Take every opportunity to engage with your peers and seek out successful brokers so you can pick their brains on what it is they do differently. If there’s a particular niche you’re looking to explore, such as SMSF lending or commercial finance, talk to a broker who is doing it well.
A mentor can also be a powerful asset. Look for a broker who has been through the challenges of building a business – they can offer you invaluable insights and can help you reflect upon your business with a fresh perspective. Meeting with someone regularly can help keep you motivated, provide valuable external feedback and help keep you on track towards meeting your goals.
With a positive attitude and willingness to adapt, combined with a solid network of referral partners, mentors and confidantes, you’ll be well-positioned to grow your business and make the most of the fantastic opportunities this industry presents.