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By putting himself in his clients’ shoes, Tong Partners’ managing director James Tong is not only able to find the most appropriate product, but secure repeat business along the way
JAMES TONG, managing director of Tong Partners has a simple but effective approach to broking: “I think to myself, ‘what would I want my broker to do for me’,” he says, “and then I work towards achieving that.”
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His approach clearly works. The Adelaide-based broker is one of Australia’s elite business writers, settling an average of $80 million per year. In December 2010, Mr Tong settled just above $9 million, his best month to date.
If the key to providing unbeatable customer service is to put yourself in the client’s shoes – as Mr Tong believes – that’s important because it is quality customer service that helps brokers attract and retain their clients.
TRUST, RESPECT, RELIABILITY
A broker for the past 12 years, Mr Tong has settled loans for approximately 1,200 clients, many of whom have been using his services for several years.
Approximately 85 per cent of his business is repeat and/or through referral.
“The bulk of my customers are clients for life,” he says. “I like being able to help them in every step of their financial journey.”
Mr Tong achieves this in two ways: “I always listen to my clients and I ensure I am upfront and honest with them at all times,” he says.
“If I was in their position, I would want to know the truth at all times. I let them know if a loan is not going to pass for one reason or another.”
Clients are more likely to use the same broker in the future if they feel the advice they were given the first time around was reliable and trustworthy, he says.
“Clients will be more likely to refer you to their family and friend network if they respect you as a professional and trust your advice.”
If honesty forms a crucial part of Mr Tong’s business offering, respect plays an equally important role.
Clients might be seeking advice about a loan, but they should not be treated as though they know nothing about mortgages, finance or property, he warns.
“With the advent of the internet, clients are now very switched on and knowledgeable. They know what products are out there. They do not come to me for a mortgage, they come to me for advice,” he says.
“They often know more than you think.”
It is crucial that brokers deliver on their promises, Mr Tong adds: “If you say you are going to call a client on a particular day at a particular time, then make sure you stick to your word and call them.
“Broking success is all about being trustworthy and reliable.”
A HELPING HAND
Broking success is also about planning ahead, which forms an important part of Mr Tong’s day to day routine. From his first day as a mortgage broker, he has always aimed to meet his monthly budgets within the first two weeks of the month.
“Once I achieve that, any business that comes through my door is a bonus,” he says.
He admits, of course, that he would be unable to meet those monthly targets within the first two weeks without access to a good relationship manager.
Mr Tong deals with a myriad of lenders and subsequently with their relationship managers, but is quick to single out Homeside’s broker support team for specific praise.
“I am a quality broker who boasts sound volumes and as such, I have lenders coming to me asking for my business,” he says. “But, at the end of the day, I am going to place my business with the lender who best understands my goals, ambitions and business structure and who can pass loans for me quickly and without hassle.
“No lender offers me more support than Homeside,” he adds.
Mr Tong says his relationship manager, Sethy Hoc, understands his business and does everything humanly possible to get deals passed quickly and easily.
In fact, he was so impressed with Mr Hoc’s commitment to the business, that he specifically asked for him to manage his NAB Broker relationship exclusively.
“Sethy just gets it,” Mr Tong says. “Some relationship managers will not return your calls for days. Sethy, on the other hand, is always there for me. He returns my calls within a few hours every time.”
This level of attention has helped him to grow his business and boost his bottom line, Mr Tong says. “Homeside understands a broker’s business. They have really gone ahead in leaps and bounds in the last six months, which is fantastic to see.”
BOOSTING THE BOTTOM LINE
Trust is not just an aspect of quality customer service. According to Mr Tong, once a broker earns their client’s trust, they are almost guaranteed repeat business.
He supports this very tangible bottom line benefit by diversifying his business offering through the inclusion of insurance.
“Offering insurance helps keep my clients sticky and it makes the whole home loan process a lot more pleasurable for them,” Mr Tong says.
While he sees the benefits of being a one-stop shop for clients, he has no plans in the immediate future to expand his core offering.
Rather, he is content to offer home, contents and general insurance and has no plans to make the transition into financial planning.
Mr Tong wants to spend the next few months concentrating on his current business structure and focusing on ways to boost his bottom line.
“Good brokers look to the future,” he says. “When times are good, business is booming. But a good broker understands that times won’t always be good, so they spend their time planning for today and tomorrow.”
