December 24, 2008
Although Scott Hallam, loan manager with Loan Market Home Finance, has 20 years’ experience
in the finance industry, he has only been broking for six. Prior to that, he had spent fifteen years sharpening his sword at the Commonwealth Bank.
In 2007, he placed 99th overall on the list and in 2008, he had improved 51 places to finish 48th.
In getting there, Hallam spent the year focusing his efforts on providing his customers with an unparalleled service. His clients, as far as he is concerned, are the best referral source. “There’s no better referral than one from a satisfied client,” he says.
From the outset he views every new client as a potential referral source, and to make sure he does not leave any of their unfinished business to a competitor, he sets out from day one to dazzle them all with unmatched service.
He acknowledges that good service is easy to give when the deals progress smoothly. Any old broker can do that. But when the going gets tough the tough go broking – the way it should be done.
“It’s when lenders tighten credit or their application processes become tardy that brokers have the best opportunities to show what they’re worth.” he says.
“Brokers can make a difference by providing great service for the client and keeping them constantly informed of the situation, both good and bad,” he says.
Hallam has built his career specialising in the residential property market and is at his best when writing home loans. “Quite simply, they provide the ROI per hour per transaction.” he says.
And even with today’s volatile market, Hallam has kept his head by opting to keep things simple. “I figured that if I wrote more business, I’d earn more money,” he says. It worked. He did. He had a cracker.
Furthermore, since he recognised early on in the year that change would be the only constant with lenders, and commissions, he did not waste time bumping heads with them on it.
“I had no control over the decisions they were making. I could only determine how much I business I wrote.
Simple,” he says.
The First Home Owner Grant increases are good for the market Hallam says, and house sales are likely to be stimulated by them in 2009.
Hallam is aware of the importance of competition for the borrower and is concerned about the dominant position banks hold in the market.
Banks have a 90% share of the housing market pie. “I’d like to see the second tier lenders
become more competitive once again,” he says.
Make the hard phone calls first and treat your existing clients like gold, is his top tip. “Keep in
touch with them regularly, as they’re your best referral source.” he sacs.
Source: Mortgage Professional Australia
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