The Vow Conference Countdown is on

This time, two months from now, the Vow team will be getting ready to claim our sunlounges and get out our favourite Hawaiian shirts. That's right - the Vow Conference in Port Douglas is fast approaching - 18-21 October.

If you're ready for networking, learning, inspiration and the odd bit of fun in the sun, then you'd better register soon.

Register now

Happy birthday David Stewart!

Please wish our fantastic QLD State Manager a big happy birthday. It's a milestone birthday, but we wouldn't want to spill his secrets and tell you which milestone. Instead, here are some celebrities who turn the same age this year.

Doing better business

Why audits can help you improve your business and your clients

We sometimes get asked about why Vow is auditing ACLs and the short answer is: because we need to.

Since January 2017, ASIC has delegated the audit process for ACLs to their aggregator. This is part of a broader shift, where the regulator is giving more compliance responsibility to the industry itself.

As a result, Vow has been investing in growing our audit capability. However, our approach is not all about coming in with a clipboard and a red pen. We want to equip every broker with the tools and knowledge to do things the right way.

We know from the past six months of audits that even some of the most professional and experienced brokers can receive red or black audits. This is simply because they didn't know they were doing anything wrong. It's like driving - you may have had a licence for 35 years, but rules will have changed over that time. Your processes need to as well.

The fact is, rules are changing all the time. Here at Vow, we invest significant resources into keeping up to speed with the market, funders, regulators, legislation and regulation. It requires time, money and experts to do this.

As an ACL, you would realise that it's impossible for a small business operator to do the same and look after your clients at the same time. The audits are more like a friendly figure making an assessment, which is much better than waiting for a crunch to come from the regulators. In addition, they help build efficiency into your business, as you'll create better files with less need for rework.

If you want to be audit-ready, we strongly recommend attending one of our compliance workshops. Speak to you state manager about the next one near you.

Success Secrets of Top Brokers

Article by Deposit Power

The MFAA's new Industry Intelligence Services (ISS) has reported lower conversion rates than the previous year's. They put this down to "more promotions by lenders, a low point in the interest rate cycle, more conservative lending policies and intense competition amongst brokers".

The ISS also reported that the proportion of brokers not settling a single loan in six months has increased, suggesting these may be brokers who are new to the industry or established brokers living off trail commissions.

Time to spruce up your business and convert more enquiries into loans? Or do you find yourself wondering how some brokers have such high conversion rates?

Deposit Power spoke to several top performing brokers to find out the secrets of their success!

The most-repeated tip was to focus on sales and marketing!

Your marketing system should bring you good quality leads and work hand in hand with your sales system which should convert a lead/enquiry into a loan as quickly as possible.

How do you do this?
Use the following to lighten your manual workload:
1. Social media to promote your business and boost awareness
2. Technology to increase your knowledge (e.g. learning through webinars, blogs, broker forums, books, conferences) and lighten your workload (e.g. recording your notes and ideas on an iPad and setting reminders)
3. Delegate non-income generating tasks (e.g. completing application forms) and free up your time to follow up new leads, focus on existing customers and their evolving needs and build your network
4. Use Deposit Guarantees to grow your business and convert more leads to sales

How to convert enquiries into loans as quickly as possible
Offering your customers a Deposit Guarantee, and helping them with arrange their deposit, means they are more likely to follow through and apply for a loan with you.

You will be paid a commission for each guarantee issued, and the application process for a Deposit Guarantee is fast and easy.

This helps you engage your customer sooner, customers can now use the equity in their existing property to get a Deposit Guarantee!

Contact us today!

partnersupport@depositpower.com.au or 1800 678 979 (option2)
click here to register for our webinar (CPD points)

depositpower.com.au