Location: Rose Bay NSW and Ringwood Vic
Troisième place was a spot where two brokerages came in neck-and-neck. First, we will profile Oxygen home loans. This company has been a strong performer to reach the top three twice in a row. Our questions are answered by Alan Hemmings, Company General Manager.
What’s the secret to building a successful brokerage?
It’s important to make sure you bring the right brokers into the business; provide leads and the opportunities for them to grow successful businesses in their own right. You must provide the support and systems that allow your team to sell, not just process loans.
What are the benefits of an independent brokerage over joining a franchise?
There are no franchise fees. We are able to attract brokers because there is no cost to join Oxygen.
How do you think independent brokerages can continue to thrive in today’s market?
They need to understand their value proposition and what it is. They fill a gap in the market. This is why many brokerages were founded. It’s easy to lose your focus and get distracted by all the noise in the marketplace. This can negatively impact your ability to deliver results.
What advice would your broker clients who want to start an independent brokerage offer?
You should have something that is attractive to brokers. It doesn’t matter if you offer leads or processing support, it is difficult to attract high-quality brokers.
What’s your strategy for generating new business?
McGrath Ltd is our subsidiary, so the brokers work closely to McGrath Estate Agents to ensure that we continue to do business. But, we encourage the team to create a referrer system externally. The brokers have a steady source of business because we generated more than 4,800 leads in the last year.
What is the most important thing brokers can do to grow their businesses?
Maximize their opportunities. This could be through developing referrers or looking at existing customers. If they provide exceptional service, they have the opportunity to create ‘raving fans’ who will refer friends and family and remain loyal, provided the broker remains in contact.
What trends have your noticed in 2018? Are you able to adapt your business strategies to market conditions?
The most recent trend in investment activity is the rise of the market. Since a few months ago, investors have accounted for more than 40% and nearly half of our business in recent months. Secondly, the influx of Chinese investors – we are currently reviewing this opportunity with a view to recruiting a broker who can speak Mandarin/Cantonese.
What are your plans and goals for the new year?
To continue expanding the business organically (ensuring that brokers maximise their opportunities) and through recruiting.
Are you looking for other ways to diversify your business beyond mortgages? What are your thoughts on how to incorporate this in your business?
We offer more than mortgages. Through our aggregator AFG, we have referral relationships for general or risk insurance. Access to a financial planning firm is also available for wealth conversations.
|Information about your company|
|Head Office||191 New South Head Road Edgecliff NSW 2027|
Biggest Brokerage in 2012
Australian Brokerage of 2011
The Top 25 Brokerages for Advisers
|Email to Companyfirstname.lastname@example.org|
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