As a mortgage broker, you are the owner of a small business. Therefore, it makes sense to look at ways that you can build and grow your company so that it provides you with a better income and future. Lets look at how you achieve results now.
Strategies to Build Your Business
The majority of business in Australia is small. In fact, small businesses make up 96 percent of all Australian companies. These firms produce over $330 billion in revenue which helps to support the Australian economy.
However, only a minor percentage of these small businesses ever achieve big business status or a turnover of more than $2 million per annum. So how can you take your small business and turn it into something big?
1. Use better management systems and processes
You will need to make some decisions when you are in business, and many of these will not be in any manual or training book; they will be instinctive. However, having protocols and systems in place that streamline the everyday running of your business will allow you to be better organised, get tasks completed quicker and be more efficient. You will also be able to set yourself goals and then milestones to reach these targets. These processes, in turn, will then enable you to continual push yourself and to face challenges head-on.
eChoice, an award winning brokerage aggregator, have an Academy that helps you to develop sound business management systems and processes that will make you more efficient as a broker. Youll also be able to qualify your leads, save yourself more time, and reach a higher earning potential.
2. Define your market
It is important to break down your target audience rather than trying to approach anyone and everyone. This strategy will allow you to contact the right people so that you have a higher rate of success. By determining your audience, you will also be able to develop your business rapport as a specialist in a chosen area and identify future areas for growth. As an eChoice broker, you can focus on home loans in general or specific niche sectors such as first home buyers, refinancing or even non-conforming borrowers. By specialising you can hone your brokering skills and become known as an expert in your field.
3. Have a strong digital presence
The internet allows you to connect with potential customers, to showcase your expertise, and to increase your credibility. Research suggests that businesses that are using digital technology earn more than their peers. eChoice offer brokers marketing support that includes the management of social media, marketing tools and customer reports and an IT platform that makes relationship management effective and efficient.
4. Establish a referral network
There is nothing more rewarding than having others refer your business to potential clients because they believe in the service that you offer. Refers can be other companies that are involved in the property market such as real estate agents, builders, and conveyancers or they can be existing customers, family and friends. Just remember to reward any referrer that results in the closure of a home loan. Professional referrals usually earn a commission, and existing clients and family and friends can receive a FREE report or home loan health check-up.
5. Join a group or form a partnership
If you do not want to go it alone, then another option is to join a group or to form a partnership. The benefits of group membership, such as joining an aggregator like eChoice, are you can often gain more leads, added exposure due to existing brand recognition, and additional support, training and aid to develop your skills and knowledge. Partnerships, on the other hand, offer you greater financial security the more, the merrier with you able to share costs and mitigate risks. However, before you join a group or form a partnership make sure you have a contract drawn up and that you understand any obligations that you have to the other party, financial or otherwise.
Written by eChoice
Since 1998, eChoice has helped more than 50,000 Australians secure a home loan through its network of over 25 lenders and hundreds of loans. Best of all our service is cost and obligation free!