​Peta Siebert: Building for Growth

Peta Siebert has overseen Victorian real estate agency Barry Plant Group’s establishment of a mortgage broking arm. And she’s learnt some valuable lessons about how to set up a successful team

Already an established name in real estate in Victoria, the Barry Plant Group has recently launched its own mortgage broking arm. By going down this route rather than relying on referral arrangements with existing brokers, Barry Plant Financial Services (BPFS) general manager Peta Siebert has come to recognise what is needed to ensure success in the financial services sphere.

“The Barry Plant Group have utilised external referral relationships previously, with mixed success. The launch of our own mortgage broking arm was in recognition of the fact that success in the finance space requires focus, dedication and investment; we believe this was best achieved by bringing the business in-house,” she says.

“Our view is that to build a business that creates value for our brokers, our offices and our staff, we must have direct input into the core elements of the business: the finance offering via our aggregator, the use of the valuable Barry Plant brand, the brokers we recruit, and the support we provide our brokers.”

Taking this new approach has meant that the group has had to be very careful with its change management process. A sensitive approach, and installing the right brokers in the right real estate offices, has been crucial.

“Our view from the outset was that the Barry Plant Financial Services offering must stand on its own two feet. Our offices have a mixture of referral relationships from no relationships, to bonds that have existed for many years. We are respectful of existing relationships and work hard to build trust and confidence by providing a level of service that vastly exceeds that of our competitors,” Siebert explains.

This attitude, and the fact that Siebert takes the time to build relationships with the franchisees to understand their business, has won the respect and confidence of many of the group’s offices, she adds. “As a consequence, we have grown in just seven months from two brokers to 12. We see this as a huge vote of confidence in our approach.”

THE RIGHT FIT 

When it comes to recruitment, taking time to find brokers that are the right fit for the group has been paramount. Not rushing the process, too, has been a key priority.

“Whilst we have grown relatively quickly, our first priority in recruitment has not been to bring on board as many brokers as possible. Rather, we focus on building strong relationships with offices with a view to creating clients for BPFS that are engaged and committed to leveraging a broker for the maximum benefit of their clients and themselves,” Seibert explains.

“As these office relationships have blossomed, we have taken time to recruit brokers that we believe will fit within the Barry Plant ‘family’. We look for people who can build strong relationships, have a desire to work as part of a team, and have a clear focus on service. We strongly believe that if you focus on service to customers and referrers, financial success will be a natural result.”

One of the interesting elements of the business model that BPFS has adopted is that it goes down the sub-aggregation route. To make a success of this model, says Siebert, it was essential to choose the right aggregator.

“The mortgage broking space is constantly evolving, and to stay above the pack you need to have 100% focus on these changes. It was for this reason we believed it was important to have the advice and support of a high-quality aggregator,” she says.

“We also recognised the critical importance of software, product mix and BDM support for our brokers. For these reasons we chose AFG as our aggregator and have been delighted with our choice. AFG have a broad depth of experience in real estate-based mortgage broking models, together with the other market-leading elements we were looking for.” 

THE MODEL

So what’s the sub-aggregation relationship between BPFS and its aggregator?

To get technical, Siebert explains that BPFS is an authorised credit representative of AFG, and its brokers can be credit representatives or independent contracted loan writers. That said, internal support – as well as that of the aggregator – is also key to the BPFS model.

“We take the view that our aggregator is a business partner, and as such we utilise as many of the training, systems and support structures offered to us as possible,” says Siebert.

“However, we also recognise that ultimately the success of BPFS is dependent on the direct support and guidance we can provide our brokers.”

To that end, Siebert explains that she was brought into the company to set the BPFS agenda within the Barry Plant Group and with its broker group. As part of the role, she conducts her own training and business planning, and acts as a liaison point for brokers and offices.

When it comes to setting targets, Siebert explains that the model in place at present is built upon the relationships that BPFS and its brokers have with offices. She adds that, while they do set clear expectations of both offices and brokers about the core levels of support and service that BPFS requires, they also acknowledge that relationships operate on a continuum.

“For example, some brokers and offices are extremely tightly integrated with brokers seen as ‘part of the team’, and some are at the start of their relationship,” she says.

“For this reason, we set clear goals over time that are designed to build an office’s trust in the broker and in turn the broker’s and BPFS’s expectations of the office. As we have success we communicate to all offices and brokers with a view to exciting both parties about the opportunities that BPFS can create.”

KEY LESSONS
When quizzed on what are the key lessons the group has learnt about people management and business growth through this experience, Siebert says that, like all things in life, the more you put in, the more you get out, “and this couldn’t be more apt in relation to mortgage broking”.

“We have spent the time and effort to build systems, trust and recruit people that provide a service that is worthy of the Barry Plant ‘red carpet’ moniker. That investment is now starting to pay off for our brokers, offices and our business,” she says.

And, with one eye on the future, she reveals that there are more opportunities for brokers in the offing.

“We are currently focused on ensuring our existing brokers and offices are working as a tight-knit team. We are also leveraging our success to excite more of the Barry Plant Group about the opportunities that BPFS is creating and can create for them,” says Siebert.

“Moving forward, we anticipate recruiting approximately five more brokers and introducing further systems to ensure strong lead flow to brokers.”

This feature is from Mortgage Professional Australia's June issue #14.06. To read more, please purchase it from our online store.