How one Melbourne brokerage wrote $198m in loans with four brokers over 12 months
How one Melbourne brokerage wrote $198m in loans with four brokers over 12 months
Every year, MPA’s Top 10 Franchise Brokerages report charts Australia’s top franchise offices, based on a range of volume and conversion criteria. What makes a franchise brokerage stand out isn’t that different to what makes an independent brokerage stand out, particularly in the case of this year’s no.1 brokerage, Mortgage Choice Melbourne.
2016-17 was “a very challenging year” recalls co-owner Cameron Price. The brokerage lost several staff, including two of the brokerages six brokers. Many of the brokerage’s investor clients were hit by tougher lending requirements, restricting their borrowing power.
“Losing 33% of our customer-facing team meant a complete change of direction in how we operated” Price explains. “We decided that we wouldn’t try to hire additional brokers bu rather would reinforce our admin support team and streamline our work practices.”
Assigning more work to the admin team, led by office manager Di Aparo, freed up the four brokers to spend more time facing clients, find lending strategies and develop the business itself. The efficiency gains this produced can be seen in Mortgage Choice Melbourne’s numbers: their brokers each wrote an average of $49,544,782, the second highest figure in the Top 10.
Efficient processing only helps if you have leads and the brokerage’s team found an innovative way to drive them. They started holding lunchtime information sessions in their office – Mortgage Choice Melbourne is conveniently located in the CBD – and at the off-site. They also run a company car and conduct annual loan reviews with clients.
“The difference between a good brokerage and a top brokerage are the little things,” says Price. Being customer-centric isn’t enough; you need to keep customers informed during and after the application process with annual reviews and a two-hour response window for calls and emails. Finally, notes Price, they make sure to thank their referrers “these things may seem trivial, but to the client they are vital.”
Read the complete Top 10 Franchises Brokerages report in the latest issue of MPA magazine, on desks now
Every year, MPA’s Top 10 Franchise Brokerages report charts Australia’s top franchise offices, based on a range of volume and conversion criteria. What makes a franchise brokerage stand out isn’t that different to what makes an independent brokerage stand out, particularly in the case of this year’s no.1 brokerage, Mortgage Choice Melbourne.
2016-17 was “a very challenging year” recalls co-owner Cameron Price. The brokerage lost several staff, including two of the brokerages six brokers. Many of the brokerage’s investor clients were hit by tougher lending requirements, restricting their borrowing power.
“Losing 33% of our customer-facing team meant a complete change of direction in how we operated” Price explains. “We decided that we wouldn’t try to hire additional brokers bu rather would reinforce our admin support team and streamline our work practices.”
Mortgage Choice Melbourne’s numbers
Total loan book: $804,000,000
Total settlements: $198,179,128
Number of brokers/loan writers: 4
Average annual volume per broker $49,544,782
Conversion rate: 89%
Total loan book: $804,000,000
Total settlements: $198,179,128
Number of brokers/loan writers: 4
Average annual volume per broker $49,544,782
Conversion rate: 89%
Assigning more work to the admin team, led by office manager Di Aparo, freed up the four brokers to spend more time facing clients, find lending strategies and develop the business itself. The efficiency gains this produced can be seen in Mortgage Choice Melbourne’s numbers: their brokers each wrote an average of $49,544,782, the second highest figure in the Top 10.
Efficient processing only helps if you have leads and the brokerage’s team found an innovative way to drive them. They started holding lunchtime information sessions in their office – Mortgage Choice Melbourne is conveniently located in the CBD – and at the off-site. They also run a company car and conduct annual loan reviews with clients.
“The difference between a good brokerage and a top brokerage are the little things,” says Price. Being customer-centric isn’t enough; you need to keep customers informed during and after the application process with annual reviews and a two-hour response window for calls and emails. Finally, notes Price, they make sure to thank their referrers “these things may seem trivial, but to the client they are vital.”
Read the complete Top 10 Franchises Brokerages report in the latest issue of MPA magazine, on desks now
