Taking control

When another mortgage brokerage took over the original group she worked for, Ms Thomas stayed around for 12 months while all her clients were transferred across.

“I realised I was probably going to do another 10 years under a brand, but I wanted to protect myself and have something that was my own 30 years down the track.”

BIGGER AND BETTER
Now that she’s happy and settled with 1st Street Home Loans, Ms Thomas wants to continue to expand her loan book.

She concedes that she’s probably a little too relaxed with business planning – “I'm a little bit naughty that way,” she says – but is keen to keep seeing clients succeed.

“We have a really good time doing this,” she adds. “I just kind of run with what happens though – it keeps me busy.”

Her aim is always to be bigger and better than the previous year: “In 2012, I want to keep enjoying what I do and keep helping our clients get to where they want to be,” she says.

It should come as no surprise then that for Ms Thomas, the most disappointing and frustrating aspect of broking is when things don’t go the way you plan for clients.

Turning that disappointment into other opportunities and exploring different avenues, however, helps her find ways to retain her clients and offer them a solution.

THREATS AND OPPORTUNITIES
Ms Thomas admits that there are “all sorts of things out there” that are challenging the broking industry at the moment.

The threat of missing out on potential business by neglecting online opportunities is one of the greatest challenges for the modern broker, she believes.

“I think if brokers approach [online issues] from a proactive perspective though, it’s a real opportunity,” she says. “You should be updating your website and creating your own traffic. There’s a definite market out there, particularly with the next generation coming through.”

DIVERSIFICATION AND INSURANCE
To broaden her offering, Ms Thomas has diversified into insurance and this has paid dividends both for her and for 1st Street Home Loans.

In The Adviser’s 2011 Elite Business Writers ranking, her $90 million insurance volume helped her land the sixth spot.

Ms Thomas was the listing’s highest ranked female, and was joined in the Top Ten by 1st Street Home Loans’ director Jeremy Fisher, who secured second place.

Of the Elite Business Writers, only Mr Fisher and top-ranked broker Justin Doobov wrote more insurance business.

On broaching the subject of insurance with clients, Ms Thomas says she’s upfront and always mentions it in the initial meeting.

“I guess the hard part is that the client’s aim is to get this property, right here, right now, so they can be single-mindedly focussed on that,” she says.

“During the time of settlement is when I start getting it back in their minds that insurance is an important thing.”

Ms Thomas is keen to remind brokers that they’re helping clients to secure a new asset – “plus there’s all the debt that comes with it”– so insurance shouldn't be a difficult subject to broach.

“Insurance can be mentioned throughout the whole process,” she says, “but it’s probably most successful at the beginning and also towards the end when documents are coming through.”

CLIENTS AND TRUST
Ms Thomas believes new brokers who are looking to grow their bottom line need to “hang in there, because it doesn't happen overnight”.

“You just have to keep hammering away – there will be things along the way that won’t work, but you’ll learn from that,” she says. “The things that do work, you’ll want to stick with.”

Above all, clients need to be able to trust their broker.

“People are looking for trust and for someone they can talk openly to and explain their situation. If brokers can’t click with potential clients, it does become a little bit hard,” she says.

Having close connections with clients will be particularly important in 2012, she predicts, because it will be a year filled with refinancing activity.

“I think it will be a year of a lot of refinancing, given that we've got some cheaper rates out there at the moment,” she says.

The other segment of the market that she believes will be especially active in 2012 is the first home buyer one.

“Even though the first home owners grant has gone, there are still a lot of people getting out there in the market,” she says. “I think we’re a little bit blessed in the eastern suburbs of Sydney. There’s still quite a bit of activity.”

REPEATS AND REFERRALS
Ms Thomas thinks of clients, in addition to local real estate agents and solicitors, as vital business partners through the referrals they can provide.

“The loyalty is there – they do come back,” she says.

She admits it can be difficult to remember how much business stems from referrals, and how much is repeat business. “It obviously changes each year,” she says.

“I think it’s probably on a three-year cycle, where clients start considering refinancing and looking at their options.”

When there isn't much refinancing activity, however, Ms Thomas predicts about 80 per cent of her business is based on referrals.

Her background probably helps her retain clients and generate referrals – she completed a Bachelor of Business, majoring in marketing.

Her favourite marketing technique with 1st Street Home Loans is the company’s newsletter, “because it’s a solid, regular touch point.”

“I think clients like receiving relevant information from a trusted source,” Ms Thomas says. “We keep them up to date with what’s going on in the market, to give them a better understanding of what’s out there.”

Her ability to share information, connect with clients and integrate insurance into her business offering has clearly paid off.

“Considering there are so many people out there, I guess that’s probably why we've done okay,” she says.