Sakib Manzoor of Secure Finance Services describes his business model
For Sakib Manzoor, principal mortgage broker at Secure Finance Services, his work is more than just a series of business transactions. It’s about building relationships and helping clients manage their future needs or investments long after they have acquired a home loan or moved into their first property.
“It’s more to do with an ongoing relationship, and that’s how we have built this model right from the start,” Manzoor (pictured above) said in this interview with MPA. “It’s been five years since we broke into the Top 100 Brokers, and we have consistently stayed in it and we have been increasing our overall performance. And I believe that’s the recipe of success for us.”
This point of view is tied to the most important lesson Manzoor has learnt: “there is no replacement for hard work” and professionals like him must exert their best effort, especially during their first few years in a service-oriented business.
Being one of MPA’s Top 100 Brokers for 2022 has indeed been a fitting way to recognise Manzoor’s achievements in strengthening Secure Finance’s market position. While mortgage broking companies have been affected by high inflation and interest rates and low property prices over the past year, Secure Finance has performed well due to its holistic business approach and its decision to pivot towards serving current clients who are going through refinancing.
For Manzoor and his team, the economic challenges that have influenced recent customer sentiment and borrowing capacity have also presented business opportunities, making Secure Finance’s performance “as good [as it was] last year”.
Specifically, the team reviewed all their clients to “make sure they don’t end up on the highest side of the interest rates,” enabling Secure Finance to maintain its overall number of settlements. The team also saw an opportunity to consolidate, revisit their processes, and conduct more training so employees would be prepared to answer complex questions related to market changes and affordability issues.
“Now we are relying more on better systems which are more effective and cost-effective at the same time,” Manzoor said, further explaining that the current situation was cyclical and that the company remained committed to taking care of its clients for the long haul.
As the market expects further interest rate increases in 2023, Manzoor reminded mortgage brokers “not just to make sure that [clients] get the loan that they want [but] also make sure that they get the loan that they can afford to repay”.
“So, we need to go back to our borrowers or clients to have this conversation again, just to make sure they understand what’s in it for them in the short term and what sort of a return they should be looking at in the long term as well.”
He added that borrowers must also discuss longer-term financing needs with their brokers and lenders so they can find better options to manage their home loans.
