QLD broker Joshua Vecchio on setting high targets and hitting them
QLD broker Joshua Vecchio on setting high targets and hitting them
A young QLD broker has already been making waves in his brief time in the industry, establishing an internationally applauded brokerage and closing rare deals within the commercial finance sphere.
Joshua Vecchio, Director of Discovery Finance Group in Brisbane, took his trove of experience with him as he made the leap from banking to brokering.
“I worked with Bankwest for about three and a half years in private and commercial banking. Prior to that I was with Macquarie bank in their wholesale funding team – so funding mortgage managers and more in the product side of things but still in mortgages. I always wanted to work for myself and really liked the industry. There’s lots of opportunity for everyone and it was a logical next step.”
Vecchio enjoys the potential in brokering and the ‘sky’s the limit’ factor, something he’s certainly proved in quick time. Starting his own business right from the get go, rather than working for an existing brokerage, he has continued to win awards since its first year - among them the MPA Top 10 Commercial Brokers of 2014, the Broker Partner of the Year at the Vow Financial Altitude Awards 2014 and the ‘Young Gun of the Year’ at the Vow National Conference in Vietnam last year.
“You get out what you put in,” Vecchio says modestly. “Getting to where I want to be, running my own business and creating a brand from nothing is pretty exciting. There are really no limits and it’s quite a dynamic industry.”
Discovery Finance Group’s team of four specialise in residential and commercial loans, a space Vecchio decided held most opportunity based on his skill set. He’s also delved into the development finance side, taking advantage of Brisbane’s construction boom and focusing on multi-residential dwellings with between 10 to 100 units in a complex.
When asked what is key to his Group rolling down awards lane, he says it is just that, specialisation. But having the contacts within each niche and outstanding customer service is also important he adds; things like returning client calls with two business hours, clear communication and always keeping clients in the loop.
“(Having a niche) sets you apart, otherwise you’re relying on the banks to provide you differentiations in their rates and products or whatever else. Whereas this, you’ve got something you can actually provide the clients - insights into the industry, even contacts within the sectors that you specialise in that other brokers might not have. I suppose it’s just a different way of adding value to your client.”
One of Vecchio’s biggest achievements last year was settling his largest deal with Bankwest.
“It was a 77 million dollar deal across about eight commercial assets. I suppose like you do for a residential deal, you tender it across a couple of different banks and go back to your client with a similar kind of process. But it’s just harder to find those sorts of deals. It was exciting but tough work, we were working on that one for about eight months to get it done.”
Vecchio says that although traditional word of mouth is still a great way to make contacts, he stresses the importance of having an effective digital strategy and utilising social media outlets best suited to your client base.
“I think it depends on your business, so for me in commercial, a lot of my clients might be in their 40s, 50s, or 60s and not necessarily spend hours on end on Facebook and want to even promote that sort of stuff on there. So for me it doesn’t work. But for a home loan, if you’ve got a first home buyer that just bought a property and wants to tell all their friends, it’s probably terrific.”
“When I was at uni I studied IT and business, so I’m pretty well across it and did most of (the website) myself, but I think you have to have a digital strategy in your business these days otherwise you’ll get left behind. The banks are spending a lot of money on this and it’s the way the world is going.”
In Discovery Finance’s first year Vecchio set himself a personal target of settling $60 million in the first nine months and hit it. Last year he aimed to reach 150 million in settlements and you guessed it, he hit it. For new brokers in the process of deciding an achievable starting target, Vecchio recommends doing your research.
“You can look at what other people have done in the industry which always helps - the magazines are interesting because it’s a reasonably transparent industry, in terms of the volumes people write and what’s achievable. So you can always use that as a bit of a litmus test. It’s the kind of industry where you can call up people and they’ll be happy to have a chat. I’ve spoken to other brokers across different states and they’re all very open and friendly. The only thing that can limit you is yourself, so set your targets pretty high and go for it.”
On his plans for Discovery Finance Group in 2015, Vecchio says they’re happy to keep doing what they’ve been doing and perhaps bring another broker on board.
“That’s probably the secret as well you know - once you have a winning formula just stick to it, you don’t need to go too crazy!”
