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Brokers getting too caught up in the hot property market may suffer in coming months, according to a senior industry stakeholder.
Recent figures and results from several industry sources show hot demand within the property market and the broking sector. However, many brokers may be spending too much time servicing their current clients and neglecting to prospect for the future, according to CBA third-party state manager for NSW and ACT, Adrienne Smith.
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“No matter what business you’re in, your growth is a combination of acquisition and retention. I like to say 'G=A+R',” Ms Smith told The Adviser.
“In this market, just about everyone is forgetting about the future and is focusing on the now. But one feeds into the other and even in a booming market, if you haven’t put the effort in a month or two prior, you won’t be seeing the results you were expecting.”
With home buyers out in force and mortgage volumes jumping by 20 per cent over the past six months, brokers who don’t have the correct systems in place are being left behind.
“December was pretty ridiculous for us,” said Australia’s top broker and director at The Australian Lending and Investment Centre, Mark Davis.
Mr Davis claims that even with a week off, he managed to write $30 million in December.
“But it’s all the work in October and November that will settle in December, so while the property market is helping, if you’re not balancing servicing your clients and sourcing new leads you won’t notice until March.”
According to Ms Smith, clients don’t want to be called when it’s a slow day and the broker has a spare minute – they need to feel like the broker is actively helping them with regular touchpoints.
“There’s good times and bad times, and while making the most of the good times is important, it’s just as important to make the most of the bad times too,” she said.
“The businesses that do really well, they’re on top of this from the beginning. But businesses that sort of ebb and flow are jumping in and jumping out of the standard client touchpoints that help grow your business.”
