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The Adviser’s Young Broker of the Year for 2014 has highlighted some of the challenges industry newcomers may face, and explained how they can overcome them.
Alliance Mortgage Solutions director Eric Cui told The Adviser that time management is a fundamental skill that all young brokers need to have to cope with due to the role’s busy nature.
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“You are completing lots of tasks at the same time – learning about mortgages, attending training and PD days, meeting with clients – so effective time management is very important as a young broker, especially in your first year,” he said.
Mr Cui said building a referral network and generating leads is one of the other big challenges new-to-industry brokers face, and recommends working closely with real estate agents to achieve this.
“About 80 to 85 per cent of my clients are in residential properties, so the best way to generate more referrals is through real estate agents,” he said.
“For the first couple of years, I spent lots of time with some real estate agents at open houses and auctions during the weekends, and that’s a good way to find clients. They are already looking for a property.”
One of the challenges Mr Cui faced in his first couple of years as a broker was developing the Alliance Mortgage Solutions brand and marketing it effectively.
“Especially as a young broker, not too many are inclined to know your name or your company’s name, so you have to spend lots of time on the marketing and the branding,” he said.
Mr Cui believes the most useful way for brokers to market themselves and their business is via digital marketing – particularly through social media platforms Facebook, LinkedIn and WeChat.
“I think new digital technology is the way. The first generation of older brokers will not use digital marketing very efficiently, so it’s a good opportunity for the young brokers,” he said.
The Adviser's Young Broker of the Year for 2015 – along with the top 30 brokers under 30 – will be revealed at the inaugural Rising Stars event, which will be held in Sydney on Friday 6 November.
Partnered by Citi, the event aims to bring together Australia’s best and brightest for an evening of networking, socialising and celebrating as it recognises the nation's top young brokers.
Click here to secure your spot at The Adviser's Rising Stars event.
