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Thank You To Our Hosts: Ruan Burger and Marissa Schulze

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Thank You To Our Hosts: Ruan Burger and Marissa Schulze

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Thank You To Our Hosts: Ruan Burger and Marissa Schulze

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Thank You To Our Hosts: Ruan Burger and Marissa Schulze

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Thank You To Our Hosts: Ruan Burger and Marissa Schulze

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with Guest Darren Saul from Saul Recruitment

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

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In this episode of the LVR Podcast, hosts Ruan Burger and Marissa Schulze, along with guest Trent Carter from Provident Lending Business Solutions, delve into the pathways for mortgage brokers to integrate commercial lending into their businesses.

They address common barriers such as time management and knowledge gaps, and explore strategies for success in commercial lending. The conversation provides valuable insights on maximising opportunities within your existing client base, the importance of education and mentorship, and the potential revenue benefits of diversified brokerage services.

Key points from the episode include:

Overcoming fear and hesitation related to time and knowledge in commercial lending
Importance of time management and delegation to explore commercial opportunities
Shift from product-focused to client-focused brokerage to unlock potential in the self-employed sector
Commercial lending's significant impact on brokerage revenue
Education and mentorship as keys to confidence and success in commercial lending
Non-traditional referral sources can be crucial for business expansion
Technology's influence on the brokerage industry and the increasing importance of complex lending solutions

Key quotes from the episode include:

*"It's around getting that confidence around you don't need to know everything, and to get comfortable asking the right questions." - Trent

"To anyone saying they don't know where to start when it comes to commercial lending, if this is truly a lane that they want to open in their business, you guys have gone and built the highway so to speak." - Ruan

"There's more options and opportunities for clients out there with technology, we as brokers need to get a lot better at handling the more complex stuff because that is the stuff that is going to be harder for technology to fill the gap." - Marissa

"I actually think that if you do get educated in that commercial lending space, it actually makes you a better resi broker too." - Trent

"With human interaction, it's just such a good opportunity for us to not just strengthen our proposition to market and to our clients, but also protect our clients' wellbeing through our engagement." - Ruan

"We hope this inspires our listeners to create some time in their busy schedules to invest in their education and upskilling into that commercial space, because there is a huge opportunity." - Marissa*

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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Welcome to another episode of the LVR Podcast, where we're excited to have Michael Payne from Pinnacle Brokers join us. Transitioning from banker to broker, Michael's journey is nothing short of inspirational. We delve into the motivations, challenges, and triumphs that Michael encountered on the path to becoming a self-employed broker. This episode is a must-listen for anyone interested in the intricacies of making a significant career change or who's just starting out and is itching for some tips!

Key points:

Strategies for attracting leads and clients, and the crucial role of referral partnerships
How flexibility and innovative client engagement strategies contribute to success
Overcoming hurdles in attracting referral partners and clients through unique strategies
Michael's biggest learnings and some things he wish he knew before he started
Insights into Michael and Pinnacle Brokers' plans for growth

Key quotes:

*"We make a commitment [to our referral partners] that we will either call them back or call their clients within 2 hours." - Michael

"Lead flow is only the starting point. How we deliver, how we engage, is key and it really makes everything real." - Ruan

"I think once you implement the boundaries for them [clients], they actually start respecting your time more as well." - Marissa

"The main difference [in broking] is to have that flexibility, that you can build a team that works together to actually get the best outcome for clients." - Michael

"And it is all education, we need to educate our clients as much as we educate the referral sources, as much as you educate your staff." - Marissa

"One of the things just these last 12 months for you has been communication is key, making sure nothing is left to chance." - Ruan*

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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In the ever-evolving landscape of the mortgage industry, establishing a strong professional identity and brand is paramount for mortgage brokers seeking to distinguish themselves from the competition. Sergio Stefano, a forward-thinking broker, has demonstrated the transformative power of social media in achieving this goal.

By strategically leveraging platforms like Facebook, Instagram, and LinkedIn, Sergio has not only expanded his reach but also cultivated a community grounded in education and trust. His journey highlights the importance of a broker's ability to adapt and thrive in a digital-first world, making it a compelling case study for brokers across Australia.

5 Key Points for Brokers to Build Their Identity:

Embrace Social Media: Utilise platforms where your audience spends their time to share valuable content and engage with potential clients.
Content Strategy: Focus on creating educational and relatable content that addresses the needs and challenges of your target audience.
Brand Consistency: Maintain a consistent brand voice and visual identity across all channels to build recognition and trust.
Engagement and Community Building: Actively engage with your audience to foster a sense of community and loyalty.
Analytics and Adaptation: Monitor the performance of your content and adapt your strategy based on insights and trends to ensure maximum impact.

By integrating these key strategies, mortgage brokers can significantly enhance their professional identity, increase their visibility online, and attract more clients in today's competitive market.

Quotes:

Marissa Schulze
On Consistency: "I think the key is to stick to something. They say that it's not going to give you a direct return and they might give up too quickly."
On Followers: "In your experience, what have you found to be the most effective way to build followers on those platforms rather than just people engaging with your posts?"

Sergio Stefano
On Referrals: "The way we started everything, essentially one was just to ensure everyone knew about our services, what we could do, what we could offer, and obviously be able to reach as many people as possible."
On Starting out: "It's like building your client database. You have to start from somewhere. It might take a year, might take two, might take three. But the more you can get your own brand, get your name out there, the easier everything you know flows through because you're building your own social group."

Ruan Burger:
On Branding: "At the end of the day, "I want to be part of this." is one of the things that I believe is very important in our industry as we are a client-facing business."
On Impact of education: "I've been a bit of an advocate always saying you need to educate for leads; you can't ask for leads. And the reason for that is purely because education opens opportunities. "

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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This episode of the LVR Podcast delves into the crucial aspects of any successful mortgage broking business: Lead flow, Deal flow, and Work flow.

Key insights:

The importance of streamlined workflow, dealflow, and leadflow for mortgage brokers.
How technology can automate tasks and improve efficiency.
The need for customisation to ensure systems reflect brand identity and client experience.
The ongoing role of human interaction and relationship building.
Tips for choosing and implementing the right technology solutions.
The importance of continuous learning and adaptation in the mortgage broking industry.
The game-changing potential of technology for client retention and growth.

