According to Ibis World, there are currently 10,803 mortgage brokers in Australia, indicating a 5.9% increase from 2022.
This data suggests that the mortgage broking industry in Australia is experiencing growth, as the rising number of mortgage brokers reflects the demand for their services in the Australian market. The presence of this significant number of mortgage brokers indicates a competitive landscape within the industry, which may result in the industry becoming increasingly competitive as time goes by.
Now, the question is, how can you stay competitive and grow your business in such a thriving market?
The answer is in two things: generating sales and having the time to actually do it.
Keeping Up With Your Own Business
If you are a skilled or experienced broker, generating sales will eventually become a no-brainer. And let’s say over time, you were able to gain leverage with your business ideas, skills, and exceptional service. Will you be able to keep up with the increasing workload and client demands?
On average, it takes up to 20 hours to process a loan for a single client. Not to mention you have to keep track of each client’s loan application status and answer any queries they may have along the way. And with all these bottlenecks coming one after the other, having the time to gather leads, get more clients, and grow your business now sounds like a dream more than a reality.
However, there is one secret to staying relevant in the industry, all while reclaiming your lost time – whether it’s to focus on the higher-level tasks in your business, or take the time off for yourself and recharge.
The secret? Having the right team in place.
Building the Perfect Team
To compete in this fast-paced industry, you will need to have the perfect team supporting you. One easy, cost-effective way to achieve this is by hiring a Virtual Assistant (VA) from an ISO-certified organisation.
How a VA Can Help
A VA can handle various tasks, allowing you to skip wearing all the hats and focus on higher-level tasks. Here are some specific areas where a VA can make a significant impact:
- Admin Support: Administrative duties can be time-consuming and take you away from revenue-generating activities. A virtual admin assistant can take care of tasks such as data entry, document management, preparing reports, loan application, following up with lenders, and maintaining client communication. By delegating these responsibilities, you can reclaim your precious time and devote it to more crucial aspects of your business.
- Database Management and CRM Support: Maintaining a well-organised client database is vital for brokers to stay ahead. A VA can assist in managing and updating the database, ensuring accurate and up-to-date client information. They can also provide support in utilising CRM tools effectively, maintaining file hygiene, and closing files once the loans are settled. By leveraging these tools, you could better improve your client relationships, keep a good record of your files, and enhance overall customer experience.
- Market Research and Lead Generation: Staying informed about market trends and identifying potential leads are crucial for success in a thriving broker industry. A VA can help you conduct market research, gather data on your potential clients, and assist in lead generation activities. This frees up your time to focus on closing deals, while your VA assists you by giving valuable insights and prospects.
- Social Media Management: In this digital age, having a strong online presence is no longer an option – it’s a necessity. A VA can handle social media management tasks such as content creation, scheduling posts, and engaging with clients on various platforms. By maintaining an active and engaging social media presence, you could enhance your brand visibility, attract new clients, and stay connected with your existing ones.
- Client Support and Communication: Exceptional customer service sets brokers apart in a competitive market. You could offload the customer service aspect to your outsourced assistant and watch them promptly respond to inquiries, manage client requests, and ensure timely follow-ups. With a reliable and skilled VA by your side, you could ensure that clients will naturally build trust and be satisfied with your service.
As the mortgage broking industry grows, staying ahead requires strategic thinking and leveraging available resources. With a VA’s help, you could propel your business forward all without the headaches and burnouts of growing one.
Thinking of getting a VA? Embrace the power of delegation and watch your business thrive without pouring sweat and tears. Book a call with us today and see how we could help!
