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Broker David Friend of Tiffen & Co and The Mortgage Detective says strong referral partnerships are one of the best kept secrets to writing high volumes
ecent changes to the bank / broker relationship are changing the mortgage broking landscape.
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The majors are placing increasing pressure on brokers to meet minimum volume requirements and lodge quality loan applications, a move that have sent a shockwave throughout the industry.
But at least one broker is standing tall amid the chaos, managing not only to meet the new lender requirements but to well and truly exceed them.
David Friend, a director of brokerage Tiffen & Co. and The Mortgage Detective, which recently ranked ninth in the Mortgage Busniess Top 25 Brokerages, writes $80 million in loans annually on average, with $82 million his current record – a target he aims to beat over the next 12 months.
As well as a passion for the business, Mr Friend credits strong referral relationships as a major factor in his success. He takes particular pride in his approach to client relationships, which he says is fundamental to attracting new business.
“I make sure I stay in touch with all my clients even after settlement,” he says. “Because of this, I get good referrals which accounts for the bulk of my new clientele.”
Mr Friend says Tiffen & Co. And The Mortgage Detective also invests a lot of time and effort into its client referral strategy and referral partnerships, which contributed to its ranking in Mortgage Business’ Top 25 Brokerage list for 2009.
“Without positive referral partnerships I would not have the results I have been able to achieve since I started in the industry,” says Mr Friend.
Mr Friend currently has five stable referring partners spanning the real estate, legal, accounting and financial planning industries, and says these have helped generate a number of potential leads in his target market: investors.
According to CB Richard Ellis, private investors accounted for two-thirds of all property sales in the first half of 2009. Of these, more than 47 per cent were domestic private investors, up from 38 per cent over the same period last year.
But although the investor market represents potentially rich pickings, Mr Friend says brokers will need both the professional and customer service skills to maximise the opportunities. In particular, strong sales skills will be key, as will thorough product knowledge.
“Being a great sales person requires more than an ability to sell, it requires strong knowledge of your products,” says Mr Friend, whose pre-broking experience included sales roles at Kellogg’s and Coca-Cola.
Mr Friend says he likes to know his products inside out so he can set his clients at ease and instil in them a confidence in his abilities.
“I also like to stay in touch with my clients and make sure their experience with us is as smooth as possible. By making sure we get the best deal in place from the start I can guarantee that I won’t have people looking at other options one or two years down the track,” he says.
Above all, Mr Friend says it’s important for brokers to have a genuine love of and interest in the mortgage broking business.
“The biggest secret to my success is not really a secret at all; it is simply having a passion for my career,” Mr Friend says.
“A passion for work and a professional attitude are all the tools a broker needs to succeed.”
