#6 Independent Brokerage – Financing Property

Locality: Varsity Lakes in Queensland
Sixth place proved to be another tie in this year’s Top 10 Independent Brokerages report. We start with Financing Property. Peter Gwynne’s solo brokerage has done exceptionally well.
What are the advantages to being an independent broker over joining a franchise model instead?
You are free to run and grow your business however you like. Franchise models can be great for mentoring and provide the assurance that you will get leads. If you already have a network and feel that you can build a client list, I recommend being your own boss. Advantedge and Choice Aggregation have been great supporters of mine, so I feel like I can rely on them for any franchise support.
How do you think independent brokerages can continue to thrive in today’s market?
The broker market has become an unstoppable force, and we’re gaining more market share. The banks have recognized this and there has been an enormous shift to working together. I expect this to continue. We are often referred to clients, and it doesn’t matter if they were independent or franchise.
What advice would you give brokers looking to establish an independent brokerage?
To build a client base and to provide outstanding customer service, you must work hard at the beginning. I find it amazing how many people don’t return emails that day or return calls. Learn more by attending PD Days and reading MI policy and bank policies. Referrals are very easy to come by if you do a great job.
What’s your strategy for generating new business?
Choice Podium software works like magic. It has helped me generate a lot more business from my existing clients. It can be set up to automatically send birthday wishes, fixed rate expiry, one year anniversary, and other functions. I’m finding that old clients return to me for new business, or to review current loans. This is helping to protect my loan portfolio. My business is growing and I have key partners who are there to help me. I don’t need new business anymore. For me, my challenge is keeping my service level high and managing the growth of my business.
What trends have your noticed in 2018? Are you able to adapt your business strategies to market conditions?
For me, the market has remained stable, without moving forward. But, I feel that the largest change has been in the attitude of brokers to the broker market. This is because the broker market is here and we will continue growing our market share. Advantedge is one of the new lenders to enter the market. They have a completely different strategy. The assessors call you, and you work together on the deals. This strategy has been adopted by all other lenders.
What are your goals for the coming year?
My financial year goal is to settle $100 million. We are currently on track and I feel confident that we will reach this target. We also developed and implemented a customer service program in our business. Our website and branding have been updated. This will allow us to touch current clients more and generate new business. It will also protect our loan books, which is crucial going forward.