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Choice Home Loans’ chief executive officer Stephen Moore discusses the benefits of being part of a branded business and the future of the third party channel
What are the benefits of being involved in a branded business?
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Branded businesses really give brokers the extra boost they need to grow their business. They provide brokers with marketing and sales support, consumer recognition and leads. Rather than being a jack of all trades and a master of none, a branded business can o er brokers the support they need to focus on their core competencies – their high value-add activities.
What marketing and sales support does a branded business offer brokers?
At a macro level, brokers need support to run a successful business and that ranges from brand and advertising support to online assistance, practice management and business coaching. The reality is that brokers need ongoing support to realise their business plans.
The tailored support brokers receive is not only important, but I believe unique to branded businesses, and it’s something that Choice Home Loans provides.
Whilst it is absolutely critical for brokers to market their business – to attract new clients and communicate with existing clients – it is difficult for brokers to be all things. Brokers need to be able to focus on their core competencies, like providing tailored advice. To do that well, however, they need to be able to offload some of their other tasks to a trusted business partner – this is where a branded business comes into play.
What are the costs associated with joining a branded business?
Costs vary dramatically from business to business. For brokers who are deciding which business model to adopt, I would tell them to weigh the costs against the benefits associated with joining a branded business.
With a branded business you get a lot for your money, including online marketing, sales support, qualified leads, practice management and business coaching.
That said, the harsh reality is if you do become a broker, you will need capital. As a guideline, you need at least six months worth of income, but ideally you will have 12 months at your disposal to give you the time you need to establish your business.
How can brokers build their branded business in their local market?
You really want to take the time to understand your local market and then play an active role in that community – whether through sporting teams, the local church, the Chamber of Commerce or the Rotary Club.
Combining local area advertising with a respected brand can help brokers establish themselves as the local trusted credit adviser.
In addition, you want to focus on individual needs. Take the time to listen to and understand your clients’ needs and provide the right trusted advice. If you do that, it will ultimately lead to word-of-mouth repeat and referral business.
Really, the most effective way to grow your business is to have a strong local presence.
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