Our hosts Ruan Burger and Marissa Schulze unpack the importance of optimising these flows to ensure seamless client experiences, efficient operations, and ultimately, business growth. They discuss the benefits of technology in streamlining processes, while emphasising the human touch that remains essential for building lasting relationships with clients. Whether you're a seasoned broker or just starting out, this episode offers valuable insights and actionable tips to navigate the ever-evolving mortgage broking landscape.

Quotes:

"Your business is only as good as its flow. Get the lead, work the lead, and create a deal proposition that makes a client want to come back to you." - Ruan

"There's just such great technology out there at the moment that can help you streamline the lead flow, the deal flow, the workflow, and not only streamline it in a way that makes life much easier, it makes the customer experience so much better." - Marissa

"You have to look at - when building a system - at what will impact the (client) relationship, what will impact the growth of the experience." - Ruan

"What these systems do as well from a compliance perspective, it makes your compliance a lot more rock solid because it means that everything is recorded." - Marissa

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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The rise of Artificial Intelligence (AI) has ushered in a new era in broking (and every other industry, let's be honest), transforming how we navigate and redefine our industry norms. While it's fascinating to witness the exponential growth AI can bring, we want to take a look at Emotional Intelligence (EI/EQ), and what every broker should be mindful of.

Amidst this technological renaissance, if you will, Marissa and Ruan discuss the unwavering importance of EI/EQ. At Success & Broker, we've always held the belief that it's the human element that truly sets us apart. We understand that while AI streamlines processes, it's the emotional connections and human insights that forge lasting relationships and elevate client experiences.

Join us on this insightful journey as we dissect the interplay between AI and EI/EQ in the realm of mortgage brokers and finance professionals. Through real-life examples and practical insights, Marissa and Ruan highlight how AI's automation complements our industry, empowering brokers to maximise efficiency while preserving the essence of personal connections.

Key points:

Exploration of AI's role in mortgage broking, focusing on efficiency-boosting capabilities and time-saving potential
Emphasising the pivotal role of EI in the broker-client relationships
Insights on the delicate balance between leveraging AI for streamlining processes and ensuring personal, emotionally intelligent interactions with clients
Discussing the importance of understanding client needs and wants
Strategies for leveraging AI to free up time
Exploring how the integration of AI prompts an evolution in broking practices, reshaping workflows

Key quotes:

*"We're trying to automate as much as we can behind the scenes so that our brokers and our even our admin team can spend as much customer facing time as possible." - Marissa

"When you are looking to implement AI or automation into your business process or your customer journey, you need to weigh up how does the time that it's going to save my team going to impact the customer journey?" - Marissa

"Because the reality of it is I'd rather have anyone at a barbecue talk about the way I make them feel versus what I've done for them. I guarantee you today that's what I will remember you for." - Ruan

"I think that when people are doing big transactions, when they're buying properties or refinancing their loans, I believe that humans do need humans." - Marissa

"The more people you see, the better broker you become." - Ruan

"I think the great thing about AI and the technology advancements that we have experienced and are going to experience is that this is going to give us the tools to maybe take it from 20% client facing time to 80 to 90% client facing time over time." - Marissa*

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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Are you juggling a busy career while trying to maintain a healthy work and family balance? We've all been there, and sometimes it feels like there's no time for a breather. In our latest episode of the LVR Podcast, our hosts, Ruan and Marissa, explore a crucial topic that's relevant to professionals at all stages of their journey: "Reward and Recognition" through quality time off.

Marissa, co-host and experienced professional, shares her incredible three-month adventure with her family across Canada, the USA, Europe, and Africa. An inspiring journey, indeed, but more importantly, it was a lesson in the art of switching off.

"It was a test," she says, "to ensure our business could thrive without us." For her and James, her partner, the trip was about stepping away, giving their minds a well-deserved break, and learning to trust their capable team. The result? A thriving business and an incredible experience of clarity and inspiration.

One essential lesson from the episode is the importance of "quality over quantity." Whether you have a few days or a few weeks, taking time for yourself and your family, away from work-related distractions, is what truly recharges you.

Key quotes:

"We are very fortunate with our structure at Rise High that our brokers can take as much time off as they want without impacting their business or their clients because we've got an amazing support structure and process in place where things can still continue without them here and without them having to work whilst they're on holidays." - Marissa

"Just taking stock that all the things that you do at work are the very things you shouldn't be doing If you go on holiday." - Ruan

"If you do want to be in a position where you can have that flexibility to take that leave, you really have to be part of a team or build a team." - Marissa

"You've got to find a system that allows you to take stock, take time out, reward yourself." - Ruan

"So I think if you embrace the opportunity to step outside of the business, it is an opportunity to learn and evolve and will only make you stronger as a business owner and as a person." - Marissa

"It's the little things that make us think, it's the little steps for the big wins in respect of quality over quantity." - Ruan

"We started Rise High because we wanted to make a difference to our clients, but we also wanted to have a really great family life as well." - Marissa

Thank You To Our Hosts: Ruan Burger and Marissa Schulze

More From Marissa and her company, Rise High Financial Solutions:

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THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

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THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

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THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

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WE DISCUSS IN THIS EPISODEAs a mortgage broker, staying ahead of the curve and providing valuable insights to your clients is crucial in today's dynamic finance industry. In this thought-provoking episode, we shed light on the role of comparison websites and their impact on brokers.

Get ready for a captivating discussion that might just change the way you view comparison websites and their potential as a tool in your broker toolkit. Take a listen now.

Find the answers to the following:- Are comparison sites competitors or complementary resources for brokers in helping clients find the right mortgage?

How can everyday finance websites like savings.com.au benefit mortgage brokers and keep them updated on market-relevant information?
How can comparison sites bridge the gap in financial literacy while collaborating with brokers to educate Australians about personal finance?
Will comparison sites adjust and become broker-focused, as they move toward using content from brokers?
Curious about the ever-changing market and finance trends? Discover how savings.com.au keeps pace with new developments and provides insights for everyone.

