The mortgage industry is more competitive than ever, and for brokers who want to attract and retain clients, standing out from the competition is crucial. Here are our top tips to help you build a mortgage broker business that thrives, even in challenging times. 

In today’s lending environment, more borrowers are turning to brokers to help them find solutions. According to the MFAA Industry Intelligence Service, last year brokers were responsible for facilitating 71.1% of all home loans. While it’s great to see such a high demand, competition is also tougher than ever with the number of brokers increasing by 5% last year.

Brokers are also under increased pressure to find solutions for clients who might be struggling to meet tightening bank servicing requirements. They need to differentiate themselves and meet their clients’ needs to be competitive, but in today’s market, this may require a new approach. We spoke to Assetline Capital’s State Manager, Jason Lucas about what he’s seeing successful brokers do to stand out from their competition and grow.

Partnerships for mortgage broker business growth

To grow your business, you first have to let potential clients know you’re there. Education and partnerships can be a good way to prove your expertise and stay front of mind when people are looking for help with financing.  

“I’m seeing a lot of brokers demonstrate their expertise by providing podcasts, free information and guides, and interviewing people to create case studies. Positioning yourself as the go-to resource for potential borrowers can be a great way to ensure you’re the first person they think of when they’re ready,” says Jason.

You can also build awareness through strategic partnerships with aligned local businesses, like wealth management firms or accountants. Expanding your professional network can provide you with a steady source of referrals.

Jason believes educating yourself is the first step to being able to educate others.

“To effectively prove your expertise and build strategic relationships, you will need an understanding of the market, the changing rate environment and depth product knowledge. Then you can confidently discuss solutions with clients,” he says.

Turn your clients into advocates

Delivering excellent customer service and meeting your clients’ needs can help you retain existing clients, and gain more referrals and recommendations in the future.
“A great customer experience comes down to speed, responsiveness and overcoming obstacles to find a solution,” explains Jason. “This is especially challenging in the current market, with decreased valuations and increased servicing buffers.”

One of the best ways to differentiate yourself in the market is to help clients find solutions where other brokers can’t. But to do this effectively, you need strong partnerships with the right lenders with a broad suite of products – and be willing to diversify.

“Your lender’s BDMs can help with education and guidance for those more complex deals or to help find solutions,” suggests Jason. “For example, at Assetline Capital we’re available to help workshop a deal and work with you to get it over the line.”

With the right lender partner on your side, you can solve more problems for your clients, and give them greater certainty and confidence. And building that trust means they are more likely to do business with you again – and refer their friends and family.

Look to non-bank lenders for solutions

With traditional banks tightening their servicing requirements, borrowers are turning to non-bank lenders to find solutions. If brokers want to provide the full range of options for their clients, educating themselves on non-bank lending is essential.

“Look for a lender with a full suite of products,” suggests Jason. “That way you’re not having to work with multiple lenders for one client or scenario. For example, at Assetline Capital we offer short-term capital lending, bridging finance, construction capital and long-term Horizon mortgages with one point of contact.”

And if you’re not familiar with specialist types of lending, like commercial and construction finance, choose a lending partner that’s committed to education and broker support. They can help you expand into new client needs where there is strong demand – and less competition.

If you can successfully differentiate yourself from other mortgage brokers, you can attract more clients and referrals for profitable growth. Now is the ideal time to rethink your marketing strategy, develop strategic partnerships, focus on exceptional service – and partner with the right lender.

Get in touch to learn more about Assetline Capital’s full suite of products or visit our accreditation page.