While most mortgage brokers tend to focus on their local area, the spread of technology has meant it’s easier than ever to reach a wider audience. To stay competitive and achieve sustainable success in 2025, brokers must think bigger. It’s imperative that mortgage brokers look for ways to achieve greater efficiencies in their business and increase revenue through the diversification of their service offering.
With the new year just around the corner, Finsure Group CEO Simon Bednar emphasised the importance of forward planning for brokers who are wanting to grow their business.
“Now is the time to start planning for 2025. Mortgage brokers who are willing to strategise will immediately gain a competitive advantage over those who fail to put a plan in place,” said Bednar.
“As part of the planning process, brokers should review their current business structure and ask themselves what areas can be improved. From there, it’s about identifying which solutions are available to help increase efficiencies and allow them to unlock their full potential.”
Tech is only one piece of the puzzle
While the influx of new tech platforms seems to offer the simplest solution for brokers wanting to grow their business, it’s only one avenue mortgage brokers can explore to reach their full potential.
Ultimately, mortgage broking is a people-focused industry, meaning it’s just as important that brokers look for services that improve customer experiences and strengthen relationships.
Fatima Dib, Finsure’s head of business innovation, who oversees its loan processing and virtual assistant (VA) program, knows the importance of customer-focused solutions having come from a mortgage broking background herself.
“When developing the VA program, I just thought about all the pain points I experienced when dealing with customers. Besides the difficulty of running a business and bringing in customers, finding time to compile a loan application and check that everything is correct became almost impossible. It was the main issue I wanted to address through our Virtual Assistant service,” Dib said.
“First, it allows mortgage brokers to manage their workload more effectively, leading to reduced stress and improved work/life balance. Moreover, Finsure’s Virtual Assistant program is tailored to meet the unique needs of each broker. Whether it’s a one-person operation or a larger firm, the program can be customised to fit specific requirements. This personalised approach ensures that advisers receive the support they need to operate efficiently and effectively.
“But most importantly, our virtual assistants are trained to deliver top-quality customer service, building upon the strong relationship forged by the mortgage broker when initially bringing them in the door.”
Don’t go it alone
As Bednar said: “Any broker planning for future success should write down their business objectives for the next 12 months, three years, and five years, then approach each aggregator and ask them how they will help achieve those goals.
“It will immediately become obvious which ones are prepared to actively invest in your business and support your ambitions and not just treat you as just another number.”
