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Understanding the market means understanding your audience. But what happens when the market dries up altogether? Ruan Burger explores the issue.
We’ve all been there – investment loans, refinances, first home buyers – they all come in cycles. But what happens when the market doesn’t just change, it dries up altogether?
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The answer is simple: we redirect our play.
Instead of waiting for things to turn around, we adapt and shift our focus to meet new challenges head-on. Want to know how to stay ahead? Here’s the playbook.
1. Become your clients’ financial superhero
In today’s market, it’s not enough to simply process loans. Brokers need to become problem-solvers and advisers. That means helping clients explore new opportunities, like unlocking equity from their property for future investments. With property values rising across Australia, many clients may not realise they have untapped potential in their existing assets.
Offer guidance on refinancing or restructuring their loans to free up capital for new ventures. By positioning yourself as a trusted adviser, you can help clients make smarter financial decisions, which deepens loyalty and generates more referrals.
2. Tap into your network’s wisdom
Your network is one of your most valuable resources. Don’t hesitate to reach out to your referral sources – accountants, financial planners, real estate agents – and ask what business they’re seeing more of. Are SMSF loans becoming more popular, or is there a surge in construction loans? Staying in the loop allows you to adjust your strategy based on real-time trends.
Collaborate with your peers, too. They may have insights or be spotting trends in different niches, which could spark ideas for your own business. Sharing knowledge strengthens your industry relationships and opens new doors.
3. Show your clients some love (and appreciation)
Building strong client relationships is the foundation of long-term success. A simple yet powerful way to maintain these relationships is through a loyalty program. Create a system that rewards client referrals with thoughtful gestures, such as small gifts or handwritten thank-you notes. Acknowledging their support fosters long-term loyalty and keeps you top of mind.
For example, a client who refers a friend/colleague/family member is a prospector of you and your brand. Make sure you acknowledge and reward such behaviours.
4. Give a little, get a lot
It’s essential to invest in your referral network by being a giver, not just a taker. Help your referral partners identify opportunities within their networks. For example, if you know a financial planner who’s looking to expand their client base, make an introduction.
The law of reciprocity suggests that when you give, you often get back in return. By supporting others’ success, you strengthen relationships and increase the likelihood of receiving quality referrals in the future.
5. Expand your horizons (and your client base)
Education is one of the most effective tools in your arsenal. Hosting lunch-and-learn sessions is a great way to share your expertise with current clients and their networks. Not only does this help you generate new leads, but it also positions you as a knowledgeable expert in your field.
Additionally, speaking at industry events or community gatherings can further expand your reach. Public speaking allows you to showcase your passion and insights, potentially attracting new clients and referral partners.
6. Unleash the power of your fact finds
A well-completed fact find isn’t just a formality – it’s a goldmine of information. Use it to spot opportunities for referrals to accountants, financial planners, and other professionals. For example, if a client mentions they’re considering setting up a family trust, this could be an opportunity to connect them with an estate planner or an accountant.
Leveraging the insights from these documents helps you understand your clients’ full financial picture, allowing you to provide more tailored advice and strengthen your relationship with them.
Final thoughts
Opportunities are always out there, even when the market slows. By staying focused, asking the right questions, and tapping into your network, you can position yourself for success.
Adapt to change, and don’t let any opportunity pass you by – because if you do, someone else will take advantage of it.
Ruan Burger is the founder of broker training and coaching company Success & Broker.
The S&B Way provides a straightforward approach with a laser focus on achieving tangible outcomes.
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