Josh Bartlett took an unconventional route into mortgage broking, having first set himself up as a gym owner and personal trainer. Two Australian Mortgage Awards (AMAs) later, and he’s well and truly got his mortgage broking career underway.
Josh Bartlett took an unconventional route into mortgage broking, having first set himself up as a gym owner and personal trainer. Two Australian Mortgage Awards (AMAs) later, and he’s well and truly got his mortgage broking career underway.
Q. You owned a couple of gyms before moving into mortgage broking. Why did you decide to change careers?
A: I completed a business degree at university many moons ago! I had been running the gyms for nearly 11 years and I was at the stage where I wanted a new challenge. After being in the business for so long I was on autopilot, I knew I needed a new challenge. I went to a Young Professionals in Real Estate event one night, and whilst there I saw a broker speak. The next day I put in motion the sale of my gyms. I always loved real estate, my parents had made me purchase my first home when I was 17, so I also had all the foundations in place from investing from an early age. I knew from that evening that broking was my new move.
Q.What lessons and transferable skills have you taken from your time as a gym owner and fitness instructor into mortgage broking?
A: Work ethic, passion, drive and – most of all – people skills. I spent many years talking and training
many different types and ages; this is the most transferable skill. And adapting is a key ingredient.
Q.You won two AMA Young Gun awards last year. What do you think has been the key to your early success?
A: Being self employed, I knew right from the start that the only person that was going to be the key driver in my business was myself. My plan was to make as many phone calls as I could to every possible potential referrer, every lead, every day. Everybody in this industry comes in with a different background, with a different possible lead source and a different existing database. I believe the only thing you can do is work the data 100% to the best of your ability every day.
Q.How long have you been working in the mortgage broking industry for?
A: After accreditations were complete, I took my first deal May 2011, so I am now close to the two-year mark.
Q.Would you have moved into broking if you didn’t have the capital from selling your business
behind you? If so, do you think you might have entered as an employee, rather than starting your
own practice from scratch?
A: I was lucky enough to have sold a business and have cash flow, however I did have enough equity to keep going for a few of years if that was necessary. I had been self employed for 11 years, so my plan at that stage of my life was to continue in this direction. However, for new entrants into broking I see this [the employee route] as a huge possibility and believe it could be a great strategy for others. By having this available we could bring great new talent into the industry that otherwise may never have entered.
Q. What have been the biggest challenges that you’ve experienced in moving into broking?
A: The one thing that I was challenged with initially was not having the instant cash flow for services
rendered! You can do a lot of work for a client and you may not get paid for six months. Once the pipeline is built, the business can start building due to forecast cash flow. On another note, a major challenge was credit policy and understanding every bank’s procedures. I believe it is vitally important to understand a large number of banks’ procedures – not just one or two that you feel comfortable with.
Q. Have you been able to take more staff on board recently? If so, what effect has this had on
your business’s productivity?
A: I have hired a loan writer recently; we have a full-time mortgage processor in the business. We have employed a full-time prospector, and a client care manager. The business is now five staff strong. We need a bigger office! Now we have managed to increase our activity. Last month we were able to do 49 appointments and take $13.7m, and next month we will be settling $13.4m.
Q. What are your goals going forward?
A: Our goals are to consolidate the business with the current staff, and continue to work on procedures. Our lodgement goals are now to start hitting the $20m mark, which I believe is achievable.
Q. How have you built up your referral base?
A: I have built some amazing relationships with real estate agents. We have put in place all the right tools so that our business relationships will continue to grow in the future.
Q. What are your tips for gaining and retaining clients?
A: Do what you say you are going to do: deliver a great service, be articulate in your explanation, leave no stone unturned – then ask for a referral! We now survey every customer 48 hours after their experience to ensure they received everything they needed out of the appointment.
Q. What keeps you motivated?
A: I love having an impact on the future of brokers in Australia. I believe we are still underutilised in the community. I am motivated to keep showing everyone that we are skilled and very good at what we do. I am a very competitive person also, so I like to continually beat my PBs.
Q. What do you most enjoy about mortgage broking?
A: The challenge, the constant change, the skillset required and the education that you can give to
your clients.
Q. What do you think is the biggest challenge facing mortgage brokers at the moment?
A: I believe the market is changing for the better. I think I jumped into the business in a hard market; this made me work hard for every lead.