Key quotes:"When 7/10 people use mortgage brokers it's good to know what sites are out there to tell our story, to tell the market what happens in our areas as well as what's market-relevant for us mortgage brokers." - Ruan

"I appreciate the value of a site like this because it provides access to another layer of knowledge that we can readily share with our clients." - Ruan

"Looks like you're doing some great stuff in terms of the education space, thank you so much for sharing that information with us." - Marissa

"That brokering service is always going to be there in Australia. Even some of the people in the team here, who you could consider high-level of expertise in the home-loan space, still prefer to go through a broker, just for convenience." - Dominic

THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

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THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

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Rise High Financial Solutions

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THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

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Rise High Financial Solutions

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We discuss in this episode:How do you build the right team culture and become an amazing leader if you’re new to recruiting or leading? It’s a scary task for many business owners, but it doesn’t have to be. We dive into understanding team culture with Paul Findlay from REACH Ecosystem.

Look at team culture from a leader’s perspective; people do their best work in an environment where they want to do their best work.
Leaders play a critical role in creating team culture; they must be someone people respect and want to follow.
Surveying staff regularly is essential for temperature testing, but only if you take action after.
40% of people are actively disengaged if they don’t get regular feedback
92% of people agree that even if they receive negative feedback, it will improve their performance
Strength-based recruitment places the right people in the right role; leverage tools that can help.
Monitor your team culture to attract (and keep) the best talent.

Key Quotes:

“Surveying staff without taking action undermines culture, undermines trust and is a waste of time.” — Paul Findlay

“Almost half of your people are actively disengaged, meaning almost half of your staff will actively work against you if you don’t give them regular feedback.” — Paul Findlay

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We’re always looking for new tech that can add value without removing the human element that makes our service invaluable. Enter: the diñeiro app! In this episode, we chat with special guest Ben Shapira about how the app can streamline managing a financial portfolio for brokers and consumers.

Most technology solutions currently in the market are designed to simplify the process for brokers; the diñeiro app works for both consumers and brokers.
diñeiro allows users to centralise their financial portfolio and share, allowing brokers to understand a client’s current status and borrowing potential.
The app is a helpful retention tool for brokers to identify whether their clients might be future property investors by staying connected to the client’s financial goals, assets, expenses, liabilities, and equity growth.
App engagement is positive even after loan settlement, with consumers checking in once or twice a month.
Whitelabel functionality is available for brokers passionate about building their brands, allowing brokers to have their own apps.
Within 24-36 months, we can expect large-scale digitalisation in all areas of the lending space. deñerio expects to move into the small business lending space and anywhere that financial data is necessary — including integrations with the ATO, Xero, and more!

Key Quotes

“[With diñeiro] You don’t have to be tethered to the desk; they can meet a client for coffee or dinner and be able to talk about their finances.” — Ben

“Clients find that brokers who are making an effort to be more engaged, and it makes the relationship more solid.” — Ben

“It’s like a birdseye view for your finances.” — Ruan

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The industry has experienced exponential growth in the past 12 months; however, that’s all about to change! The lending environment is shifting, so brokers need to keep up with what’s ahead.

A busy year for the industry meant an emphasis on recruitment, but finding the right staff wasn’t always easy. Taking the time to slow down and focus on recruitment to grow, retain, and perform will be essential moving into the new year.
Focus on your employee/employer value proposition and workplace culture to make sure you’re attracting the right people to your team.
The wild ride that was 2022 — in terms of loan volume and borrowing capacity — is coming to an end, so brokers will need to look for other strategies to grow their business.
Brokers who haven’t experienced a rising rate environment need to upskill to have the right knowledge and education to support their clients.
Choose the right technologies to improve your business, client experience, and efficiency, but remember the value you bring that tech can’t.
Mental health, diversity, inclusion, and work-life balance are top priorities for brokers — we must continue to build awareness in these areas.
A changing market means more brokers are paying attention to lead flow and are investigating better processes to gain new leads.
Expect to see more consolidation of businesses in our industry next year as sole operators find it difficult to keep up with compliance requirements.

Key Quotes

*“Recruitment isn’t the call to action; it’s merely the process for the call to action, which is employment.” — Ruan

“When you’re desperate to hire is the worst time to hire.” — Marissa

“The fixed-rate avalanche is coming, so brokers need to know how to advise and educate their clients.” — Ruan*

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Back in the day, a broker could do a deal on the back of a fax and voila. These days with more compliance, quality control and deadlines from lenders and clients a broker needs more support and that support can come in the form of smart systems. Broker Engine is a workable tool for any broker. Here's more about Broker Engine:

Broker Engine handles the entire life cycle of the client, the leadflow to dealflow to running reviews and client maintenance so that you retain more clients.
All these systems help a broker to manage a successful client relationship over time and ensure that you are retaining more clients.
If I was to sign up tomorrow to Broker Engine, how much time will it take to get it running? With Broker Engine we supply the workflows out of the box and have a customer success team to support our clients so we suggest it takes about three weeks to get it up and running, so not long at all.
For Broker Engine, we see: The broker likes it, team likes it, the client likes it.
It helps to document the processes and systems so that the things that typically gets missed from a workflow are put into a structure, allowing a team to become at least 20% more efficient.
Broker’s who are business builders and building a team to scale, then Broker Engine can help you achieve a more powerful business flow.
The whole workflow and the client engagement can be managed in a powerful way with Broker Engine.

