Vow Commercial Conference: Speaker Spotlight
Last week some of Vow's best commercial loan writers gathered in Hobart. Experienced broker, Ian Fraser, was one of the presenters. Here, he shares his tips on building a diverse revenue stream.
Q. How was the conference?
A. It was awesome! Vow always puts on a good event, where you get to talk to lenders and fellow brokers. You can network, catch up and even workshop deals with them.
Q. How did you get into commercial finance?
A. We actually had a bit of a reverse model, starting in finance for cars and trucks. Then we started doing mortgages, because our clients were asking us for them, and then we got into commercial property.
Q. What's the common theme - how do you build out a new area?
A. It's about your relationship with the client. Once you've built that trust, you're their go-to person for all their financing needs, the person that helps them. Then it's a matter of expanding the relationship - we talk about their dreams and plans and I get to know how I can help them.
Sometimes you can plant a seed, like 'gee you've been renting this place for a bit, have you thought about what buying it would cost?'. Our role is to suggest, not just be a 'yes' person or a one-product broker.
Q. What advice do you have for brokers who want to diversify their revenue?
A. Use the Vow network! They have the products and the people in place for referrals, and that's who you can learn from. Everybody has to start somewhere, and you won't get the knowledge all in one go. So, work with people who can help you learn over time.
The other thing is to ask questions and use that information. As a home loan broker, you get so much information in the fact find process that you can use to broaden the conversation with your client.
Always look for the opportunity and never be afraid to ask for the order.