This article originally appeared in Issue 12.02 of Australian Broker magazine.
A young QLD broker has already been making waves in his brief time in the industry, establishing an internationally applauded brokerage and closing rare deals within the commercial finance sphere.Joshua Vecchio, Director of Discovery Finance Group in Brisbane, took his trove of experience with him as he made the leap from banking to brokering.
“I worked with Bankwest for about three and a half years in private and commercial banking. Prior to that I was with Macquarie bank in their wholesale funding team – so funding mortgage managers and more in the product side of things but still in mortgages. I always wanted to work for myself and really liked the industry. There’s lots of opportunity for everyone and it was a logical next step.”
Vecchio enjoys the potential in brokering and the ‘sky’s the limit’ factor, something he’s certainly proved in quick time. Starting his own business right from the get go, rather than working for an existing brokerage, he has continued to win awards since its first year - among them the MPA Top 10 Commercial Brokers of 2014, the Broker Partner of the Year at the Vow Financial Altitude Awards 2014 and the ‘Young Gun of the Year’ at the Vow National Conference in Vietnam last year.
“You get out what you put in,” Vecchio says modestly. “Getting to where I want to be, running my own business and creating a brand from nothing is pretty exciting. There are really no limits and it’s quite a dynamic industry.”
Discovery Finance Group’s team of four specialise in residential and commercial loans, a space Vecchio decided held most opportunity based on his skill set. He’s also delved into the development finance side, taking advantage of Brisbane’s construction boom and focusing on multi-residential dwellings with between 10 to 100 units in a complex.
When asked what is key to his Group rolling down awards lane, he says it is just that, specialisation. But having the contacts within each niche and outstanding customer service is also important he adds; things like returning client calls with two business hours, clear communication and always keeping clients in the loop.
“(Having a niche) sets you apart, otherwise you’re relying on the banks to provide you differentiations in their rates and products or whatever else. Whereas this, you’ve got something you can actually provide the clients - insights into the industry, even contacts within the sectors that you specialise in that other brokers might not have. I suppose it’s just a different way of adding value to your client.”
One of Vecchio’s biggest achievements last year was settling his largest deal with Bankwest.
“It was a 77 million dollar deal across about eight commercial assets. I suppose like you do for a residential deal, you tender it across a couple of different banks and go back to your client with a similar kind of process. But it’s just harder to find those sorts of deals. It was exciting but tough work, we were working on that one for about eight months to get it done.”
Vecchio says that although traditional word of mouth is still a great way to make contacts, he stresses the importance of having an effective digital strategy and utilising social media outlets best suited to your client base.
“I think it depends on your business, so for me in commercial, a lot of my clients might be in their 40s, 50s, or 60s and not necessarily spend hours on end on Facebook and want to even promote that sort of stuff on there. So for me it doesn’t work. But for a home loan, if you’ve got a first home buyer that just bought a property and wants to tell all their friends, it’s probably terrific.”
“When I was at uni I studied IT and business, so I’m pretty well across it and did most of (the website) myself, but I think you have to have a digital strategy in your business these days otherwise you’ll get left behind. The banks are spending a lot of money on this and it’s the way the world is going.”
In Discovery Finance’s first year Vecchio set himself a personal target of settling $60 million in the first nine months and hit it. Last year he aimed to reach 150 million in settlements and you guessed it, he hit it. For new brokers in the process of deciding an achievable starting target, Vecchio recommends doing your research.
“You can look at what other people have done in the industry which always helps - the magazines are interesting because it’s a reasonably transparent industry, in terms of the volumes people write and what’s achievable. So you can always use that as a bit of a litmus test. It’s the kind of industry where you can call up people and they’ll be happy to have a chat. I’ve spoken to other brokers across different states and they’re all very open and friendly. The only thing that can limit you is yourself, so set your targets pretty high and go for it.”
On his plans for Discovery Finance Group in 2015, Vecchio says they’re happy to keep doing what they’ve been doing and perhaps bring another broker on board.
“That’s probably the secret as well you know - once you have a winning formula just stick to it, you don’t need to go too crazy!”
This article originally appeared in Issue 12.02 of Australian Broker magazine.