Key Quotes

“Leadflow is what gets you the appointments and what gets you the activity.” - Ruan

“After the loan settles, aftercare can be built into the system via email and sms, so it takes the headache away from brokers having to remember everything.” - Will

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A lot of brokers struggle with the attraction and retention side of the business. REACH is a great tool that business owners can rely upon in their recruitment process to have the confidence that they are finding the right people in the right team. However, it’s also about retaining them and keeping your culture thriving.
The goal is to have a team that love what they do, adding value to the business every day and shouting from the rooftops of what a great place your business is to work!
REACH is a capability and culture platform which is data led and automated. There is a profiling element as well as a huge learning platform, a culture platform and a leadership element plus much more.
A typical profiling tool helps an employer identify someone who fits the role (but it doesn’t say this is some learning you can dive into to help you get to the next stage in your career and it doesn’t say this is our culture, and this is where you want to work) REACH does.
REACH uses data and automation that gives a team member their own micro learning that is in the moment and specifically suited to that team member’s growth.
REACH helps to create the foundation for learning then gives a team member their personalised learning which they can work through independently and grow their skills.
For leaders, owners and managers who enjoy coaching their team and having their hands in the upskilling then the platform gives the learning platform for managers to use in their coaching process.
You can apply REACH surveys to any part of the application process.
You get the insights into whether an applicant will genuinely enjoy the work associated with the role on offer, and how they will fit in with your existing team and culture. You get the data to be confident that you can bring them into your business and sit them up for success.
The culture survey element of REACH can bring so much feedback and awareness to a leadership team on how the team and individuals are feeling (and how engaged they are) about the business.
When you don’t have the data point to get some awareness, then you have a revolving door of people who keep leaving the role and company and you don’t know why.
Key Quotes
“The talent is out there, it’s just a very competitive marketplace…and people are moving jobs a lot, trying to find the workplace they can add value and have a meaningful career”. - Paul
“There’s more to it than the recruitment piece. The culture element is huge and the 360 platform for the managers too.”- Ruan
“Every time you bring in a new person into the team it changes the culture and it’s something you have to constantly work on.” - Marissa

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How Beneficial Are Pre-Approvals In Changing Market Conditions?

Key notes:

Are they worth doing in the current market where assessment rates and interest rates are changing.

We have got to start understanding the time we spend with the client and the time we work for the client.

If you get a client pre-approved through a particular lender and you know that another lender is coming out with a better offer in a few weeks, then you’re doubling your work.

Pre-approvals can be worthless in a lot of situations if the property price changes, or a client’s situation changes or so many other things so there are a lot of challenges.

For some clients it’s dicey for them to bid at auction if they don’t have a pre-approval. Make a call on which clients can proceed with the application and have plenty of spare equity and deposit so that if something changes, they’ll be fine.

A mortgage broker needs to educate your clients that a pre-approval is not a guaranteed approval. You can help them to understand what it is, and what it really means.

If you’re not willing to do a pre-approval for a client you may lose that client, or your client might not feel comfortable going for auction properties without the pre-approval.

Understand a client’s ceiling of what they can borrow and educate them around the options available for them.

The lenders reserve the right to reassess applications after pre-approval or even formal approval.

A pre-approval is not as valuable as most clients feel that it is.

If we’re doing a pre-approval then why are we doing it, what is the value, and how do we maintain it to become an approval for the client?

Key Quotes

“We need to tell the story a little better for the client. A pre-approval is just a piece of paper, but you tell the client the story and get them to talk to you as their advisor and connect with you.” - Ruan

“Find your skill of engagement rather than your skill of securing pre-approvals” - Ruan

“Making sure your clients understand what a pre-approval is, what it means and that it’s not a formal approval.” - Marissa

“How valuable is a pre-approval for most clients? Probably not as valuable as clients think. But is it important?” - Marissa

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Diversifying into Commercial is a big topic!

When you work in the Resi space it’s the “know what you and don’t know what you don’t know” point that holds a lot of brokers back about diversifying.
There’s a fear that commercial lending is a bit harder than residential lending, but like anything it’s a learned skill.
Diversifying is important, because if you’re not servicing your customers' needs then they’ll be going elsewhere where they can get all their needs met.
Having that suite of offerings for your clients is about not loosing your clients to a competitor and there are plenty of opportunities to learn commercial lending, the support is there if you go looking.
If you’re entering the industry, put Commercial on the front of your list and learn it at the same time as Resi so you can learn both at the same time.
Mortgage Brokers are so busy and they’re keen to do their best and some brokers see Commercial as taking time away from them, so if you’re new to the industry learning how to do both at the same time is a great idea.
Diversifying into Commercial means you’re adding another revenue stream for your business.
Third party networks or Referral offerings can give you on the job training as you build up your commercial knowledge, whilst earning some extra income.
The commercial lending space is growing, and if you’re not starting to get a piece of that market share now, then you will miss out on some clients who are looking for commercial writers.
If you’re starting off, brokers are advertising what they’re doing better than what they were five years ago, so businesses are becoming that one stop shop.
Mature businesses are also starting to offer more diversify through introducing a commercial broker or partnering with a third party.
If you’re not a part of commercial lending and start learning today, you will get left behind.
Commercial projects can stay on your books for longer periods of time so it can be challenging with a broker writing a lot of residential loans writing commercial loans.
If you do work with a third party partner then start to communicate that your business can do commercial loans now.
Start building stronger relationships with your referral partners and advise them of your desire to do commercial loans.
Use your BDMs to build stronger connections for commercial.

Key Quotes

“What are your thoughts on whether a Resi broker can do both resi and commercial?” - Marissa

“If you’re not experienced at commercial lending it can take a lot of time to write that loan”- Marissa.

“For a lot of us, we think Resi first, Resi second then whatever comes next”. - Ruan

“Either way, businesses are wanting to get a piece of the commercial pie” - Dino

“I would be happy to speak with and help any broker wanting to diversify into commercial.” - Dino

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Markets are changing!
Lead flow has been in abundance, and now you could find yourself in a moment where it stops happening, becomes a little harder.
How do you ensure your flow is protected and it remains?
We’ve had a good run of people wanting to buy, due to our last decade of changes and now we’re going to see interest rates rising and the demand for property easing and that will change the demand for mortgage brokers.
It’s fair that mortgage brokers will be concerned about this - but there are ways to bulletproof your business and adapt with the change.
Go back to the very things at the start that brokers do really well.
We’ve been so reactive on activity and you may find the gap widening now.
Bring in different strategies: once a week force yourself to have more proactive conversations with your database and your referral sources.
A lot of mortgage brokers have been so busy writing loans they haven’t put in the time into lead nurturing and lead generation work. Now is the time to do this.
Some of us have been spoilt over the last 18 months and now you will have to shift.
Block out time each week or each day to allocate working on your business and building your client base.
Understand what pipeline is vs what database is.
Be conscious about being busy for busy-ness and busy for business. Understand the work you’re doing vs the return on investment.
Be clear on your reason for calling and your reason for engaging with your leads and with your database.
Some mortgage brokers thrive when there is complexity in the market and consumers turn to brokers for support and education. You can be there to stand up and support your clients in a new way.
Your clients want that feedback from you and for you to be an advisor and a trusted voice, but you need to make sure you plant that seed and become the source they turn to when they need advice and education.
Families grow and change and life events happen and need to restructure their finances and talk to their broker - so you need to be Investing time in your business to proactively find and nurture your leads.
Proactive time invested in lead nurturing and building your client base is a long term goal but it is worth it.
Create rhythm in your business and you don’t need to look at the moment.
Build these activities into your routine and they become habits so no matter what is happening in the market you can support your business growth.

