What women in broking want

Claire Kilgore, finance adviser, National Mortgages: It is busy, but I am lucky because my sister is now a broker as well. Recently, I went on an overseas holiday and she was able to keep the business running smoothly. Because of that, I was able to take the longest holiday I have had in 10 years. Before now, I simply couldn’t take a break because I couldn’t keep the business running smoothly.

Nicole Cannon, owner, Pink Finance: I totally understand and agree with what you are saying. If you are a sole business operator and you go away on holiday, it takes a while to get that momentum going again.

Without support, you dread going on holiday because all you think about is all the work you will eventually come back to. Often, it pays not to bother and we find ourselves six years in without a holiday.

If you have someone to keep the engine going, it really does help you get back into the swing of things a lot faster.

Vibha: What’s the best thing about being a broker?

Nicole: It’s interesting you ask that because I just wrote a blog about this exact subject and posted it on my Facebook page recently.

Not long ago, I received a testimonial from a client who used my services after finalising her divorce. The testimonial said I had managed to help her when she really needed it. She also said I made her feel comfortable and was able to answer all of her questions, regardless of how small they may have been.

Finally, she said I had helped her to get her life back on track and obtain some independence.

That testimonial answers the question ‘Why am I a broker?’ I am a broker because I can help make a difference to people’s lives, and that is a great feeling.

In broking, our female nurturing skills can be put to good use. We can really listen and help the client.

Lisa Maxwell, principal, Aussie: I agree. I think women have more empathy than our male counterparts and we genuinely want to help our clients achieve their dream of home ownership. Buying a home or an investment property is a significant milestone in a person’s life and we are genuinely interested in the story behind the loan.

Jane Vaughan, principal, Mortgage Choice: My brother, who is also a loan writer, heard me on the phone speaking to my client and when I was finished, he said: “You really mean all of that, don’t you?”

The reality is, I do. That is the difference between male and female brokers.

I think male brokers are a lot more focused on the transaction, while women are focused on the story.

Lisa: Sometimes, clients don’t want that extra level of service or care and sometimes they do. First home buyers tend to appreciate it a lot more, as they haven’t been through the process before.

Jane: I must say, I also love the flexibility that comes with being a broker. We can work from an office or from home.

Lisa: You’re so right. In fact, flexibility was the reason I became a broker. When I gave birth to my son, I knew I wanted to spend as much time with him as possible. Broking allowed me to do that.

I’d be at the park with my son whilst working on my Blackberry, thinking ‘I am the luckiest mum’. A lot of my friends are jealous of the way I can run a business and a family at the same time. Don’t get me wrong, it is hard work, but it is all worth it.

Of course, I’m not sure how well my work-life balance will go now that I am opening up my own franchise.

At the end of the day, I have always wanted to open a franchise, but I have waited until now – until my son is at school – to do so.

Nicole: I have just had a similar amount of change in my career. I recently switched aggregators because I aligned myself with CENTURY 21 Real Estate in the northern suburbs  of Sydney. As a result of that change, I can provide my new brokers with leads.

Brokers have always loved the Pink Finance branding and everything the brokerage stands for, but I haven’t been able to provide them with leads, so they only join for the short term.

Now, with CENTURY 21, I can actually provide my brokers with leads. In addition, I am just about to launch my own Pink Finance white label product. I just got the artwork back, so it is all systems go. I wouldn’t have been able to do that without the help of my aggregator, AFG.

There are so many opportunities unravelling. Aligning myself with AFG and CENTURY 21 was the best decision I ever made.

Vibha: You all mentioned technology plays a key role in a broker’s business. What technology do you use and what would you like to see improved?

Mardee Thomas, financial adviser, 1st Street: We don’t use our aggregator’s software to its full extent, but there is a lot of scope there. From a CRM perspective, we use our own database and software platform. We write the loans through our aggregator’s software, as that helps us monitor our commissions.

