His team is now considering franchising to allow others to benefit from their systems and resources
My Home Loan managing partner and 2018 MPA Top 100 Broker finalist Darren Liu found his way into the broking industry when he was looking for a home loan himself and a broker helped him out.
“‘My Home Loan’ was the name that came up,” Liu told MPA, when he decided to open his own brokerage. “We hope to give customers better advice that’s delivered by real people. That’s our slogan.”
Liu believes that by doing meaningful things, everything else will follow. And it truly did for him and his team. By doing what they care most about, they’ve seen the business flourish.
“We just wanted to be a trusted adviser that could provide insightful info into the market, and help those in need with better loan structures,” Liu said.
It may have taken Liu’s team years to build a strong foundation and system, but it’s paid off. “Years ago, customers would only want to talk to me for loan applications; now they can trust anyone from My Home Loan to provide the same level of service,” he said.
The majority of My Home Loan’s customers come from the Chinese community, a culture the brokerage understands well, allowing Liu and his team to provide first home buyers, multi-property investors and the self-employed with the best possible solutions and products. The brokerage has also diversified into loans for construction, small projects and developments.
Academy-trained
Liu lives by the adage “practice makes perfect” to drive productivity and performance. His team spends a great deal of time setting up procedures and systems to track and measure workflow, so every team member is on the same page with everything that’s happening at the brokerage.
New consultants undergo 12 to 18 months of training at the My Broker Academy to become empowered to get on track as quickly as possible, and to learn proper time management.
“Brokers who want to double their volumes need to learn to do what’s important, to delay the not-so important, and to delete the irrelevant,” Liu said.
Liu says that as his firm’s volume and team grows, they’ll need to focus even more on customer service. His team has considered recruiting a dedicated person to help develop their lender network and assist with providing an exceptional customer experience.
Going into franchise
As more customers have recognised My Home Loan’s value proposition in mortgage transactions, commercial loans and business development, the brokerage’s business model has evolved.
Initially, Liu employed several loan support staff to assist with loan processing; now he’s recruited and trained more brokers so there’s a group of brokers being supported by a team.
Liu’s team is now considering a franchise model to carry out its current system and resources.
“We desire more talent and would like to form more partnerships with brokers who need support and training,” Liu said.
“We look for talented people who are trust-worthy, driven, and passionate about what they're doing; partners who share our values.”
