Australia is experiencing its first recession in 29 years, forcing most industries to navigate a daunting landscape. Unfortunately mortgage brokers are among those most affected.
That said, with thorough preparation and guidance, there are ways that mortgage brokers can navigate these unprecedented times and help their business to not only survive, but to thrive.
Here are 5 tips to help mortgage brokers succeed:
1. Review and improve your customer services
Now, more than ever, customers will be less willing to pay for services that are deemed non essential and unsatisfactory. Mortgage brokers must scrutinise their customer service processes to stay competitive within the industry.
Ensure you’re equipped with the best tools and technology available to stay connected with your customers. Now is the time to experiment with different ways of staying in touch and encouraging repeat-customers.
Understanding the needs of your customers and the areas that you can improve and work on will allow you to maximise efficiency and ensure your time is spent on providing services that are of the highest quality.
2. Assess the health of your business
To improve business efficiency during times of economic uncertainty, you need to minimise the threats to your business success.
Assessing the overall health of your business is an effective way to identify problems within the company and target these areas now before further damage is done.
3. Utilise mortgage lending data and analytics
I’d strongly encourage all mortgage brokers to make use of relevant data analytics programs to assess how successful, competitive, and well structured their business is.
Using data and analytics programs will help you to note any inefficiencies and areas that need improvement. This will give your business that competitive edge and allow you to stay on top of operations, customer services, and your goals.
4. Prioritise necessary spending
Your business must allocate appropriate budgets for necessary costs. Efficiency of your operations will slow if you’re spending excess time reviewing budgets instead of focusing on the tasks that you’re being paid to do.
Cut discretionary spending on luxury items and non-essentials, and implement a budget for the costs that are needed within your company.
5. Reevaluate strategic planning and stay goal-oriented
To achieve optimal efficiency after the impact of COVID-19 it’s critical to plan ahead. You’ll also need to stay clear on what your business goals and objectives are, and make extra efforts to achieve them.
This will help you to stay motivated and push through all the setbacks that are thrown towards you.
Through our HashSuccess program, we offer a range of motivational and educational tools that aim to provide brokers with access to business coaches, seminars and discounted training in business sales, leadership and compliance.
During the recession, your business will undergo significant changes if your strategy hasn’t factored in its impact and planned for potential disruptions.
Change your planning to accommodate for customer needs during a recession and continue to assess these plans as things change.
With mortgage brokers facing a number of challenges during the recession, HashChing is committed to providing the best tools and technology to allow brokers to thrive. To find out more visit here.
Arun Maharaj is the Chief Executive Officer of HashChing.