Jane: If I could improve a few technological systems, I would first and foremost improve the servicing calculators offered by Australia’s lenders.

Some of the servicing calculators and software provided by the lenders not effective. I can make a deal service with one lender’s calculator, but that same deal will be declined by the lender when it reaches the credit department.

Lisa: I agree. I think lenders need to make sure the credit assessors and brokers are using the same calculator. We don’t want credit giving us one answer when we see a different one right in front of us. The key really is consistency.

Nicole: It just doesn’t make business sense. If a loan is going to service on the lender’s calculator, then it needs to service when it hits the credit assessors.

The reality is, we don’t want to waste our time submitting loans that we know won’t be approved. If we submit a deal to a lender, we expect approval within a matter of days. We don’t want the deal declined and we don’t want to workshop the deal.

If we knew up front that a loan wasn’t going to be approved, we would submit it to another lender in the first instance.

Jane: That’s right. Of course, it isn’t just time that is wasted when a deal is declined; the client’s record is also adversely impacted and we do not want that for them. In fact, we go to great lengths to ensure this doesn’t happen.

Vibha: What do you want and expect from a lender’s app?

Jane: I would like a short rundown of each lender update in my email. At present, if you are out on the road, the update email comes through and all it says is that you have an update. A little more information would be handy and effective.

Nicole: I currently use a few different lender apps. If I can trust the calculator is accurate and the rates are up to date, then I would definitely use more apps.

Vibha: What is the most interesting thing to happen to you in your career?

Nicole: I was factored into a client’s will – she asked me to look after her cats. Fortunately, I am a cat person.

That is a huge affirmation for me. It says that my client sees me as more than her financial adviser – as a friend she can trust.

I think most brokers have great relationships with their clients because everyone in this industry is so nice and client focused.

In fact, that is what is so great about this industry – people want to help everyone. In our industry, people will say “Take my hand, I’ll help you get to the top”.

We do not compete with each other. Instead, we share information to help everyone be the best they can.

Mardee: I agree. I also don’t think it is right to compete with other brokers, as this could potentially put off new recruits. We need new blood and to attract them, we have to show that this is a brilliant industry.

Lisa: Absolutely. The fact is there is more than enough business out there for everyone, so we shouldn’t have to compete with each other.

Nicole: That’s right. We all attract different clients. Clients who feel comfortable with me, will be different to those who feel comfortable with Lisa. We are all different and that is what makes the world go around.

Vibha: Where do you think new blood will come from?

Lisa: I think a lot of new recruits still go down the Aussie and Mortgage Choice branded path because they offer a solid training ground. Interestingly, at the recent Aussie conference, we were told that over 50 per cent of brokers now have more than five years’ experience with Aussie, which implies Aussie is no longer a “revolving door” for new recruits.

Vibha: Do you engage with social media?

Mardee: Absolutely. We have a Facebook page and we try to keep it upbeat. The people who visit our Facebook page are generally not in the industry, so they don’t want to be weighed down with third party jargon. Regardless of whether it is a rate update or a snapshot of the property market, we try to keep it fairly simple and engaging.

We also include a lot of non-finance related information. For example, the office recently started a healthy eating challenge and we encouraged our Facebook friends to participate. That gained a lot of positive feedback and it also showed us how many people are willing to engage with us.

Nicole: I agree. I often find more people respond to updates that are not strictly finance related. For example, on Valentine’s Day, I found an image of lovely pink roses and I put the photo on my Facebook with the caption: ‘Roses are pink’. This was not only a bit of fun, but it helped to reinforce my brand and I had so many responses to that post – I was blown away. So, from that, I decided to do more posts along those lines.

I think the key is to have a good mix of messages. While it is important for us to post finance-related information from time to time, it is equally important for us to show ourselves and our personalities.

Claire: Whether it is about the business or not, it is important to post regularly. We often post housing related stories, but we make them fairly light hearted. I will post about the price of a celebrity’s house, and that tends to ignite action.