Joshua Vecchio's tips on differentiating yourself in a crowded mortgage broking market
Director of Discovery Finance Group, Joshua Vecchio has written over $250m, using techniques and tips being shared on his website Top Broker.
What makes your brokerage unique? How do you differentiate yourself from the 15,000 other mortgage brokers and bankers across Australia all vying for the same business?
If you are receiving inquiries from customers where their first question is “what is your cheapest rate?” then there’s a pretty good chance you are not differentiating your business – but seriously, why do your customers come to you?
To find the best deal, save time and money? Please… You’re better than that.
Compare your local competition
Ok try this – cut and paste the first paragraph from five local brokers’ websites removing any reference to the businesses name and then ask someone in the office if they know which business the paragraph belongs to - better still I’ve done it for you so check out the below and see if you can pick which is which out of Aussie, Mortgage Choice, Choice Home loans and another local brokerage:
I don’t know about you, but if I was a customer trying to choose between one of those four brokerages I wouldn’t go with any of them because they all sound like they do the exact same thing! But you don’t have to be like this – one of the most effective bits of research you can do to help find what sets your brokerage apart is to sit down and interview a handful of your best customers, and ask them a few questions – because I can guarantee they aren’t seeing you just to save on rate and time alone!
Ask your existing customers the following:
What made you decide to work with me?
What’s one thing I do better than other brokers like me?
What’s one thing that I could do better?
Would you refer us or do you refer friends and family to us?
If you would refer us, what would you say?
If the customer says they are with you for your great service, or stunning personality try to get a bit more detail out of them by asking –
What does good service look like?
Tell me a story or time when we provided good service?
When you ask your customers these questions it’s amazing how quickly your core differences will come to the surface.
What makes your firm a Top Brokerage
Remember to look for any common threads that come across the conversations you have and then develop a core message that supports these themes.
So for example if your clients talk about you cutting through red tape when dealing with banks then use this in your unique selling proposition and set yourself apart from every other broker in Australia selling on “rate” or “trying to get the best deal”… We are a professional industry and need to realise the incredible value we add to our clients, so be loud and proud about what makes you different and how you help your clients!
This article originally appeared on Top Broker, a growing online space where tips and strategies are shared by Australia's top mortgage brokers.
What makes your brokerage unique? How do you differentiate yourself from the 15,000 other mortgage brokers and bankers across Australia all vying for the same business?
If you are receiving inquiries from customers where their first question is “what is your cheapest rate?” then there’s a pretty good chance you are not differentiating your business – but seriously, why do your customers come to you?
To find the best deal, save time and money? Please… You’re better than that.
Compare your local competition
Ok try this – cut and paste the first paragraph from five local brokers’ websites removing any reference to the businesses name and then ask someone in the office if they know which business the paragraph belongs to - better still I’ve done it for you so check out the below and see if you can pick which is which out of Aussie, Mortgage Choice, Choice Home loans and another local brokerage:
- Compare home loans to find a great deal. Quick and Easy. Free service, no appointment fees or charges.
- Our free mortgage broking makes home loans simple. Our expert, trusted and qualified home loan brokers work for you, not the banks.
- We do the legwork. You get the right home loan. We’ll do the running around to get you a great deal on the right home loan. All at no cost to you!
- We will compare 100’s of home loans from over 25 lenders. We’ll negotiate and take care of the paperwork, saving you time & money.
I don’t know about you, but if I was a customer trying to choose between one of those four brokerages I wouldn’t go with any of them because they all sound like they do the exact same thing! But you don’t have to be like this – one of the most effective bits of research you can do to help find what sets your brokerage apart is to sit down and interview a handful of your best customers, and ask them a few questions – because I can guarantee they aren’t seeing you just to save on rate and time alone!
Ask your existing customers the following:
What made you decide to work with me?
What’s one thing I do better than other brokers like me?
What’s one thing that I could do better?
Would you refer us or do you refer friends and family to us?
If you would refer us, what would you say?
If the customer says they are with you for your great service, or stunning personality try to get a bit more detail out of them by asking –
What does good service look like?
Tell me a story or time when we provided good service?
When you ask your customers these questions it’s amazing how quickly your core differences will come to the surface.
What makes your firm a Top Brokerage
Remember to look for any common threads that come across the conversations you have and then develop a core message that supports these themes.
So for example if your clients talk about you cutting through red tape when dealing with banks then use this in your unique selling proposition and set yourself apart from every other broker in Australia selling on “rate” or “trying to get the best deal”… We are a professional industry and need to realise the incredible value we add to our clients, so be loud and proud about what makes you different and how you help your clients!
This article originally appeared on Top Broker, a growing online space where tips and strategies are shared by Australia's top mortgage brokers.
