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One of Australia’s top brokers wants to stop new loan writers making the “long list” of mistakes he made when he first entered the industry.
My Mortgage Freedom chief executive Anthony Alabakov, who was named Best Residential Broker at this year’s Better Business Awards, is organising forums in Sydney and Melbourne to help junior brokers learn the art of prospecting.
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Mr Alabakov said he had to learn about lead generation the hard way after he became a broker in 2008 because he had no one to guide him.
He told The Adviser that some of his failed strategies included daily letterbox drops, introducing himself to people in shops and doing the rounds of local sporting clubs.
Mr Alabakov said it took him 12 to 18 months to realise that the best source of leads was referral relationships with accountants, financial planners and solicitors.
His loan volumes enjoyed “exponential” growth once he learned the art of prospecting, he said.
“My year-on-year growth has been significant – 40 to 60 per cent every year for the past four years, and a couple of years I had 100 per growth,” Mr Alabakov said.
The way to keep referral partners happy, he believes, is to make sure that their clients receive excellent service and they then make favourable comments about him back to the partners.
He also found the best way to expand his referral network was to get a current partner, such as an accountant, to recommend him to a potential new partner, such as a financial planner.
The Generation Next forums are for brokers under 35 or with fewer than two years’ experience. Taking place in Melbourne on the June 27 and Sydney on August 1 they will include interactive group discussions with questions and sharing of tips.
