An award-winning mortgage broker has shared why knowing what sets your brokerage apart from others is key to achieving success in the Australian mortgage market.
With so many “great brokerages and brokers” out there, Chris Hall (pictured above), founder and director of Blue Crane Capital, knew it was going to be difficult to stand out from the crowd.
“However, we have been quite deliberate in our strategies to build our competitive advantage in the market,” Hall said. “We believe our primary strength that sets us apart is being able to provide high value brokerage solutions across all forms of property transactions.”
Strategies for mortgage broker success
Hall has built success in a short time. The banker-turned-broker launched Blue Crane in 2017 after wanting to launch his own business and establish long-lasting customer relationships.
Since then, he has won various accolades, including the 2019 MPA Young Gun and 2018 MFAA NSW/ACT Newcomer of the Year.
And it wasn’t just personal recognition – Blue Crane Capital was announced as one of the winners of Australian Broker’s Fast Brokerages 2022, celebrating the nation’s fastest growing mortgage broker businesses.
Besides ensuring the Blue Crane service is seamless, Hall focused on two other key differentiators.
“Firstly, we need to tailor our service on the marketing front,” Hall said. “This is done via our CRM system and being consistent with our posting, EDMs, in person networking, and educating our referral partners on identifying opportunities.”
Secondly, Hall said the Blue Crane team was “continuously reviewing” their process on both residential and commercial deals along with requesting feedback on client experience.
“We tend to do little things like, email the client on their first repayment anniversary to remind them of their first repayment or shooting a client a note on their birthday,” Hall said. “It’s the little things that helps lets the client know we are always there.”
Why brokers must innovate to stay competitive
In a landscape where banks wield formidable weapons such as enticingly low interest rates, cashbacks, and fee waivers, mortgage brokers often find themselves without these financial incentives, seemingly at a disadvantage in the initial courtship of clients.
Yet, what brokers lack in monetary offerings, they more than compensate for with invaluable advice tailored to safeguard the best interests of their clients.
This commitment to personalised guidance has struck a chord with borrowers, evidenced by brokers now orchestrating more than 70% of all residential loans.
However, while the broker industry boasts an impressive collective triumph over banks, individually, brokers face another battleground – competing against each other.
With a staggering count of 19,456 brokers currently navigating the mortgage industry, each possessing equal access to lenders and product recommendations, the playing field appears level.
However, it’s not merely about access; it’s about differentiation.
“The market has plenty of brokers so if you’re not consistently getting your brand out and message then you’re already not unlocking the business,” said Hall.
“We use LinkedIn and Instagram along with EDM marketing. I’m not really into the TikTok thing, I’m sure it’s making an impact for some but it’s not the segment we are chasing.”
New broker advice: going all in for the long hall
While Hall’s success came relatively quickly, even he admits there is still plenty of room to grow.
“I also had plenty of experience beforehand and some amazing people helping me along my journey,” Hall said.
For brokers who are just starting out, Hall’s advice is to pinpoint your strengths and diligently promote them to the appropriate audience.
“Figure out why someone would engage your services, and then push that message to the relevant segment/market that would take notice,” Hall said. “It’s a long game, so don’t expect to get results overnight, be consistent and interesting then you will start to see ‘green shoots’ over 12 to 18 months.”
“It’s the ones that start and don’t commit or make it a habit on marketing that tend to not reap the benefits.”
