With broker market share of the home loan business tipping over 50 per cent, it’s time for brokers to embrace their new position of leadership, writes Choice Aggregation Services CEO Stephen Moore.
The spotlight is currently shining firmly on our industry for a couple of key reasons. The first is of course brokers’ growing reach. Since surpassing a market share of more than 50 per cent, it’s become clear that the broker proposition is resonating with Australians and general understanding of a broker’s service offering is growing.
While knowledge around our industry is improving, there still remain some parties who are unclear about the broker role, including how brokers are remunerated.
With a heightened focus on the industry, there is an opportunity for brokers to showcase their value proposition and the quality service they provide. Our industry’s expanding market share is evidence that we are leading the market and so it’s time for brokers to recognise they are leaders and act accordingly.
It’s all about quality business, quality advice, and high quality service – and at Choice these are some of the fundamentals we are concentrating on. It might sound rudimentary, but finessing these is essential to raising the bar of your business and standing out in an increasingly competitive market.
Over the course of this series I’ll be discussing the different ways brokers can grow their business and refine their service proposition. To start, here is a list of some the key fundamentals you should be thinking about:
Quality in business
Quality business systems and processes are the key tenets underpinning any successful business. For brokers this means ensuring you have a quality documentation process that thoroughly documents all client interactions. For many brokers with access to quality software, this may be easier than for others. Real time data and the ability to share with multiple users are critical to productivity.
Quality documentation underpins efficiencies and also ensures you’re thoroughly across your clients’ circumstances. It gives customers peace of mind, and they are able to see tangible proof of the quality service you have provided.
Ensuring you deliver the highest quality advice (credit assistance) is intrinsic to securing repeat and referred business. As we all know, this sort of business has a powerful mushrooming effect and will be a key contributor to the industry’s ongoing growth. Quality advice means ensuring your advice is tailored, specialist, comprehensive and clear. Speak to your peers about how they conduct consultations and look for ways you can improve to ensure you are hitting the mark. Explore opportunities to build out your advice offering – the new revenue streams diversification can bring are not to be ignored. Supporting our brokers to grow their businesses in new avenues is a key focus for us at Choice in 2016.
Delivering a seamless customer experience is what’s going to really support you to grow your business. At Choice we’re currently focused on supporting our brokers to expand their thinking from ‘customer service’ to ‘customer experience’. By realising all of the small pieces of the customer experience puzzle and how they can be improved, brokers can take their value proposition to an entirely different level – and this is what I will concentrate on in part two of this series.
While changes to the industry continue to bring both challenges and opportunities, at Choice we are committed to supporting our brokers adapt to market changes.
The challenge will be meeting the increasing expectations of customers. As an industry we all need to continue to raise the bar and keep ahead of customer expectations.