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Key notes:

Each State in Australia has different rules when it comes to risk and insurance. So you need to introduce insurance early with your clients, especially in Qld and SA.
The recent floods have really highlighted exactly what an insurance broker does. It’s super important. Insurance brokers do a similar thing in working one-on-one with a client from A to Z.
When it comes time to lodge a claim you have a broker that is representing you in that claim. We lodge the claim for you and deal with any assessors or property managers and we take that stress away from the client.
My role as a broker changes in the times of big events like floods. When that happens then I become a claims specialist.
At the moment it’s an interesting time; building industry has been hit hard, building materials are low, insurers are flying assessors over from different companies to help with claims, it’s an interesting period.
When buying a new home, there is typically a 21 day cooling off period for your policy or if the house contract falls over, so you need to be aware of what your policy covers, from when and what happens when settlement happens and when the charges are due.
The option of paying your home and contents insurance monthly is a great way to manage your monthly household budget.
Any area that has been affected by the floods could see a rise in premiums and the mortgage broker can help to make clients aware of this early.
Generally you will save 20% on insurance when you go direct to an insurance provider however policies with a broker will be worded more in your favour and at the end of the day, if you have a claim then you’re represented come claims time and you get what you pay for. Working with an insurance broker you are creating a long term relationship and you have someone taking care of you.
A mortgage broker and insurance broker really work hand in hand and I work to make the mortgage broker look great.

Key Quotes

“It’s so important to have those insurance conversations early on”- Marissa

“Each State in Australia has different rules when it comes to risk. You need to introduce insurance early with your clients.” - Corey

“Having a broker back you up takes that stress away from you.”- Corey

“It’s the service proposition that sells it. ” - Ruan

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Going Commercial with Stuart Donaldson From Accendo Financial

Today we’re talking about “Going Commercial” and diversification with equipment finance, asset finance and commercial lending and what will that mean for you with Stuart Donaldson from Accendo Financial.

Commercial is a different beast!
Firstly you need that commitment that you want to diversify, then find ways through workflow, automations and other things to find capacity in your week. Then once you have capacity, you can start to diversify.
It is a commitment and brokers are so busy, and you might think “I want to do it, but not now”. I would ask them; “If not now, then when?”
You need a plan. Understand what are you strengths and weaknesses, what are your capabilities, what is the plan or who are the people to help you make this happen.
Commercial lending does come with its own skills, knowledge and accreditation. How can someone get to the next stage to be a commercial writer?
“Going Commercial” doesn’t happen overnight. Attend the PD days, get specific training about commercial lending and cashflow and pulling it all together and join a mentoring program.
Do you find that most people going through the training business owners or brokers? It’s more the mortgage brokers themselves. We deal separately with business owners.
Building a client base for commercial is different than residential. So the first few months of the training we do, some of the topics we walk through; “How do I create awareness, how do i build relationships, how do i build a database, how do i present on social media…” which is all about building trust and awareness with your client base.
If you lack experience, but not desire you can definitely get experience with SME. Pick a partner who is able to work with you and educate you as you go.

Top Three Tips To Attract more SME and Commercial Clients:

Pull the trigger: Do something about it.
Be prepared to have a plan: Do your research and know where you will get your skills to achieve it.
Explore your database: Understand your database, who is in the list, what is the potential there.

And - get a mentor.

Accendo runs a small group, intensive mentorship and can help with gaining accreditation for commercial lending. It is definitely a partnership more than a coaching relationship. We also have an alumni program with the Accendo group of experts. See here for more details: accendofin.com.au

Key Quotes

“What is the difference between a broker doing both residential and commercial and a broker to specialise in one or the other?” - Marissa

“What are the implications of NOT diversifying?” - Stuart

“If I was to start slicing and dicing my time, would that hold me back, would it become my achilles heel?” - Ruan

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The stats don’t lie: the mortgage industry is not representative of the clients we serve. There is a lack of diversity and females in the industry, currently sitting at 25.6% of the total market. Today we're taking a look at how to attract and retain more females into our industry with Jane Counsel.

The biggest challenge we have right now is around retention.
We need to try new and innovative ways to attract and retain women into the industry.
We won’t see a massive shift if we only focus on monetary or financial success for brokers and loan writers. Women value different elements.
We also need to stop just talking about the lack of women in the industry, and thinking it’s a ‘women’ issue to solve. There’s a lot of talking - we need to move and try different things.
We need to prioritise this as an industry issue.
What are the three things that need to be done?
1/ One of the biggest things that will make a difference is male leaders actually getting involved in solutions. (And it does happen - Darren Little from smartmove has a great story around this.)
2/ Innovation and courage in taking greater risks and doing things differently.
3/ Making female brokers a strategic opportunity.
Women working in flexible or part-time positions are actually more productive workers.
If we don’t move beyond the barriers, build trust and respect with our diverse client base and move beyond just talking about the lack of women representation, there’s a massive lost opportunity in this industry.
The women opportunities initiative with the MFAA is about starting the conversation, starting the change and building the blocks for closing the perception gap, changing the way women are viewed in the industry and increasing the value of women as business owners in the industry.
We have to look at the small messages we send every day to women in the industry about seeing them as equals.
It’s up to the business owners to create solutions for more part-time brokers, then you will attract more women brokers, and the business owners need to create systems to support this, so clients are still looked after when that broker isn’t working.
There also needs to be a willingness to change, and do things differently that might not see an immediate return.
A huge opportunity for the industry is to attract women into the industry as they leave university, as they leave school and get them trained and active in the industry before they start their families.
Having families is the most challenging time to retain women. So there needs to be an attraction and a retention strategy.

