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As rates become yet another talking point in the market and we sit and ask ourselves the question of whether it can go any lower, we have to be mindful of the spiel we are giving to clients and potential clients. During this period, we have to be sure we are not solely focused on low rates but more importantly we are focused on our business processes.
It's fair to say that interest rates are at an all-time low and have never before been as good as they currently are. However, with rates this good, the old saying 'win them on rate, lose them on rate' is more prevalent than ever.
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As brokers, if we don't put our processes and customer service front and centre we risk getting swept up in the excitement that record-low interest rates creates, which could potentially lead to us losing more than we gain.
Mortgage broking is as much about relationships and trust as it is about the numbers. The success of a broking business comes down to the solid foundations upon which it is built. This is crucial to be able to grow your business with a great database that is sustainable and has the capacity to retain clients and maintain them as clients for life.
I am a big believer that a successful process which focuses on customer satisfaction will always trump low interest rates. It's no secret that great relationships create client longevity and commitment to your business.
Having a great interest rate is the icing on the cake and should only form part of the benefits rather than be the sole reason why a client deals with you.
From what we know, pricing and rates at this stage will remain competitive. Therefore, as a broker, wouldn't it be great to be able to walk away from an appointment knowing that while you may have achieved a great price and interest rate for a client, the real benefit lies in your product knowledge, your processes and you doing the right thing by them?
Giving a client a great rate is just one piece of the puzzle. Giving them confidence from lodgement right through to settlement is what defines a business. The professionalism and capacity of a brokering business will at the end of the day be the reason clients refer their friends, family and colleagues to you.
Great rates will come and go but it's our processes and customer service that will differentiate our businesses from one another and allow us to build relationships with the true clients for life.
Ruan Burger, managing director, TIME Home Loans
Ruan Burger has been in the mortgage broking business for nearly a decade, starting out in the booming town of Gladstone after working in the banking industry for many years. He formed Time Home Loans early in 2013 after moving to Brisbane and the business has grown significantly since then.
Ruan is a nationally recognised member of the MFAA. During his career as a mortgage broker, Ruan has won – and been a finalist in – several awards. He won the MFAA Mortgage Broker of the Year award in 2012 and 2013 as well as the MFAA’s Award of Distinction in 2012 and was a finalist for the MFAA’s Credit Adviser award in 2014.
Ruan believes it is his ‘love of the game’, his strategic alliances and colleague morale that promote his business as a leader in the field.
