Peter Arnold (pictured above), director of GAP Business Loans, has revealed six strategies that will help mortgage brokers grow their business in the upcoming financial year.
As director of the property-backed business finance company, which works extensively with brokers, Arnold said he’s gained valuable insights into what drives success for brokers in what is a “very competitive industry”.
“With the upcoming financial year presenting numerous opportunities for brokers to increase their business, here are six effective strategies that can help you write more loans,” said Arnold, who directly oversees GAP's broker relationships and sits on GAP's credit assessment committee.
While there may be dozens of lenders on a panel, understanding lenders' guidelines is critical for brokers, according to Arnold, as it helps streamline the loan process time.
“Clarity on the lending criteria of the institutions you work with is crucial,” he said. “If you are fully aware of the lending matrix, it saves significant time and reduces the back-and-forth in loan processing.
“This helps you pre-qualify clients accurately and match them with the right products quickly, increasing their chances of approval – alongside your success rate and reputation.”
Active networking isn't just about exchanging business cards. Attending professional development days hosted by lenders provides a platform to forge meaningful connections with key decision-makers.
Arnold said it’s key to opening new doors and strengthening existing relationships.
These events allow you to connect with key industry players on a personal level, understand their unique selling points, and, ultimately, discover how their products can align with your clients' needs,” Arnold said.
Teaming up with a specialist business lender can be a powerful growth driver for mortgage brokers, according to Arnold.
Specialist lenders often have more flexible criteria than traditional banks. They may cater to specific industries or offer solutions for clients with blemishes on their credit history.
“Teaming up with a specialist business lender can dramatically increase your loan-writing abilities,” Arnold said.
This partnership can open up new opportunities for your clients, especially those with unique needs or challenging financial situations.”
Think beyond traditional marketing tactics. Securing placements in local publications or industry websites is a strategic way to elevate your profile within your community, according to Arnold.
Articles featuring you as a mortgage expert not only establish your credibility but also inform potential clients about the services you offer.
“Boost your market presence by securing news articles and features in industry-specific media,” he said.
“Positive publicity acts as a magnet, attracting new clients and reinforcing relationships with existing ones by positioning you as an authority in your field.”
Building a successful mortgage business hinges on consistent client communication.
Arnold urged brokers to dedicate time each day to connect with both new and existing clients.
“At GAP we have a commitment to call at least 10 brokers a day,” he said. “Make a similar commitment to call ten people each day: five existing connections to maintain relationships, and five new contacts to expand your network.
“Consistent outreach is key to staying top of mind and discovering new opportunities. Regular interaction can lead to more referrals and collaborations, directly impacting your business growth.”
In a competitive field, exceptional customer service can be the ultimate differentiator.
Arnold said being responsive, transparent, and proactive in your communication fosters a positive client experience.
Satisfied clients are more likely to return for future needs and refer others, creating a virtuous cycle that boosts your business,” Arnold said.
