Your business is going well and then the market takes a turn. And then another. It’s not always a problem – it’s an opportunity. But you must have the right strategies in place. These four tips will help your business grow and evolve in an ever-changing mortgage market.
It’s important to have a range of skills and product offerings so you’re not heavily reliant on one area of your business. That way, if one sector you operate in is going through a quiet patch, you can focus on another.
Simply, the idea is to be adaptable and have a range of skills to give yourself the best chance of always having work.
For example, you could add commercial lending to your portfolio. Home owners are often business owners, too. If they’ve had a good experience with you when buying their home, they could be keen for your help to finance or refinance a business property.
Likewise, if people own a home, they’re likely to need insurance; not just for the home, but probably for a car or two, and household contents. Once you hold an appropriate Australian Financial Services Licence (AFSL) and accreditations, you can sell insurance as well as financial investment products.2.
2.Keep up with technology
Technology is constantly changing. Having a keen interest in the latest IT products and services, especially those tailor-made for your industry, will give you a competitive edge.
For mortgage brokers, that means a combination of:
- Mobile technologies and apps that allow you to download information and conclude transactions in the field, such as DocuSign.
- Social media tools that let you market your services most effectively to your target audience, such as LinkedIn.
- Customer relationship management (CRM) systems, such as Podium. What can it do that you currently don’t use it for?
The benefits of ensuring you’re technologically savvy are many. For example, in a slow market, if you’re the broker who can market themselves better than other brokers on digital channels, you give yourself the best chance of being the one customers choose.
You could even leverage your tech savvy to become a consultant to other brokers, upskilling them and helping them reach a high level of technical expertise.
Partnerships with other mortgage brokers and real estate agents can expand your customer base while broadening the range of products and services you can sell to your current clients.
Broker partners bring with them existing lender relationships, often in niche markets, which could open up whole new revenue streams for your business.
Agents prefer to work with quality partners who can meet deadlines and take care of their customers with a minimum amount of fuss. As such, agents are likely to offer you repeat business if you can reliably fulfill your end of the deal.
4.Take up professional development opportunities
Training and development courses can help you fine-tune your skills and keep you at the forefront of the industry.
It’s mandatory for brokers to do a certain number of CPD hours and register them with the MFAA, but what can you do beyond this that can give you an edge?
Think outside the box. How about doing training in consulting, or management, or other aspects of the finance industry? In short, think about how you can develop a skill set that few other brokers have. Again, the more diverse your skills and the more adaptable you are, the likelier you are to always be in work.
With the right strategies in place, your business will be well-placed to take advantage of a changing mortgage market.
Need help navigating the changing market? Contact your PLAN Australia BDM today.