Any successful brokerage would know that the not-so-secret secret to running a good business is your staff. However, Jeremy Fisher, founder and director of award-winning brokerage 1st Street Home Loans says brokerages could be capitalising on the unique skill-sets of their brokers better.
Although 1st Street centre on residential home loans, Fisher told Australian Broker
, each of their brokers has been chosen to specialise, or be the “go-to” person in a different area or type of loan.
“Our brokers are still a one-stop-shop, but I realised that certainly smaller businesses don’t always have the skills to do absolutely everything as much as we all say we are a one-stop-shop. Any mortgage broker can write an SMSF
home loan, for example, but they don’t always know the intricacies around what you can and can’t do and the legal requirements around superannuation,” he said.
“It just came to me that there are brokers here with skills that are quite unique. So, if there is a deal that sits outside of one of our brokers’ comfort zones or skill-sets, we would utilise the other brokers here in the office who have the experience or the interest in that type of loan.”
Fisher says it is about knowing your brokers – their background, their experiences, their knowledge and their interests – and then capitalising on that.
“It still means that the individual broker who has the client will still write the loan, but they know who the expert is on, let’s say construction as an example, due to their experience and their unique skill set for that type of loan. They have kept up to date with all the changes within the construction industry and the bank policies and regulations in that industry. It means that we have recognised the vast skill set we’ve got in our office and we are capitalising on it and taking advantage of it.”
Fisher says it won’t only make brokers' businesses more efficient but it will help boost staff morale.
“The last thing I want to do is an SMSF loan, but at the same time I’ve got a broker here that has a client that’s got multiple trusts and companies and to me, that’s easy. That’s what I like doing and where my skill-set lies. So, it’s about letting brokers specialise in what they are passionate about.
“We won’t just take over a client from someone else, we will make sure that we skill them up at the same time.
“It’s a big world out there and there is a lot to know and I don’t claim to be an expert in everything and I don’t expect my staff to be an expert in everything. With the abundance of regulation, policies and information it is impossible to be. It is about sharing education and sharing knowledge and letting our brokers specialise in what they are interested in.
“If you are a brokerage that has a varied pool of certain skill-sets in your office, then you should absolutely be honing in on them and utilising those skills. The benefit is ultimately the client.”