​The benefits of benchmarking

by Julia Corderoy26 Sep 2014
Clinton WatersClint Waters on the importance of going back to basics and why brokers should set benchmarks

Clint Waters is the director of More Rosh & Waters, a boutique mortgage and finance broking company he co-established in 2005. Success in the broking industry for Waters is, simply, about simplicity.

“The product I provide isn’t necessarily different to other firms, but the service I provide is of quality. Clients can realistically get the product I am providing elsewhere – the product doesn’t change between my business to another brokerage firm or from the bank direct. That is simply the truth of the industry. What clients do get from me and my business is clarity and trust. That is our point of difference, first and foremost. Clients work with us and refer us because we provide them with information that is clear and concise,” Waters says.

Waters says giving clients clarity in a sometimes confusing process is an important role for brokers.

“I believe our job as brokers is to make sure our clients are thinking through the logical steps of what the future is going to look like if they buy a property or refinance a property. It is our job to explain to them how different structures work, and how those structures can affect their overall position over that timeframe. There is so much information out there already that bombards consumers, and we shouldn’t add to that. I strive to give my clients a picture of clarity. To cut out all the noise – what their friends told them, what their mum and dad said, or what they read online. I just really get to know their situation and make it simple.”

Waters is also an advocate of getting out there and benchmarking yourself against others, whether it be your colleagues or your ‘competition’. For Waters, creating a collaborative environment is going to strengthen the industry and the quality of the service brokers are providing.

“The best brokers are the ones that actually communicate with their peers and colleagues. I have solid relationships with lots of other brokers from other broking firms. We often catch up to swap ideas, and just chat about what we are doing – what is working and what isn’t working. In my office, we try to benchmark against each other on a weekly basis. Even if it is just a half-an-hour chat, it’s good to get advice off the people you work with, and see the way they approached a situation. You have a lot learn through how your colleagues do things – how they handle difficult situations or objections,” 

Waters says. Waters says this is aided by his aggregator, PLAN Australia.

“My aggregator is putting on its first-ever benchmarking meeting this week, which I think is a great initiative and should be done more often in the industry. It will be nice to bounce ideas off other brokers in this more formal environment, and determine what the best practice is out there. At More Rosh & Waters, we do things one way, but that isn’t necessarily the smartest or most efficient way. The brokers that are willing to open up and try things slightly differently are going to benefit from that over the longer term. The only way you achieve best practice is by comparing yourself with other colleagues and peers who are on top of their game.

This article is from Australian Broker issue #11.17. Download the issue to read more features.