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Christian Paterson of Auctus Coaching explains how award-winning brokerages can overcome growth plateaus through process improvement, tech integration, and fresh perspectives.
Let’s face it. Those shiny industry awards decorating your reception desk can’t fix the complex web of problems that plague your brokerage.
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Don’t get me wrong – industry awards are valuable and recognition is important. Those of you who have collected a few accolades over the years have done the hard yards and are rightfully well respected by your peers and your clients.
But even award-winning brokerages have their issues. I have seen firsthand how brokers build their business to a certain point, get rewarded for it, and then hit a plateau that they struggle to move beyond. In fact, I work with plenty of award-winning brokerages that have become the victims of their own success. What exactly do I mean by that? Let me explain.
We all have our own individual strengths and weaknesses. Some of us are more aware of them than others. If you have had some success in mortgage broking and won a few awards, then complacency is a weakness you need to be mindful of. As I said, recognition is important, but it needs to be balanced with a healthy dose of reality. We all need to be conscious of the areas in our businesses that require ongoing maintenance. Or a complete overhaul.
As humans, we naturally seek validation from others. Particularly our peers. It is natural to want to be seen, to be elevated, and idolised. But when that takes over and becomes the reason you wake up in the morning, you can lose sight of the real prize.
Identifying the problem
It’s OK not to have all the answers. In my experience, the brokerages that can continue growing and achieving results are all run by intelligent, hard-working people who can accept when they need help.
Award-winning brokers usually contact me when their ambition is no longer driving their volumes. At the end of the day, your desire to succeed can only take you so far. Eventually, you reach a stage where you need to get organised, with clear processes and the right team to move the business forward. Brokers engage us when they are struggling to hit their targets. When they have hit that plateau. When they simply cannot work any harder and are unable to achieve the results they want.
Identifying the problem isn’t always easy. Sometimes you need a fresh pair of eyes to assess your business and find out what’s working and what needs to go.
Award-winning brokerages are typically run by people who are driven to succeed. They are self-made and often self-reliant, which can become their Achilles heel. Self-reliance can breed stubbornness and a closed mind – characteristics that ultimately keep us in a holding pattern of unproductive work habits, attitudes, and behaviours.
Accepting a different approach
High-performance brokers rely on Auctus to build a backbone for their business that enables them to scale and thrive sustainably.
The first thing we work on is your process. That means documenting it. You may be the best broker in the business, but if your process is stored in your mind, the rest of your team will be rudderless. Once your process is out of your head and into a document, it can be shared with your team, analysed, and optimised.
Next is technology, where less is more. We’re not trying to launch astronauts into space here. You just need a simple tech stack that supports your process and can be used by your team.
Tech is something that can easily be overdone. Remember, technology is not the key to your success; it’s a tool that enables you to succeed more efficiently. The trick is finding the right mix and then making sure you integrate it into your daily workflow. At Auctus, we usually embed ourselves in a brokerage for a period of time to ensure this integration is as smooth as possible, with ongoing support so that no team members are left behind.
The people in your business are the final piece of the puzzle. They need to have specific roles and responsibilities, as well as the training and skills to enable them to succeed. Like you, the people you employ have their own goals. Once they’re engaged with a revitalised structure that empowers them to do their job effectively, they will be well positioned to achieve them.
Christian Paterson is director of Auctus Coaching and helps brokers build more profitable and sustainable businesses.
He has worked in the mortgage broking industry since 2006, first as a broker, then as an operations manager, and now as a coach.
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