Please take a look at The women opportunities initiative with the MFAA here.

Please see more about Thrive4Women here.

“Women make great mortgage brokers and resonate with the clients really well. Businesses are missing out on having women in their team.”- Marissa

“We have to look at the small messages we send every day to women in the industry about seeing them as equals” - Jane

“One of the biggest things that will make a difference is male leaders actually getting involved in solutions.” - Jane

“How do we get this all started? Is there a mud-map?” - Ruan

“We need to make room for part time brokers. This will open up the opportunity for more women brokers, and this falls to business owners to create this support structure.” - Marissa

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The 5 C’s - well, they stand for: Compliance, Control, Communication,

Common Sense and Client.

Compliance is there to protect you - that’s how you can think of compliance. Follow the system that protects you and it will protect the client as well.

Control is about how you present the package, the platform, your offer - everything to your client.

Control is non-negotiable. This is how business needs to be done. These are the parameters of working with me.

With control comes communication.

If you think you may have communicated something or you think the client would automatically know something - just recommit it to them. You don’t know, what you don’t know.

Compliance is first because it’s so important - but all the 5 points are really about Communication.

Common Sense is a big one, because it’s sometimes forgotten. If you feel like something hasn’t registered for the client, pick the phone back up and just reiterate that point. That client will most likely love the fact you’ve double-checked with them.

The client engagement and experience is going to be exceptional if all the other C’s have been ticked off.

The 5 C’s model really hits the nail on the head of what every mortgage broking business should be covering off and doing well.

All of the 5 C’s work together in a union. Start using the 5 C’s every day!

Key Quotes

“Are you able to say “as per”. As per my text, my email, my conversation - can you tick the box on you being able to communicate along the way?” - Ruan

“Clients are going to hold you to what you’ve told them.” - Ruan

“We forget what people don’t know. The longer you’re a broker, the worse you can get at this! Remember: Not everyone will know the ins and outs of loan writing.”- Marissa.“How do I make the clients feel? Like clients or customers?” - Ruan

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Think ahead - be strategic - look at where you’re wanting the business to grow.
What will your role look like in 5 years or 10 years? What will your team’s roles look like in 5 years or 10 years? Think about when and who you will need.
It’s not easy for a small business to know the money coming in vs the money going out and financially not feel ready.
It is difficult to let go of that money and take responsibility for someone else’s wage when you look to grow your team.
Think about building your team long term and the long term return.
When you contemplate where they’re going to fit into the business, what role they will have, how will that free up your time, and the time of the people already on your team?
Accelerate the higher income earning duties and delegate the lower-income earning duties. The growth of the business financially will outweigh the cost of investment of that person’s wage.
When thinking of adding another admin staff member, think about how much time that role will save you - say 10 hours a week - and how that time can be reinvested.
It’s difficult to find a team member that is great at everything and can do everything exceptionally well. So you can support different team members in different ways.
There are so many ways that you can find the right people, even in your own database and your clients.
If you make the decision to grow - be consistent with it. And knowing where you want to go will help you find the path to get there.

Key Quotes

“You either recruit to grow, or you recruit to fill. If you recruit to fill, you’re too late. Think about recruiting to grow.” - Ruan

“You can only grow so much without recruiting. You need to consciously think about this.” - Ruan

“Most businesses wait until they’re desperate. And when you’re working from this place, it’s easy to make the wrong decision.”- Marissa.

“It’s still scary every time you bring on new people, it’s another wage, another expense, another obligation”. - Marissa

“Whilst it’s scary to take the leap - every single person I’ve ever spoken to about this - has said ‘I wish I took on staff earlier”. - Marissa

“A lot of our team members actually started as clients!” - Marissa

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Offshore vs onshore employment - how it can increase productivity and support your business goals.
As your business grows and you do need more admin support, there are many advantages of offshore teams.
The biggest advantage is a lower cost for offshore teams. Or is it? Sometimes it takes time, a few failed starts to find the right offshore team members.
There is an increased risk for data security that you must consider when working offshore. You must consider this and mitigate this when you make this decision.
Think about the jobs you don't want to do, and what is the cost to passing them on?
Career paths for your team is something to consider; the training and support you can give an onshore admin team to grow and develop with you is usually not an option for an offshore team.
Think about your bigger business goals; and plan to recruit for growth, not to recruit to fill a position.
You can find incredibly skilled, motivated and reliable people offshore; you must make the process really bulletproof to see a high return on your investment.
Some businesses can use offshore team members really successfully, it comes down to planning and expectations.
There is no right or wrong answer here; there are pros and cons for both options.
The one thing you can’t do is shortcut any solution. You can have goals and expectations but it comes down to testing what is working for your business. Growth opportunities do come from having a local team. You can recruit from within and use your local admin team as a training ground for future mortgage brokers.
Local teams mean that you have increased face to face time, and increased training and support for our team.
Big message: Think about what type of business you have now, what type of business you want in the future, your customer experience expectations and then decide whether offshore or local recruitment is for you.

Key Quotes

“If you recruit to fill, you’re too late. Think about recruiting to grow.” - Ruan

“Getting the right person is easier said than done.” - Ruan

“Explore the type of business you are, and what capacity you have to train someone. If you don’t have the to invest, you can still get great admin support they may just need to shadow you.”- Marissa.“All these decisions impact your customer experience expectations and impact how you interact with your client base”. - Marissa

“It comes down to a gut feeling, your comfort level and what you feel Ok with”. - Marissa

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Loan decline is something that every mortgage broker wants to avoid because getting a loan decline for a client is pretty upsetting (not only for the client but also sharing such news is also something that you want to avoid).

So, how can brokers handle loan declines better?

Communication is Key!

As a mortgage broker, you can educate your client about the possibility that declines can happen. Be upfront about the lender’s expectations, do your research and prepare the loan offer in such a way that it’s methodical and you’ve checked off all the subtleties of the loan procedure in depth (for that lender).

Then go one step further and explain the process of what happens when a loan is rejected. Have a Plan B and share it with your client upfront. So that if a decline happens both you and the client are aware of the next steps.

