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A new Melbourne brokerage has blamed a lack of local marketing for its below-par performance.
Bobby Monga opened a Yellow Brick Road office in Altona in August after previously writing loans for another Yellow Brick Road franchise and Mortgage Choice.
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Mr Monga told The Adviser that the business had not performed as well as expected because he and his partner, Teck Tong, had not been proactive enough at generating leads.
“We need to do a bit more marketing. We need to reach out to more people. We need to get more standing in the market,” he said.
Mr Monga said Altona had its best month in November when it wrote $4 million of loans. However, that volume has since fallen to $2.5 million per month, he added.
He said the business was working hard to boost its profile and had started seeing results. Volumes could hit $4.5 million in February and then $5 million in the second half of 2014, he said.
“Now that people have come back [from holidays], enquiries have started to build. We’ve formed some new relationships as well,” he told The Adviser.
“It’s not easy. If you do the right thing and you do it for long enough things will start to fall in place. It doesn’t happen overnight.”
Mr Monga said the business had a long-term plan to hire a loan processor and add a financial planner.
