As the mortgage industry shifts with AI, rising competition, and social media, Laze Spasevski (pictured) is urging brokers to adapt while staying grounded in relationships. His journey from property investor to broker offers lessons in resilience and innovation.
Spasevski became a mortgage broker in 2016 after realising there was a gap in the support available for property developers and investors like himself.
“I became a mortgage broker in 2016, initially as a side hustle,” he says. “This was in response to dealing with banks directly, and other brokers at the time, and just not getting the right outcomes.
“I was undertaking property development projects and growing a portfolio of properties, and I felt that I was just not getting the right advice and level of insight from those I was dealing with at the time. This gave me the idea that there was an opportunity to provide an offering for ambitious property investors, property developers and builders who were completing multiple projects at any given time – and the rest is history, as they say.”
After completing his qualifications and accreditations, Spasevski built a business focused on helping clients with complex property needs — a niche he understood firsthand.
In late 2019, Spasevski made the leap to focus solely on broking. Just months later, he became a new dad and was then confronted with COVID lockdowns that shook both his business and his health.
“I decided to make my mortgage broking business my sole business focus in late 2019,” he says. “This coincided with becoming a new dad and was just before COVID. Being plunged into lockdown for such a long time made it extremely difficult to build my business and many of my existing clients, particularly in the property development space, paused or permanently put off their plans for constructing their next project.”
Spasevski also faced unexpected health concerns at the same time.
“The other challenge during this time was that it also coincided with me experiencing some health concerns,” he says. “Eventually, I received a diagnosis that wasn’t as bad as what the doctors thought it could be, which was a relief. However, the culmination of so many negative factors e.g., COVID, lack of sleep as a new parent, medical issues, loss of clientele through no fault of my own, meant it was a very challenging period.”
Without the backing of a large company, Spasevski said the decision was clear: fight on or give up.
“Not having a safety net of a large company behind me, I was in a position where it was sink or swim,” he says. “I had to decide to keep fighting or give up and pivot into something new, such as the safety of a corporate job, like I was doing in the past.
“But thankfully, I found the strength to push on and here I am many years later still going. I learnt a lot about resilience during that time, and it changed my perspective in many ways. Ultimately, I’m grateful for the experience and I think I’m stronger now than ever before.”
Spasevski said the industry itself has grown strongly in recent years, with brokers now writing more than three-quarters of residential mortgages.
“I think the most positive development in broking has been the continued growth in market share that brokers have won. These days, over 75% of all residential mortgages in Australia are written by a broker,” he says.
“There are many reasons for this growth. Brokers provide great service to their clients; they typically do not charge fees to their clients, and they find the most appropriate solution across a broad selection of lenders.”
Looking forward, Spasevski sees technology, competition, and marketing as the key challenges for brokers to navigate.
“I think there are a number of challenges that confront brokers these days,” he says. “Some of these challenges are common across many industries, for example, the implementation of artificial intelligence (AI) and what that could mean for the industry.
“I think brokers who can embrace AI and implement AI solutions to improve efficiency, improve their marketing efforts etc. will come out fine. I don’t think it will take over the industry. We are still very much a relationship-based industry, and I believe that will continue.”
Spasevski said the growing number of brokers could create pressures for smaller operators.
“Another challenge specific to broking, in my opinion, is the increasing numbers of brokers in the market,” he says. “This will make it challenging for solo brokers to remain competitive, and perhaps some of the larger brokerages will be able to gain a stronger foothold in the market pushing some of the smaller players out and creating more churn.”
And, in today’s environment, marketing through digital channels is unavoidable.
“Lastly, I would suggest a major challenge will be the rise of social media and its role in promoting and marketing one’s business,” Spasevski says. “Brokers who don’t embrace social media to promote themselves will find themselves losing business to those who do. This applies to all industries and definitely a major thing for brokers to be mindful of and work on improving – myself included.”
Reflecting on his career, Spasevski encouraged those considering broking to test the waters before fully committing.
“I would encourage people to give it a go,” he says. “Try it for a period of time and see whether it is something you are passionate about. Without passion for this game, you won’t last. So, if you try it and realise it is something you can spend many hours doing and ride the ups and downs, then you can create something meaningful in this game.”
Spasevski added that starting out with an established brokerage can make the path smoother.
“I would recommend not doing it the way I did, which was to start your own brokerage from the very beginning,” he says. “I would recommend working in an established brokerage, learning the roles and seeing how it is done, then consider branching out if that’s your goal.”
Above all, personality and passion for property remain essential.
“Just note you need to be a people person,” Spasevski says. “You must enjoy dealing with and helping people and lastly, I would say you need to have a passion for property in general. If you have these attributes, then the hours of hard work seem like more than just work. That’s the key.”
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