Do your forensic research upfront.

Do the investigations into what could be rejected by the credit assessor, get the appropriate credit reports of the respective client, collect bank statements and review them appropriately. Think ‘what could come up’ and deal with it. This will ensure that there are more chances of a loan being approved if all the documents meet the creditor's and lenders criteria and hence the chances of loan decline will be much less.

When A Decline Happens: Deal with it.

When a loan is declined, don’t complain about it and don’t stick your head in the sand. Find out why it got declined and get a solution so that you and the client is prepared for the next attempt.

Learn from your mistakes and take action to get the right decision in the next attempt. If you don’t “learn from your mistakes” you will repeat those errors.

Control the relationship with the client whether the loan is approved or declined. The way you handle a decline can give you big credit towards how the client views the relationship. Share all information you have with the client, tell them what went wrong with the loan, and what can be done better.

These things go a long way in winning the trust of the client and it can also ensure the client stays with the broker for life.

Transparency, honesty, professionalism - it matters a lot in a decline situation.

Key Quotes

“If you treat every deal as a decline, there is a better opportunity of one being approved.” - Ruan

“If you get a decline - deal with it. Fix it. Don’t complain about it. It happens to us all.” - Ruan

“Own that moment. It’s up to you to ensure the client gets that experience that they signed up for”. - Ruan

“Look at every deal and review everything forensically as to what could the credit assessor find? Do that forensic assessment upfront and you will reduce the number of declines you have.” - Marissa.

“A decline is a learning opportunity and a chance to change your internal systems so that it doesn’t happen again”. - Marissa

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Success and balance mean different things to different people because we’re all wired differently.
The broking industry gives you the capacity to build something that works for you and your circumstances.
Flexibility is one of the best and worst things about our industry. It means we could work all the time - but that can lead to burnout and deteriorate your relationships.
Use a diary and schedule the things that are important to you and your family.
Research, Planning, Implementation and Review.
Transitioning to a point of pushing back on clients and saying “no” to when you are less flexible with your time is a scary point to come to, however when you make this shift you will not lose clients.
Set up very clear expectations at the beginning of a client relationship about time, response time and meeting times.
Work to an ideal week and have allocated time for lead generation, referral partners, client meetings and callbacks.
When you’re just starting out in the industry it’s important to set boundaries and be clear with yourself and your family on what is work time and what is family time.
It’s very easy to get caught up in low-value tasks that will waste time and not get you anywhere.
Even if you’re just starting out, you have to spend time working ON your business, not IN your business.
Big message: Focus on what is going to work for you. Find the family and work balance that is going to help you feel energised and work long-term for you.

Key Quotes

“Choose your ‘fighting’ days. When you have a commitment to your clients, you need to fight for them, be of value to them, be present for them. Then the next day, you may have a rest day. Find your own balance.” - Ruan

“Am I addicted to the phone? I’m addicted to the ring. I have to answer!” - Ruan

“This is a topic close to my heart - I started broking when I was nine months pregnant with my first child!.”- Marissa.“When you value your time more, your clients will also value your time more”. - Marissa

“Create boundaries and no what is important to you and your family from the beginning.” - Marissa

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Top 3 Ingredients to Ensure Success In Broking

When you can overcome the obstacles and the tough times, in the beginning, mortgage broking can be a wonderful career and it’s an amazing industry to be a part of.

Broking is about people dealing with people - it’s a fantastic opportunity to do purposeful and profitable work. But what are the ingredients for success?

Top Three Ingredients For Longterm Successful Brokers:
Marissa’s three ingredients to success:

Be genuine.
You’re doing it for the right reasons. You have a genuine, strong desire to help people. Be genuine in all your relationships and interactions.
Be reliable and predictable.
Live up to the expectations of your clients, then go above and beyond. Try to do things before you say you will and excel in your client’s expectations of you. Show that you can deliver on your promises.
Don’t give up!
The first year or two are tough. It’s difficult to be on top of compliance, and commissions take time to get paid and referral partnerships can be slow. It’s important to push through and keep going. Long term success involves having some resilience and sticking it out.

Ruan’s three ingredients to success:

Be Consistent.
This is one of the most important things. Invest in yourself in your processes, your systems, your routines.
The 4 C’s:
Compliance, Communication, Control, Common Sense. This is about asking the right questions at the right times to give you what you need to know.
Watch your energy and your attitude.
Try to see the best in the proposition, see the glass half full, understand that your energy and attitude can be the difference in deals and opportunities. This is who you are at every interaction, how you talk to people and how you manage yourself - it makes a big difference.

Key Quotes

“Broking can be lonely. In these moments, what are you doing about it?” Ruan

“Relationship is the one thing that allows you the capacity to ask questions and make mistakes. Intention builds great relationships and it’s about connection.” Ruan“Consistency helps you build a long lasting business. That’s only going to happen over time if every time they come to you they’ll get a consistent experience.” Marissa

“To be successful in anything in life you need to have a positive attitude and a great energy. Without these things, it’s really hard to excel in what you do.” **Marissa

Thank You to our presenters: Ruan Burger and Marissa Schulze.**

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To pay or not to pay for leads!? What a good question.

When you are looking for leads and building referral partnerships, you need to ask yourself the question; are you willing to pay for those leads?
It’s hard to stop paying for leads once you have paid for them.
If you’re going to send referrals based on someone’s capacity to do that job, then you can hold them to it. If it’s purely a dollar amount, it becomes very transactional.
You don’t want referral partners who are just referring you for a financial kickback. It needs to be about more than the money. It needs to be about a relationship. If you’re working with a referral partner who is purely interested in the money, then it’s not the right referral partner for you.
Shared values, shared reputation - find a referral partner who shares the same business values because then this relationship will be a fulfilling long-term relationship and not just about the dollars.
Referral relationships can be much more substantial than just a ‘clip the ticket’.
For early days as you get started in broking, find a business partner who is on a similar stage of business with you. You’re looking to have a balance of power and a balance of growth so you can build a sustainable business relationship together.
If you can do your job brilliantly, people can see how good you are at what you do, how well you communicate with all parties, and you can impress your clients and their professional team in the moments that matter, people will want to do business with you and naturally refer you.

