Focus on relationships, says banker turned broker
The growing dominance of mortgage brokers — now responsible for nearly three out of every four home loans — can be attributed to the personal connections they offer clients, according to a former banker.
“People bank with people — they don’t bank with banks,” said Amanda Young (pictured above), a mortgage broker with Loan Market, during a recent episode of the Success Breeds Success podcast hosted by LMG executive chairman Sam White.
Young highlighted the importance of human relationships in the mortgage process, stating that the personal connection brokers provide helps foster client loyalty.
“Whether you do that online or face-to-face, it’s the person that will make a difference,” she said. “Over time, it becomes a situation (for the customer) of wherever you [the broker] go, I’ll follow.”
Having transitioned from banking to mortgage broking, Young, who operates in Sydney’s Northern Beaches, saw the potential for stronger, more personalised client relationships in the broking industry. Specialising in self-employed clients, she identified the opportunity for multiple client touchpoints, enabling her to build deeper, long-term relationships.
However, early in her broking career, Young faced the challenge of managing her growing client base. She soon found it difficult to dedicate enough time to each relationship, describing the workload as “humanly impossible.” To address this, she hired a client service manager, the first member of a support team she now affectionately refers to as her “broker fairies.”
Unlike some brokers who act as the sole point of contact with clients, Young integrates her support team into the client relationship from the beginning, ensuring clients understand who is responsible for each aspect of the loan process.
“In the first meeting, I explain that I’m the strategic person who creates the plan, and the ‘fairies’ will handle the documentation and follow up on any issues,” she said.
Young’s approach reflects a broader trend within the mortgage broking industry towards enhanced back-end support. She now has four staff members managing tasks ranging from credit analysis to overseeing the client journey and settlements.
As her business has grown, Young emphasised the importance of having a support network of fellow business owners. Her “tribe” of Loan Market brokers first came together during the COVID-19 pandemic, meeting regularly via Zoom and Google Meets to discuss both business strategies and mental wellbeing during the challenging period.
Even after the pandemic, this group continues to stay in touch, sharing insights on lender policy changes and industry developments.
“At Loan Market, we are very community-focused,” Young said. “It's a privilege to have this kind of support as we grow together.”
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