7 hacks to grow your mortgage broking business.

Do you know anyone who competed in world championship bagpiping and tutors, a luxury jet advertiser and a business owner of a successful mortgage broking franchise?

We do! Loan Market business owner Wayne Kennedy.

Wayne made the leap to Loan Market as a franchisee in July 2019, after 18 months in the industry with another aggregator (we won’t talk about that…). 

With a new (blue) brand and ongoing support, combined with his customer-first attitude and competitive nature, Wayne hit the ground running and more than doubled his business in 12 months. 

So how did he increase settlements by a whopping 130%? Lucky for us, Wayne was in the sharing mood and has revealed his 7 hacks to growing his mortgage business. 

1. Learn as much as possible during onboarding.

Onboarding in any business can be daunting, however, it’s the perfect time to set your business up for success according to Wayne.

“I had a few weeks to reset my business, plan, learn new processes and tools to then hit the ground running – when will you get that chance again?

“I was introduced to every corporate department on my induction day.

“Cath Crisp, my ignite specialist, was fantastic in taking me step-by-step through Loan Market’s tech and support. She helped set up my processes from the beginning, such as using the Hello Pack to introduce myself to clients.”

Wayne also emphasised the ease of getting accredited and support from the Loan Market team. 

“They made a very hard task much easier and I could actually get started.

“The onboarding process with Loan Market was just phenomenal. I thought it was the best experience that I’d ever seen. It was so professional.” 

2. Partner with a real estate office.

As a part of the Loan Market Group, Wayne had the opportunity to integrate his broking business with Ray White Capalaba in Queensland. 

“On my first day as a broker with Loan Market, I was sitting in the Ray White sales meeting,” Wayne says.

Being present and active in sales meetings is an effective way to demonstrate the broker value proposition, Wayne says  

“I’m always trying to add value. For instance, in a recent sales meeting, I informed the agents of certain banks that had slow turnaround times. This could have potentially affected a transaction, so the agent was able to get on the front foot and educate the vendor to expect delays.”

Wayne also emphasised that building trust with sales agents was integral to the success of the referral partnership.

“The Ray White relationship really helped me grow this year. It’s all about educating them how you can look after their clients, and with the added support from the Principal, I have the trust of the team to send me referrals.” 

3: Take advantage of open homes.

Peter Camphin, Head of Strategic Partnerships at Loan Market, is a champion for brokers being present at open homes according to Wayne.

“Peter wants to see Loan Market brokers bringing value to Ray White through educating their clients on opportunities available to them.

“I’ve had some great success at auctions. I revealed an opportunity to a customer that they didn’t think was achievable. A lot of people think they know what they can do, but the reality is they don’t know all the options – that’s where the role of a broker can really make a difference.”

Wayne says that his customer-first mentality and solution-based approach have helped him make an impact to clients at open homes.

“If I look back at the source of my referral leads at the start, most were from being present and speaking with potential clients at open homes.”

4: Use tech that will help you work faster.

According to Wayne, Loan Market’s tech was built into his broking process from the get-go.

Wayne uses Loan Market’s Online Fact Find, a data collection tool that transfers client data directly into Loan Market’s award-winning technology platform, MyCRM.

“There isn’t a better way to collect my client’s data than the Online Fact Find. It’s a great client experience and such an easy tool for them to use.”

MyCRM is also constantly expanding and improving, he added, with new tools such as Bank Statements and File Invite being added to Loan Market’s technology suite during COVID-19.

“Sam [White] was so quick to jump on these tools and make them available to brokers when we needed them.” 

5: Adapt your process as you go.

As momentum starts to build, it’s important to relook at your processes and identify where you can make improvements Wayne says.

“I found that capacity was becoming an issue. I could only write so many loans while looking after customers and running the business.”

Earlier this year, Wayne brought on his partner Ashley and his Dad, Garry, part time to assist with front and back-end processes.

“I am quite competitive and I want to grow my business. A part of that is getting the numbers up, but not in place of my customers’ experience, that is always the most important thing to me.”

The team has started to reimagine their process, Wayne added, identifying areas where they can be more efficient and make improvements. 

“Once we nail the process based on the current volume I am settling, I can focus on growth.” 

6: Use your existing network to find referral partners. 

Wayne has been busy establishing referral partnerships across industries, and now works with two accountants in the Gold Coast and a Financial Planner in Victoria.

“It doesn’t take long to look around your own network of people, to find connections that will help you get started.

“The Financial Planner that I work with was a bagpipe student of mine. We both registered our businesses at the same time and as our businesses have grown, we’ve continued to develop our partnership.”

According to Wayne having a wide net of referral partners has kept his lead pipeline strong and is currently looking to develop additional referral relationships in asset and commercial finance.  

7: A great customer experience pays off.

“As a broker, I want to add value and help find customers’ solutions. You have to believe that what you are doing is helping people.”

According to Wayne, his customers’ experience is his top priority and helping them achieve their financial goals has helped build his confidence in broking.  

“I was referred to clients based in South Australia, and they had been trying to get finance for a home of their own for three years. They didn’t think it was possible, and I was able to do it for them in four weeks.

“It’s getting outcomes like this that help build your confidence in what you do.”

Wayne says that his ‘we are in this together’ attitude with his clients has helped build a network of referrers.

“I’m breaking through the foundational period of the business and there are alot of amazing opportunities that are opening up. I have customer referrals flooding in and client’s coming back who weren’t ready to proceed before. It’s an exciting time.” 

What’s in store for the future? 

“My focus for the next year is streamlining my business operations, online lead generation, and perfecting my customer referral process.” 

Hard to argue with that statement!

After a stellar financial year, Wayne is on track to take his business to the next level and break into new areas for growth.

We can’t wait to watch his business thrive. 

PUBLISHED June 30th, 2020 IN Stories and insights

Holly Bagley

Holly is a multi-channel marketing professional with ambition and curiosity. She loves building things up from scratch, uncovering problems and finding creative marketing solutions. She gets a kick out of helping businesses drive measurable growth (yes data!). As an avid film-buff, Holly has a passion for story-telling across multimedia. Call her Holly "Spielberg" Bagley!