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Over the last 12 months brokers have faced challenges, but with the 2010/2011 financial year all but over, who has overcome these obstacles?
Have you managed to grow volumes over the last financial year?
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JEREMY FISHER, 1st Street
Over the past 12 months my loan volume has grown both by number of loans settled and dollar amount. The increase would be around 30 per cent compared with the previous year – so a very happy result in what has been a tough year. Challenges have come from banks tightening their lending requirements but I have taken this on board and ensured that I work with the banks and consider their new guidelines with all submissions. This has meant my conversion rate has remained at 100 per cent and client satisfaction has also remained at 100 per cent.
KEN BURNS, Loan Planners
Unfortunately no; this market has presented many challenges over the last 12 months that have taken a toll on the company’s growth prospect. With the current market flat and buyers sitting comfortably on the sideline I have focused my attention on providing a total service offering to existing clients. Moving forward into 2011/2012 I will be extending my product offering and will look to tap into the insurance market. Servicing the mortgage needs of clients will remain a central focus point of business, however I feel by extending our product range and offerings we will be able to generate a higher level of business.
TONY O’HALLORAN, e-choice
The combination of a flat property market and soft economic conditions has really taken a toll on business opportunities and growth. There is very little activity in the property market at the moment and unless vendor expectations meet the needs of current market conditions I see this trend continuing for some time. A lack of first home buyers is also taking its toll on my volume prospects. However, I expect this is occurring across the entire market as the government’s first home buyer boost scheme created abnormal levels of demand, and we are now witnessing the market correcting itself.
JUSTIN DOOBOV, Intelligent Finance
Yes, absolutely so. Since we first opened our doors nearly eight years ago, we have seen exceptional growth each year – even during the GFC. Despite flat market conditions I expect this financial year to bring another record breaking performance in terms of growth. I believe the key to generating business in a flat market is to ensure that you have maintained and managed relationships effectively when the market was previously strong. We maintain a high level of service at all times for our existing clients. This is core to generating more referral opportunities which assist in building the business. The majority of our clients refer us to their family and friends, so the more clients we have, the more we gain.
TROY GALLEGHAN, Financial Tuneups
This has been a challenging year for the industry, and I have seen many difficulties with consolidating business and planning for future growth. However, I have found that I am gaining new clients and new business as people are in search of quality financial advice from a recognised industry professional. With the market relatively flat and only limited signs of recovery emerging, I will be making the message loud and clear to existing clients: seek advice from a professional finance broker; don’t risk advice from a bank.
