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In a competitive mortgage market, personal branding is the secret weapon that sets brokers apart from banks and even other brokers, says broker and coach Phil Rice. Here, he unpacks how brokers can leverage their unique expertise and build relationships to attract clients and create lasting business opportunities.
In today’s fiercely competitive financial landscape, standing out isn’t just an option for mortgage brokers; it’s a necessity. The 74 per cent broker share of the mortgage market has been built on broker relationships with their clients, and this is something the banks struggle with. The value proposition of a mortgage broker exceeds that of a “bank”, which, in essence, is just the provider of the funds.
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Personal branding has emerged as a powerful tool for brokers, and this even distinguishes brokers from brokers when competing for business.
Understanding and leveraging your personal brand can be the secret weapon that sets you apart in the crowded world of mortgage brokering.
Imagine scrolling through your social media feed and coming across two mortgage brokers. One has a generic profile with sporadic posts about interest rates. The other shares insightful market analyses and client success stories and showcases themselves as the expert. Which one would you trust with your home loan? This scenario illustrates the power of personal branding.
In an era where 74 per cent of the mortgage market relies on brokers, blending into the background is not an option. Your personal brand is your professional fingerprint; it’s what makes you uniquely you in a sea of suits and calculators. It is the unique combination of your skills, experiences, and personality that you want the world to see.
Whether you’re an entrepreneur, a freelancer, or climbing the corporate ladder, a strong personal brand can open doors and create opportunities you never thought possible.
Banks have deep pockets and a long history, but they often offer one-size-fits-all solutions and prioritise profits over people.
As a broker with a strong personal brand, you bring something to the table that no bank can match: a human touch coupled with a vast array of options.
Banks and lenders leverage their historic value propositions and market share, but they often offer minimal product selection and are transactional, with little personal interaction or loyalty to customers. For instance, they do not allow existing customers to access cheaper loans available to new customers, thus maximising profits from their existing customer base while not acting in the best interests of the customer.
Brokers, on the other hand, have access to thousands of finance options and possess a broader knowledge of the finance landscape than bank lending managers, with a drive and compassion to find the right solutions for the consumer.
And let’s not forget about the AI elephant in the room. Sure, there’s chatter about AI replacing brokers, but here’s the kicker – AI can crunch numbers, but it can’t build relationships or offer the nuanced advice that comes from years of experience.
Your personal brand showcases the human expertise that no algorithm can replicate. There is a concern that AI might replace brokers, with consumers using AI to find loans and assist with applications and banks building automated AI landing pages to “cut out” the broker. However, the human touch and personalised service that brokers provide are irreplaceable.
Building your personal brand doesn’t require a marketing degree. It’s about authentically showcasing your strengths and values.
Start by defining your unique value proposition. Are you the go-to expert for first-time home buyers? The wizard of investment property financing? Whatever your niche, own it.
Choose your platforms wisely. LinkedIn might be your bread and butter for B2B connections, while Instagram could be perfect for sharing those “key handover” moments with happy clients.
Consistency is key. Whether you’re posting market updates, sharing client testimonials, or offering mortgage tips, make sure your content aligns with your brand message and provides real value to your audience.
A strong personal brand isn’t just about boosting your ego (though a few extra likes never hurt anyone). It’s about tangible business results.
Brokers who have invested in their personal brand have reported increased client trust and loyalty, a steady stream of referrals, higher perceived value leading to better rates, invitations to speak at industry events, and media opportunities that position them as thought leaders.
In essence, your personal brand becomes your most powerful marketing tool, working 24/7 to attract clients and opportunities.
Building a personal brand is a journey, not a destination. It requires consistent effort, but the rewards are well worth it. Start by taking stock of your current online presence. Is it telling the story you want potential clients to hear? Remember, in the world of mortgage broking, people don’t just buy rates – they buy relationships and expertise. Your personal brand is the bridge that connects your knowledge to your clients’ needs.
Lastly, instead of buying leads (which traditionally have a poor conversion rate of <3 per cent) or trying to use irrelevant generic pictures on posts, get a good picture(s) of yourself, showcasing your professionalism and that you are relatable, to promote your own personal branding. You are the expert – show it!
Phil Rice is the broker director of EZ Finance and the chief executive of the Business Advice Agency (BAA).
He has helped develop a free mini course for brokers on building your personal branding, available HERE.
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