Have you ever heard that old saying, “Jack of all trades, master of none”? It means, in a nutshell, that someone who is adequate at everything will never be exceptional at anything. And therein lies the rub. Most people are not looking to hire someone to do an adequate job, most people, and I’ll grant you not all, but most people, want someone to do a good job. A great job. An exceptional job. No homebuyer in the history of time has ever said “I’m going to be saddled with this loan for the next 30+ years, I really hope I get an adequate deal”.
So Don’t Try
A lot of brokers, being the entrepreneurial go getters that are attracted to this industry and the job, will try and take on too much too soon. They think, “That’s it. I am going to broker the crap out of this. I will take any and every deal that comes across my desk, and you better believe I am going to settle them all”. It’s a good attitude to have no doubt. It’s the kind of attitude that breeds success.
What you may not realise, is that trying to service every deal is time-consuming. Especially deals that do not fit within your traditional lending models; which, let’s be honest, there are becoming more and more of them. These deals require time, finesse, and a knowledge of the lending market that no one person could possibly possess. These are the deals that eat time. And as there are limited hours in a day, the more time you spend trying to settle these undesirable monsters, the less time you are spending finding new clients, settling new deals, and growing your business.
But it’s more than that. According to Dimensional Research, 95% of customers who don’t have a good experience will tell someone about it. And, according to Lee Resources, they won’t just tell one person, they’ll tell nine to fifteen people. Nine to fifteen. Not just that, but customers who have a good experience are 50% less likely to share it than if they have a bad one.
So just think, while you’re spending all of your attention on trying to get that one deal to fit, it’s entirely possible you’re detracting from your other client’s experiences. Nine. To fifteen. Potential. Clients.
The key, then, is to be good at a certain type of deal. To build your business and your brand equity about you being “the guy” for that type of deal, not just in the industry, but importantly your network of clients.
Be “The Guy” That Other People Want to Have
Sexist overtones notwithstanding, you have undoubtedly heard someone you know say “I have a guy for that”. Being “the guy” means being the connection. The person to turn to. The ultimate source of knowledge and/or unlimited access to the otherwise unobtainable. There’s an air of mystery in being “the guy”.
In your network, you want to pick your niche and you want to focus on being the guy.
At the end of the day you are your business biggest asset – so once you know what you are best at, you know what to stick to.
Build a network around you.
It’s all well and good to be the guy, but you also need to have them too. Building strategic partnerships is the key to creating a successful broking business. These partnerships should keep deals flowing into you whilst also removing obstacle deals from your desk, allowing you to keep laser focused on deals you can settle quickly and getting results that your clients love.
Nurtured properly, these partnerships will assist your business in developing customer loyalty as well as open-up untapped opportunities.
By sticking to what you know and developing a trusted network around you – you will see your brand grow.
Resicom has built its entire business around this strategy and these kind of strategic partnerships. Each of our BDM’s is a specialist in a certain field of lending, and we work with some of the most competitive Home, Commercial and Vehicle finance providers in Australia. Because of these relationships, we are able to settle deals few other lenders can. It’s part of the reasons brokers use us. If you have a deal you don’t know how to place, I can almost guarantee our BDM’s can – or know somebody.
By Brad Tefft