What are the Benefits of a Mortgage Broking Franchise?

Have you always wanted to start your own mortgage business but are not quite sure where to start? Well, you are not alone. In addition to strong knowledge of the mortgage space, as a small business owner, you would need to don multiple hats of IT support, admin, marketing, sales and operations! If you’ve had no experience with these aspects of running a business, you could consider buying a mortgage franchise. Here’s a quick peek of the many benefits of a mortgage franchise.

• Brand: Building your own business under an already established brand is far easier than starting off on your own. Most leading mortgage franchises provide end-to-end assistance with setting up your physical establishment, right from branding to all design details of the interiors.
• Marketing: A reputable mortgage firm will also regularly invest in online and offline marketing activities. They also provide support at the branch level including marketing assets like a branch website, email address, marketing collaterals as well as support to maintain your social media and online presence.
• Compliance: As most mortgage professionals already know, compliance breeches have exorbitant fines and can also cost brokers their license. A good franchise keeps you abreast of all regulatory policy changes and requirements. In addition to the necessary training and individual guidance, they also ensure that compliance is incorporated into day-to-day operations.
• CRM: A mortgage CRM (Customer Relationship Management) system is nothing but the software to automate communication and document exchange at different stages of your customer’s loan settlement journey. Its primary objective is to ensure quality customer service through timely engagement. This could include information collection, confirmation updates, among other necessary communication. Your mortgage franchise arrangement should offer you an efficient CRM system that allows you to focus on core business activities through automation of various steps of the loan submission and application approval process.
• Learning and Development (L&D): Staying abreast of industry best practices is imperative for business growth. While choosing a mortgage franchise, look for organisations that offer multi-format and self-paced digital learning facilities. A good L&D platform also supports with CPD points, synchronised reporting to your Industry body as well as providing you with an L&D road map and learning calendar that keeps you posted on your learning progress.
• Lender Panel: A Robust lending panel lets you scope the length and breadth of the ever-evolving Australian mortgage market with ease. A leading mortgage organisation usually has over 30 lenders on its panel along with a healthy array of commercial lending products.
• White Label offering: Some mortgage franchise providers have their own exclusive white labels offering that serves a niche audience. By gaining access to their white label offering, you enjoy benefits of serving an untapped customer base.
• Expert Support and Guidance: Your mortgage franchise provider should ideally help you with developing and executing your business plan backed by regular assessment and consequent feedback.

With the right franchise, setting up your own mortgage business could be a hassle-free and seamless experience. Reach out to the Yellow Brick Road Team for a quick discussion on the best way forward for you as per your circumstances.

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Written by Yellow Brick Road Home Loans

Last Updated: 16 March 2022

Published: 18 November 2021