News

How to build and grow your brand (as a new broker starting up)

 

Building and growing a business brand can be challenging.  No matter how long you have been in business, you have to continually grow and build your brand.  This is doubly more difficult when you are new to the industry.

So how does a new broker build and grow their brand?

 

Create a brand brief

The best way is to document what your business is about.  When we started Masters Broker Group in 2012, we used a brand brief.  The purpose of the brand brief process was to make us write down what we wanted our brand to look and feel like?  How would our customers and colleagues view our business? How would we like to engage our customers?  If the business was a person, what sort of personality would it have?

Use the brand brief template from our website as a guide to help you write these down.

You may have to take a step back and answer some fundamental questions first.  Like what is your value proposition and who is your target audience or ideal customer?  These are very important questions, and you should take the time to review these.

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Are you dressed for success?

 

In this industry, trust plays a big role in whether someone will deal with you or not.  And like it or not, how you dress has a huge effect on how people view and perceive you.

Your personal brand 

What do you wish for people to associate with you when they think of you? Is there a certain subject matter in which you want to be perceived as an expert or are there general qualities you want linked to?

Things like the color, cut, and style of the clothes you wear – and even your accessories – communicate loudly.

But the way you dress also affects how we see ourselves.  To boost your confidence, dress well.

Choose clothing that reflects who you are and the image you want to project.

Perception is reality.  And what your customers perceive about who you are can sometimes matter.

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Are you ready for 2018?

Plan your business for 2018

 

According to Peter White, president of the FBAA, 50% of new-to-industry brokers who enter the mortgage industry will not survive in 18 months.

“Going into business without a business plan is like going on a mountain trek without a map or GPS support – you’ll eventually get lost and starve!” — Kevin J. Donaldson

Unfortunately the majority of these businesses fail due to insufficient planning.

They have not thought through their marketing plans, their cash flows, and their operational plans.

If you can understand how to plan better, it could take your mortgage business to the next level.

Your business plan should be a strategic analysis of what you want your business to achieve financially and when.

It should include goals – and these need to be achievable, with realistic timeframes on how you will achieve them.

Your plan should also include how you will promote and market your business.

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How to generate more leads?

How to be the grandmaster of mortgage professionals

 

If you have recently started in the industry, you would realise by now that a “lead” is not a lead.  And an unqualified lead is not real.  In fact, unqualified leads cost you – in time and money!

And unless you have a large marketing budget, how do you cut through the noise to get prospects to recognise what you do?   Come to think of it, an expensive advertising campaign may not cut through the noisy marketplace if it isn’t executed well.

Here are some key actions you need for your business to succeed:

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Congratulations Mario Borg on making the MPA Top 100 for 2017

 

Well done Mario Borg on making the MPA Top 100 list for 2017!

Mario Borg first entered the Top 100 in 2005 and has been on the list almost every year since.

He’s remained a top broker despite big changes.

“People want certainty, and it’s the best time for a broker to shine.”

Mario Borg puts his consistency down to an excellent client service manager, learning to say no and sticking to what he’s best at: residential and investor lending.

If you want to learn more about what we do to help you get to the MPA Top 100 or improve on your current business success, contact us.  Check out our Facebook page for more updates, tips and news.

 

 

Get to know your clients

Know your customers well

 

In his article “How to write a great business plan”, Bill Sahlman poses a number of questions that we should focus on.  And the main focus of all our mortgage broking businesses should be about our customers.  Less so than our competition.

For instance, if we focus our mortgage broking business on what our competitors, (for instance, the banks) were doing, we might do things a bit better than them.  How are they doing it, what products and services are they providing, etc.

But most of that would be on the basic level.  And we could run into the trap of being a “me-too”.

What if we focus on what the issues our clients and customers are facing?  And what problems we can solve for them?  Perhaps we can provide better value to our customers.

And the by product is we will leap-frog our competitors.

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To get more customers – you must blog

 

 

Two weeks ago, Mario and I attended the 2017 Connective Conference at Melbourne.  It was a great event to catch up with your peers and share some ideas.

Whilst we were there, I caught up with Kevin, and he asked a really interesting question: Why do some brokers seem to effortlessly generate business, whilst others struggle to get leads?

And this is especially pertinent for anyone new to the industry.

Mario and I discussed this question, and one of our observations was that most successful brokers use social media and blogs to help them reach out and engage with their customers.

If you look at the MPA Top 100, most (if not all) brokers on that list has a blog (you can check out Mario’s blog here).

The key message here is: regular, high quality blogging is a fantastic way to build awareness and encourage engagement with your customers.

For new brokers trying to build their profile among their communities, writing a blog is essential.

You need a blog to reach a bigger audience, and build your reputation and personal brand at the same time.

 

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Financial literacy is a public policy problem

 

File 20171019 30520 1j2dzoq.jpg?ixlib=rb 1.1
Financial illiteracy contributed to the last financial crisis.
Shutterstock

Ross Guest, Griffith University

As the world of finance becomes more complex, most of us aren’t keeping up. In this series we’re exploring what it means to be financially literate.


It’s pretty common nowadays to see the likes of the Reserve Bank of Australia or the Australian Bureau of Statistics issue warnings about the size of Australian household debt. The reason is that the consequences of poor financial decisions often reach far wider than an individual or family.

The global financial crisis showed us how rapidly financial contagion can spread – one person’s debt is another person’s asset, so when the debt is written off so is the asset. However, there has been little improvement in financial literacy in the wake of the financial crisis, the lack of which was one of the underlying causes.

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The mortgage broker’s start-up directory

Want to launch your own mortgage broking business?  From bookkeeping to business advice, advertising and websites, we have got you covered.  Here is a list of some apps and websites that may help you launch (which we also use in our own business).

 

 

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Client communication tip: Try to “reverse” a question

 

Have you ever had someone throw a difficult question at you?  Here is a tip: Respond to a question with a question.  Otherwise known as a “reverse”.
A reverse is when you return-serve by responding with a question yourself.

This can help you define the situation better, and help you get closere to understanding why they asked the question in the first place.

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