Yellow Brick Road’s top broker tells MPA how he engages clients in his exclusive city centre neighbourhood
YBR’s head office and its executive chairman, Mark Bouris, are housed.
This is a place for high-achievers, and they have an equally high-achieving broker in Rogan Yates. YBR Sydney CBD wrote $160m in loans last year – a figure that put Yates in the top 10 of MPA’s Top 100 Brokers – and won National Branch of the Year and National Outstanding Performer Lending at YBR’s 2016 awards. Yet despite these accolades, Yates is just as accessible as your local broker: you can ring his mobile direct or walk into the office, whatever is in your bank account. “I’ve got such a wide range of clients,” Yates says. “I’ve always had the policy that I’m open to everyone, whether it’s a first home buyer or a high-flying exec on a couple of million dollars a year.”
Being accessible is why the CBD’s exorbitant rents are worthwhile, Yates explains. “If you work in the city you get the flexibility of being able to come over here at lunch or pop over during the day; that’s the idea of our business.”
“I’ve always had the policy that I’m open to everyone, whether it’s a fi rst home buyer or a high-flying exec on a couple of million dollars a year”
As the banks can easily afford CBD branches, a broker needs to stand out. “If you want to become a mortgage broker you need t
o differentiate yourself from someone having to go to the bank and wait in line … we need to be there.”
Inevitably, the CBD’s high-net-worth business executives tend to have pre-existing relationships with accountants and financial planners as well as bankers. Compared to the former, Yates believes, the broker’s commission model is a huge advantage: “we don’t get paid unless there’s an outcome”. Compared to the latter, Yates’ 16 years’ experience makes the difference. “I would back myself against a private banker any day,” he says. “I would back myself on knowledge: a private banker has one set of products he has to push; I’ve got all of them.”
What Yates lacks is time, and with two new brokers in the office he is trying to make the best of it. “I’m in that process of transitioning, of trying to let go of being there for everybody, but not so they think they don’t deserve that, because what has made my business so successful is being there for everybody.”
The new brokers are currently doing extra training in reading financial statements and tax returns, which Yates says is a necessity. “In the city we do get that client that is self-employed or has those family trusts, and they’re not easy to read … there’s not one vanilla return that everyone uses; they’re all a bit different.”
“I would back myself against a private banker any day … a private banker has one set of products he has to push; I’ve got all of them”
Yates’ recruits are entering a brokerage not only with a recognised national brand but also Yates’ own network. “I’ve always relied on repeat business from just one good job,” he explains. “I think if you get into broking the number one thing you need to rely on is that you can get a referral from the client you worked with. How do you quantify what comes through marketing anyway?”
With referrals well understood in the local business community, doing a good job does get you recognised. “I don’t encourage referrals,” Yates says. “I’ve been told many times I need to ask for referrals, but I never do!”
Despite having an established network, Yates still pays to be under YBR’s brand. “For me personally I think you need to be aligned with a brand if you’re a broker; I think there’s some comfort,” he explains. “Would I survive on my own? I’d say yes, but Mark [Bouris] gave me a start 16 years ago, looked after me and has always been a good role model to me, and I’m loyal to that.”
Furthermore, Yates says, “Mark is one of the best marketing guys in the business”, and YBR provides much marketing collateral.
YBR now brands itself as a wealth management business, and fi ttingly Yates has a financial planner in-house. Although broking is typically what brings clients through the door, Yates points out that brokers play a role in all three areas of wealth management: buying a home, superannuation and other investments (including investment properties). “It’s still expected that if someone walks in for a mortgage, we would open the door to our other services at some stage, whilst being very mindful of not pushing someone.”
Next year Yates plans to send his young brokers out into Sydney’s countless offices, offering employees broking and wealth services, building on Yates’ reputation in broking and YBR’s reputation in wealth.
“I’d like to see our business actively infiltrate the city more,” Yates says, “I think there’s more capacity for us to get out there and offer our services, whether that’s being the trusted broking firm or wealth management firm for individual companies.”
