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Brokers today face challenges on all fronts: brokers want to grow their volumes; clients desire more responsive service, and regulators demand more stringent compliance. Discover how savvy brokers are balancing these demands and driving record growth
A little over five years ago, I was in a rut. Although my practice was hitting solid numbers and growing year-on-year, I struggled to hit my growth targets while delivering a consistent client experience and also staying on top of ever-increasing compliance burdens.
This set me on a journey towards building a software product that would solve the problems that mortgage brokers face every day – starting with my own practice.
Most brokers already use external software or systems to manage their workflow and team. The problem is that these systems are usually generic and not well suited to the mortgage broking industry.
A lot of firms end up with a mishmash of different tools and software that don’t talk to each other and add to the chaos rather than alleviate it.
So, the solution I wanted would need to solve these nine common challenges:
1. Manage high volumes of leads, without letting opportunities slip through the cracks.
2. Provide easy-to-understand and compliant advice documents to borrowers that would help to close deals faster.
3. Streamline document collection and Missing Information Requests.
4. Simplify delegation and teamwork so brokers can focus on clients and not be worried about errors.
5. Save time on compliance, without cutting corners.
6. Ensure balls are never dropped, no matter how busy you are or how tricky the deal.
7. Systemise proactive loan reviews to cement lifelong client relationships.
8. Grow volumes without simply throwing more staff at the problem. (And when you do hire, ensure every team member
is super productive as quickly as possible.)
9. Provide a 5-star client experience at scale so clients enthusiastically refer.
By focusing on these nine challenges, I could see firsthand how other practices like mine could also benefit. After a number of early prototypes, a rapidly growing number of brokers are flocking to the resulting software we call BrokerEngine.
Here’s a sample of what brokers have been saying:
“BrokerEngine is specifically aimed at consistent outcomes, great customer experience and scalability. So really, if you’re not using it, you’re losing money.”
- Johnathon Reeves, Cliff & Moss
“Within two weeks, we saw a minimum of 20 per cent increase in productivity.”
- Ryan Carter, Walker Hill Finance
“I’ve already seen us grow by about 200 per cent in volume just by being more efficient.”
- Ben White, FYI Money
While aggregator software addresses some of the above items, only BrokerEngine is flexible enough to fix the gaps in every other system.
If you can identify with the top nine challenges I’ve discussed in this article and you’d like to find out more about solving them, register for a free demo of BrokerEngine at: brokerengine.com.au/demo
Craig Vaughan
Founder & Product Manager
BrokerEngine
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