The service partnership

Since he took the helm of boutique brokerage Choice Mortgage Solutions in 2009, the southwest Sydney-based business has grown by an average $52 million per year. In August 2011, Mr Chronopoulos settled $6.9 million worth of mortgages – his best month to date – while the office as a whole settled $9.9 million in total, not a bad result for a four-man team.

He sums up the reason for his success: great business partners delivering great service.

“Business partners are very important. Without them we do not have a business.” Mr Chronopoulos explains “However it is their understanding of my business and the mutual respect which is critical to making the partnership work.”

ALL ABOUT SERVICE

Choice Mortgage Solutions’ approach to business revolves around delivering a premium service.

“We don’t advertise. All of our business is word of mouth and repeat business,” Mr Chronopoulos says. “Out of our database, 85 per cent is ongoing.”

Good service, he believes, means making time for each and every client, whether it involves responding to a phone call or scheduled face-to-face appointments – and being disciplined about the delivery of that service offer.

“Our reputation – our office’s and my own – has been built on consistently being there for our clients.

“I’m not saying I answer all of my calls straight away - that’s impossible. But I do get back to them and they know that and so they will wait.”

Face-to-face contact is very important, he adds. As well as meeting with prospective clients, Mr Chronopoulos prides himself on his regular meetings with his existing clients.

“In addition to the more formal meetings I will also pop in and visit clients when I am on the road, just to say hello.  That’s what I’m known for,” he says.

“I value the loyalty my clients [show me], and I respond with that personal contact. It means a lot to them.”

Of course, it’s impossible to meet with absolutely every client for every communication; it is about getting that balance right so Mr Chronopoulos chooses those moments carefully.

“I look after the top 10 to 15 per cent of our client base, but saying that, I will still go out and see others too.

“You can’t do it with everyone; you pick the clients that you know will refer clients back and appreciate the visit,” he says.

Mr Chronopoulos is also careful to service those clients who – initially – may not proceed to application and settlement.

“If their initial application doesn’t fit in with the lender, I still sit down with them and explain why they didn’t qualify and what they need to do over the next 6-12 months.

“Those clients will never forget you as the initial “no” and subsequent strategies they have had to put in place is perhaps the most valuable advice I can give. And they’re the people who will refer you, because you’ve taken the time, you’ve gone out there, spoken to them and treated them with respect.”

Referrals from existing clients are an important part of Mr Chronopoulos’ business, but he not only works hard so as to deserve them, he asks for them.

“I’m not backward in coming forward,” he says. “Every time I see a client, I actually leave them three business cards to pass on.”

Magnets are also one of Mr Chronopoulos’ favourite marketing tools. “It’s so simple but very effective and something I have been doing ever since I started. I leave magnets everywhere I go.”

Acknowledging a client’s settlement, however, is generally a more subdued affair. “We’ll give our clients a bottle of wine on drawdown,” he says, “but we’re not one of those offices that send a basket.

“We spend a lot of time with our clients and that’s our commitment to them. They ring and we’ll be there. The bottle of wine is a small token of our thanks – ‘Have a drink on us when you move in. And here are three cards – if you are happy with the service we provided please feel free to pass these cards to your family and friends!’”

PARTNERSHIP STRENGTH

Having the solid support of quality lenders is also critical when it comes to delivering a strong service offering, Mr Chronopoulos says, highlighting in particular his strong relationship with NAB Broker and Homeside.

There was a period when he didn’t use the lender, having not been impressed with their service; however, Mr Chronopoulos says NAB Broker has transformed and done a complete about-face.

Now, around 60 per cent of his business goes to Homeside.

“If I’m writing 15 deals a month, they’re getting 10 of them,” he says. “Homeside has come a long way and is delivering a service offer that enhances the service I give to my clients. That’s why they’re starting to pick up market share.”

“While other lenders might try to disguise their problems, NAB Broker has been very transparent. They’ve listened to brokers and have committed the money and resources to repairing theirs,” Mr Chronopoulos says.

“NAB Broker and Homeside are miles in front,” he says. “People just have to give them a chance and give their processes a chance to work and they will see the difference.”

ALL ABOUT SERVICE – AGAIN

While delivering a good customer experience is about good service, that service needs to come from the lender as well as from the broker.

The significant improvements NAB Broker and Homeside have made to their service offering have helped Mr Chronopoulos deliver a premium service to his clients and boost his bottom line as a result.

“The service levels they are producing often seem unrealistic, actually. I cannot believe it,” he says

“I always tell my clients we’ll get an approval within two to five days, then Homeside deliver an unconditional in three days and I look like a champion.

“And it is not just about the process changes that NAB Broker has made, it is also about the people. From my senior relationship manager Peter Rafidi through to the credit and operations teams – you can just see them all working together. Everyone is on board.

“I can pick up the phone, talk to my client and know where their loan is up to, without even having their file in front of me, because the credit team keep me so up to date,” he explains.

“You cannot talk to credit staff with a lot of other lenders but with NAB Broker and Homeside, you don’t have to call them – they call you. They are passionate, they want to help, they call you and they call you back and it’s done. I cannot ask for more than that.”

Mr Chronopoulos is particularly impressed with his senior relationship manager (SRM), Peter Rafidi.

“I’m not one of those brokers who demands 100 per cent from my SRM because he or she can never deliver that, with respect to the other brokers they are looking after too. When I do call them, it is important, especially when I’m with a client.”

Mr Rafidi offers Mr Chronopoulos just that.

“He’ll pick up that call because he knows I won’t call unless it’s important, and nine times out of 10 I’ll be with a client,” he says.

“That makes me look good because I’ve actually got on the phone, called a major lender and they’ve picked up right there and then.”

Good service, at the end of the day, is nothing without good products and fortunately, Mr Chronopoulos says, NAB Broker and Homeside offers both.

“My job is not only to look after my clients but to ensure they get a good deal and save money. With NAB Broker and Homeside they are getting a great product with the Homeplus package and are getting a great rate with Homeside’s pricing for risk – I can look my clients in the face and say this is the better product,” he says. “If the products are there, the service is there and the clients are benefiting then NAB Broker and Homeside will continue to get my business.”