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Director of Social Financial Tommy Anderson shares why he decided to switch gears moving from a broking franchise to flying solo under the Loan Market Group.
Why did you decide to become a broker?
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I started my real estate career as a prospector, which instilled the sales aspect in me. I was mentored and from there I started my career in real estate, with a focus on property sales.
After different roles in major banks, I made the decision that I was ready to pursue my own path, be my own boss, and my choice was to join Loan Market initially. The plan was always to actually go under my own banner.
What have been some of the key support elements that have helped you succeed in these first few months?
When I was at CBA, I got world class training in loan writing and policy comprehension. This helped me handle how to get deals across the line and be the best broker or lender that I could be. At Loan Market, the customer success manager helped me with the systems and broker compliance. This was really helpful, especially under a franchise. Having their support made merging easier. I learned the systems in about six months, so now I can go solo, having gained the prior knowledge.
What has transitioning to being independent involved?
It was a really easy transfer under the Loan Market group, it's just a different structure in how they approach things. This setup is beneficial for those, like myself, who prefer not to be tied to a franchise in the long run. Despite this independence, you retain the valuable support of the group.
Right from the start, Loan Market was aligned with Ray White, and the office I have aligned myself to. These partnerships can be immensely fruitful, mutually benefitting both businesses.
Are there any other types of referral partners you are seeking, and how are you going about finding them?
I usually give them a call and check in on their existing relationship. I really focus on maintaining those existing relationships but also holding them accountable for the referrals that they send through. On a personal level, friends and family connections come and go. My business primarily thrives on referrals, I would say around 90 per cent of my clients are purely referral.
Do you have a team behind you?
I have a great team behind me - my business partner, Andrew, serves as a valuable mentor, drawing from his extensive experience in the real estate industry, we work so well together and we trust each other.
We've got marketing, we've got prospectors on the phone every day calling to generate leads. We've also got an in-house broker that can assist. The actual real estate side and the finance side work so well together and the team consists of about 13 to 14 people.
Are you offshoring any activities?
No, we’re all in the office
What types of loans have you been handling and where has your primary focus been this year?
The majority of my business, driven by my real estate agent connections, revolves around first home buyers or individuals seeking to purchase properties, including investment properties. I'd estimate that around 70 per cent of my business centers on first-home buyers and those seeking investment properties.
Do you have a benchmark for success?
My goal might sound a bit ludicrous, if I’m being honest. The goal I set for my first year was to achieve $100 million in funded loans on my own, without relying on external support. It's one of those situations, ‘shoot for the stars and if you miss, you'll still be happy’.
As of now, I have lodged $52 million in loans over six months, with $28 million funded. This translates to approximately 86 deals.
How do you manage your workload?
Work is everything to me, but also my family is everything to me as well. I've observed that many brokers, whether new or seasoned, often grapple with a shortage of time. Personally, I find myself with ample time and room for more tasks, what I struggle with is there are not enough leads to keep me busy. I'm very efficient at what I do, but I'm also not cutting corners. My compliance is 100 per cent.
If you would like to find out more about Jack Fouracre, tune in to the episode New Broker: Making the switch to independent
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