“You can’t be all things to all people” warns George Karam, the 5th highest-ranked commercial broker in Australia, in a forthcoming survey by MPA.
“You can’t be all things to all people” warns George Karam, the 5th highest-ranked commercial broker in Australia, in a forthcoming survey by MPA.
You need to have a client profile and stick to it, even if it makes you turn away new business, advises George Karam, Director of NSW-based Byblos Finance. “You need to find your own business model, you need to understand your own client profile…We get a lot of clients that get referred to us or walk in the door which don’t fit our own client profile, and to be honest I refer some back to the banks. If I can’t add value to the process I’m going to frustrate them.”
Karam settled 15 loans totalling $83,511,500 over the past year, so it appears being picky is paying off handsomely for him. Rather than simply being a commercial broker, he defines himself as a “private property banker”, advising only those clients who can benefit substantially from his services, and will thus generate further referrals. He compares the process to his experience running a boutique hotel; however well you’re doing your job, not all customers will appreciate what you’re offering.
Byblos Finance has a public front, but the real business is now mainly through elite referrals, according to Karam: “what I write on the website is more generally to educate our lenders then to educate our borrowers. And some borrowers who have been referred to us might want to weed themselves out before they come and waste our time.”
Strong words – but Karam reckons he’s already at 60% of last year’s settlement total and isn’t planning to stop soon.
How often do you turn away potential clients? Tell our poll now. And for more tips from the country’s leading commercial brokers, see our Top 10 Commercial Brokers Special, proudly sponsored by Thinktank, in MPA 14.10, on desks mid-September.
You need to have a client profile and stick to it, even if it makes you turn away new business, advises George Karam, Director of NSW-based Byblos Finance. “You need to find your own business model, you need to understand your own client profile…We get a lot of clients that get referred to us or walk in the door which don’t fit our own client profile, and to be honest I refer some back to the banks. If I can’t add value to the process I’m going to frustrate them.”
Karam settled 15 loans totalling $83,511,500 over the past year, so it appears being picky is paying off handsomely for him. Rather than simply being a commercial broker, he defines himself as a “private property banker”, advising only those clients who can benefit substantially from his services, and will thus generate further referrals. He compares the process to his experience running a boutique hotel; however well you’re doing your job, not all customers will appreciate what you’re offering.
Byblos Finance has a public front, but the real business is now mainly through elite referrals, according to Karam: “what I write on the website is more generally to educate our lenders then to educate our borrowers. And some borrowers who have been referred to us might want to weed themselves out before they come and waste our time.”
Strong words – but Karam reckons he’s already at 60% of last year’s settlement total and isn’t planning to stop soon.
How often do you turn away potential clients? Tell our poll now. And for more tips from the country’s leading commercial brokers, see our Top 10 Commercial Brokers Special, proudly sponsored by Thinktank, in MPA 14.10, on desks mid-September.
