When a Finance Broker wants to take their business to the next level, what are the options?
In the normal world - that is, outside the bubble of Finance Brokers - a sales person can aspire to be the sales manager or selling bigger ticket items.
For a Mortgage Broker, it’s about growing a sustainable, profitable business and there can sometimes be issues with finding the right time and the right balance.
For example, hiring an Assistant or Loan Processor can free up a lot of time to focus on business development and the tasks that bring in the money. However, it can come at quite a cost and what if the market dips? Outsourcing is an option but this can create a disconnect in your customers experience and often puts customers off when they realise photocopies of their passports and bank statements are being sent elsewhere to be processed.
Signing a new referral agreement and an increased lead capacity can often present the opportunity to hire another Broker or Loan Writer to work alongside you. Again, the decision to grow comes with difficulties raising questions such as ‘where do I find them?’ or ‘what do I pay them?’. And, you need to understand the industry standard, as well as looking at how you’ll get them to stay.
As Ive mentioned in other posts such as “Where to look when hiring a mortgage broker”, popular job boards often attract candidates looking for a life boat, and those that have used them will know exactly what I am talking about.
So, if you're Finance Broker looking for a move, or looking to recruit staff and grow the business, where do you go?
In a world where recruitment is now more about personalty, and finding the right fit, as well as the right experience, it’s essential that the recruiter you engage with is an expert. Someone you can sit down with, discuss aggregator splits, industry standard renumeration structures and the arrangement of hiring a broker on a sub contract basis and branding them as your brand, or employing someone on a perm basis. Someone that has experience placing Brokers and Loan Processors with a range of brokerages and is recognised for working with top firms, as well as being the first port of call for top talent looking to move.
My new website, workingfinance.com.au includes a job board specifically targeted at recruiting Finance Brokers and Loan Processors. This gives Brokers looking for a move the opportunity to see live jobs in a market that is predominantly hidden. It also allows Brokers looking to grow their team to leverage my network and and experience in recruitment, as well as use this stream to take their proposition to a more targeted market.