Melbourne-based brokerage and financial planning group RateOne has announced it has broken $100m in monthly submissions. The milestone comes four years after the company launched.
Co-founder, Martin Fedmowski, said an overhaul of the business’s processes two years ago was behind this rapid growth trajectory.
“We implemented a back-end team of six in Melbourne and Manila who do all our processing – everything from submissions to data entry, settlements and tracking and we provide that service to the 28 brokers on our team,” he said.
“It has been hard work getting there with a lot of planning and training involved but now the system is working really efficiently. We have seen significant increases in loan volumes from the brokers that have recently joined us as a result.”
RateOne has also worked hard on building relationships with residential real estate partners and benefits from the use of data mining, Fedmowski said.
“We enter everything into our systems, from car loan expiry dates to anniversaries for fixed rate loans and ensure we get in touch with clients whenever there is a key milestone approaching.”
As a member of Choice Aggregation Services, RateOne has worked closely with the group’s business development team to create streamlined processes and improve client services.
A recent development was the formation of a ‘journey builder’ for residential pre-approvals which guides clients through the property buying process with tips and information.
“We have worked consistently with Choice and their IT team on these initiatives and they have provided excellent support, helping us to enhance the client experience,” Fedmowski said.
The firm has also expanded rapidly and will soon move into larger premises which can accommodate up to 70 mortgage brokers and 10 financial planners.
“The new office will be fantastic as we will be able to provide more seminars and events for clients, as well as facilitating increased collaboration with our lenders and Choice, so we are really looking forward to that,” Fedmowski said.
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