Key Quotes

“Where do you start and where do you want to end up? When you start paying for leads it’s very hard to stop paying for leads”.

Ruan

“If you are going to enter a relationship where you are going to pay for leads, then the relationship has to be built on more than just that...otherwise, the relationship won’t last.” Marissa

“It’s about finding out what is the most valuable thing you can do for a referral partner (other than the commission exchange) and strive to do that”. Marissa“A lot of brokers miss the moment to ask for referrals. You need to ask for referrals. At the end of the day every time you ask, you learn more about people.” Ruan

Thank You to our presenters: Ruan Burger and Marissa Schulze.

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WE DISCUSS IN THIS EPISODE

Is Digital the Broker’s Achilles Heel?
Digital banks are coming to the market in droves. It doesn’t matter where the consumer has their lending or loans, digital banks can make it easier for them. But where does that leave a mortgage broker and the relationships brokers strive to create?
Digital is really a two-part concern: There are the ‘competitors’ the digital lenders that will let a consumer bypass a broker, then there are the digital tools and systems that can help you run your business more effectively.
Digital can provide speed and low cost. The one thing that digital can’t replicate is the hand holder, a face-to-face relationship that we humans love, especially in the time of a major financial decision.
As a broker, you will need to truly understand a client’s goals and objectives. A system or an app won’t be able to do this. How can you enforce this relationship with such trust that the client comes to you and talks to you first?
If you’re not seeing your client as a “client for life” relationship then you need to reassess how you are viewing your clients.
The key is to plan how can you incorporate digital INTO your offer and leverage the digital tools available to serve more clients effectively and enhance your client experience without letting go of the personal relationship aspect side of your business.

KEY QUOTES

“Online lenders will be cheaper and faster than what we can offer, so how can we compete?”Marissa

“We do need to embrace digital in our client experience and incorporate it into our business. Anything that can help a client do things easier and faster.”
Marissa

“The relationship is the one thing that will allow you to make a mistake and ask for forgiveness.”
Ruan

THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

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This podcast is our chance to give back to the mortgage broking industry and talk about real issues that are affecting most brokers and loan writers right now. Learning, Validation and Respect = the very foundations of all relationships.

WE DISCUSS IN THIS EPISODE

Brokers are facing more compliance than ever before, but how much compliance is enough? Is compliance good or is it bad?
Compliance gives us a great advantage as mortgage brokers. There has been some compliance that comes out that makes our industry more professional.
As we adjust and become more valuable to our clients, compliance has a role to play. But if consumers tomorrow don’t have any responsibility or accountability, then where do you draw the line?
Consumers do need to take some responsibility for their financial decisions and making sure they understand their finances. Sometimes a line needs to be drawn to protect consumers from themselves.
Today, compliance is a cost of doing business. You want to do the right thing and you want to keep your licence. It’s that simple.
It can be overwhelming with all the new compliance, but if you do the right thing and you stay within the parameters of what a mortgage broker is allowed to do and you document your process and communication, then you will mostly be compliant.
Our obligation is to always provide advice and what we’re doing and saying to the client is in their best interest. If a client kicks against every piece of advice you want to give them, then are they the best client for you?
Compliance is allowing us to have more conscious conversations with ourselves on what type of client we want.
Compliance protects us, and worst-case scenario if something does go wrong you are going to be the happiest you can be when you know you’ve been compliant.

KEY QUOTES

“I have a mixed view. Compliance can be a good thing, as long as it’s executed properly and it’s ultimately driving a better result for the consumer. But there potentially has been additional compliance added that is not necessarily adding to the outcome for the consumer.”
Marissa

“I believe that if you’re not willing to take the compliance seriously, then you probably shouldn’t be in the industry”. 8:36
Marissa

“What are you putting in writing today to make sure you’re protected tomorrow?”Ruan

“Compliance is only as bad as you make it.”Ruan

THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:

Marissa Schulze Linkedin

Marissa Schulze Instagram

Marissa Schulze Facebook

Rise High Financial Solutions

More From Ruan and his company, Success and Broker:

Ruan Burger Linkedin

Ruan Burger Instagram

Ruan Burger Facebook

Success and Broker

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What Is The LVR Podcast All About?

Designed for Brokers, made by Brokers.

WE DISCUSS IN THIS EPISODE

The LVR Podcast is here to champion you – mortgage brokers.
This podcast is our chance to give back to the mortgage broking industry and talk about real issues that are affecting most brokers and loan writers right now. Learning, Validation and Respect = the very foundations of all relationships. And what is this mortgage broking business all about? Building relationships.
The LVR podcast gives you a bite-sized chance to reflect and review the everyday challenges faced by mortgage brokers and loan writers.
We are hoping the LVR podcast becomes your little slice of the week that you set aside to refocus and make sure that you are bringing the best version of yourself to every interaction; client, team and personal.
Whilst the industry is very supportive of each other, being a mortgage broker can be lonely. The daily challenges can be overwhelming SO we’re aiming to educate, inspire and propose a different way of tackling any issues you’re facing so that you can move ahead confidently, with a fresh opinion.
We’ll give you real ideas and real steps you can take to serve more clients and create the business, work and lifestyle you desire.
The content has been developed for you, by people in the industry that have years of experience of the in’s and outs, the ups and downs and everything in between.
Enjoy the journey with the LVR podcast.

KEY QUOTES

“Listening to this podcast will give you inspiration outside of your thought path currently, where you can hear about different industry issues and challenges and hear about what businesses are doing things differently, which will allow you to work ON your business, not IN your business.”Marissa

“If you ask a consumer, we (brokers) are more important today than ever before. That comes with different responsibilities and different accountabilities we can’t shy away from having the front seat and then not having that responsibility”.Ruan

**THANK YOU TO OUR PRESENTERS: RUAN BURGER AND MARISSA SCHULZE

More From Marissa and her company, Rise High Financial Solutions:**

Marissa Schulze Linkedin

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Rise High Financial Solutions

More From Ruan and his company, Success and Broker:

Ruan Burger Linkedin

Ruan Burger Instagram

Ruan Burger Facebook

Success and Broker

LVR Podcast: Recent Episodes

Ruan Burger and Marissa Schulze