Rachel Farrell has been a broker for six years and runs Bloom Capital in Melbourne. She's been named one of the Australian Business Journal's 20 leading Australian mortgage brokers to watch, and is the only woman featuring on this list.
Q: How did you become a broker, and what attracted you to the role?
A: My dad has been a broker for 20 years, and my mum was a broker for about 15 years, so I feel like I have this in my blood! I did see how successful they were in building their business, and I decided to follow in their footsteps. At the time I was unhappy in my job and went through some major personal changes, so I decided I needed a new direction and something to call mine. I knew there’d be long days and nights, but having a challenge was most exciting for me – and boy is it a challenge! The thing that was most attractive was creating and building my own business, meeting so many new people, and, of course, the ability to have uncapped earnings.
Q: How does it feel to be named by the ABJ as one of its 20 leading mortgage brokers?
A: It’s extremely exciting. I feel as though my hard work is paying off and getting recognised, which is fantastic. I’m also so proud to be the only woman named – a huge achievement and a small step in the right direction for diversity in the finance industry. I think it shows women there are some great opportunities in this industry and if they’re looking for a change, this could be it.
Q: What are the keys to being a successful broker?
A: Putting clients’ needs and objectives first, showing empathy for each individual situation, and making the whole process easy, straightforward, and of course fun. It’s important to be aware that this is a relationship-building business, and if you consider clients as just another number, unfortunately it will not be successful.
Q: What has been your biggest challenge as a broker this year?
A: Like for every other Victorian, COVID-19 has been our biggest challenge for the past two years. Moving the office and client meetings remotely has been hard for us. As a team we love to work together side by side, so it’s been hard not to have that interaction. The same thing goes for clients – I love getting on the road and seeing everyone in their homes or in our office, so it’s definitely added another layer to the relationship-building that we’re so successful at.
Q: What are your plans for 2022?
A: Like all brokers, our top priority is our clients and their needs. We of course want to make sure our existing client base is secure, in addition to expanding our reach to helping as many people as we can. We will also look to grow our team by hiring additional admin team members and hopefully two to three brokers. Towards the end of 2022, we may look to move into a new office space; however, we love where we are now.