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Looking to take your business to the next level? Choice Aggregation Services CEO Stephen Moore reveals eight fundamental traits of highly successful brokers.
From strategic planning and quality business systems through to outstanding customer experience, there is a wide spectrum of factors that need to be considered, in order for any business to flourish.
Throughout the course of this blog series, I’ve taken a look at the different ways brokers can grow their business and refine their service proposition.
As we near the end of the series, I thought it would be valuable to reflect upon some of the key characteristics of some of Choice’s most successful broker groups and identify what they all have in common. Of course, every business and every broker is unique, but there are some clear similarities when it comes to those broker businesses that have achieved strong growth and withstood the test of time.
- Strong business processes
Without doubt, the most successful broking businesses boast strong, consistent business processes. While it may not sound that exciting, these really are the key tenets underpinning any successful business and are the foundation upon which growth, efficiencies and a smooth customer experience must be based. For brokers, this means ensuring you have a quality documentation process, that thoroughly documents all client interactions, and quality software that streamlines processes – this is critical to productivity.
- Exceptional customer experience
Providing an outstanding customer experience is a critical success factor as it’s what enables a great broking business to differentiate itself from an average one. At Choice, we are focused on supporting brokers to expand their thinking from customer ‘service’ to ‘experience’ to make sure every little piece in the customer interaction process is exceptional.
- Ongoing relationships
An outstanding experience that ends at settlement is not enough. The most successful brokers know that maintaining relationships with existing clients is crucial. Not only is it best practice, to ensure you are providing regular check-ins on clients’ financial arrangements, it’s the number one way to grow your business. Existing customers provide much warmer leads than completely new clients, so it makes sense to foster and nourish these relationships.
- A broad service offering
Whether it’s via referral partners or in-house specialists, the most successful brokers maximise the services they provide to their customers. By being able to meet more of your customers’ needs, you’re providing convenience and also protecting yourself from losing clients to other businesses.
- A firm grasp on technology
Having access to leading-edge technology and the right systems and tools in place is essential to driving productivity. Top performing brokers invest time and resources in implementing and understanding the full functionality of technology and use it to maximise efficiencies as well as customer experience. With innovation and technology moving so quickly, top brokers also recognise the need to keep up to speed on changes to processes and tools and make the time to do so.
- A commitment to learning
Even the most successful brokers keep an open mind and recognise the importance of continued learning and education. Whether it’s formal learning or peer-to-peer sessions, high performing brokers and business leaders know that there is always more that can be learned.
- A strong value proposition to attract loan writers and staff
Another key trait among our largest broking groups is the strong value proposition they have developed to attract quality staff. Building a strong, efficient and trustworthy team is vital if you want your business to truly flourish and the most successful broking businesses ensure they are well positioned to attract and retain a quality team.
- A plan for the future
Finally, successful brokers recognise that the key to achieving business growth is to plan for it. Developing a strategic plan and checking in on your progress regularly is essential.
At Choice, we are continuing to develop specialised support services to larger broking groups and are focused on arming our brokers with the support necessary to drive highly successful businesses.
We facilitate regular peer-to-peer sessions, to enable top business leaders to learn from each other, and have also developed a tailored stream of events specifically for these brokers.
With our industry continuing to grow its share of the home loan market, we believe there is enormous opportunity for brokers who are hungry for growth and we are committed to supporting our brokers to excel.
