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Building and maintaining your status as a trusted adviser is an important aspect of a mortgage broker’s day-to-day activities.
When a person takes out a mortgage, they are often making the largest financial decision of their lifetime. If a client feels they have had a positive experience with a mortgage broker during this process, they will be more likely to give that broker repeat business and also recommend that broker’s services.
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There are many opportunities to create a positive experience for a client and build your trusted adviser status. Finding the loan that best suits the needs of the client, being available after hours and giving advice regarding finance options are all ways that can help in this regard.
Recommending the services of a quantity surveyor who specialises in tax depreciation schedules can be another way to increase your trusted adviser status. By raising the topic of tax depreciation with your clients who invest in real estate, you can show that you have a real interest in their financial wellbeing. It’s a win-win situation because your clients could improve the deductions they receive on their tax return and therefore their available cash flow. As a result, your trusted adviser status could also increase.
It’s important to remember that you don’t have to be a tax depreciation expert in order to help a client. By asking a client if they claim tax depreciation on their income producing investment property and recommending a tax depreciation specialist if they don’t, you could help to save them thousands of dollars.
With so many new investors recently entering the property market, mortgage brokers are no doubt encountering investors who are unaware of the benefits of tax depreciation. Research conducted by BMT Tax Depreciation also suggests that of those investors who are aware of the benefits of property depreciation, 80 per cent are not maximising or claiming these deductions correctly. This means that there are potentially thousands of property investors who are not receiving the correct tax return.
Brad Beer
Brad Beer (B. Con. Mgt, AAIQS, MRICS) is the CEO of BMT Tax Depreciation. Brad joined BMT in 1998, and as such, he has substantial knowledge about property investment supported by expertise in property depreciation and the construction industry. Brad is also a regular keynote speaker and presenter covering depreciation services on television, radio, and at conferences and exhibitions Australia-wide.
