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Effective brokers should look to collaborate and share expertise with other industries. Buyer’s agents are a perfect example of a trade that brokers can lean on to drive outcomes.
Establishing strong relationships with buyer’s agents is an effective way to promote growth.
These agents frequently interact with potential property investors. By partnering with buyer’s agents, brokers can position themselves as a trusted mortgage adviser, increasing the likelihood of client referrals.
According to PRPTY360 founder Julian Fadini, there are a variety of benefits to come from collaborating with a buyer’s agent.
Firstly, by referring clients, brokers are able to provide a better service to borrowers and become a ‘one stop shop’ for them.
This is somewhat of a symbiotic relationship, as buyer’s agents can do the same, creating a full-circle referral network.
Similarly, developing these relationships can bring more opportunities. Networking is key for any broker.
“The opportunity for the broker to give the client access to professional negotiators and purchasers allows that transition for the client to be well looked after. And more likely than not, that client will be purchasing in a shorter time frame than if they were out there on their own trying to navigate their way through,” said Fadini.
With the MFAA saying there were a total of 22,031 brokers as of March 2024 and market share is at 76 per cent, standing out from the crowd is imperative for a broker.
Fadini said that those who don’t offer a holistic service will lose clients to those who do. It goes beyond a recommendation and could be what makes or breaks a business.
“It really is about ring fencing and protecting your client, making sure that they stay within your business and on your loan book effectively,” Fadini said.
It doesn’t end with buyer’s agents either. Accountants, financial planners, insurance professionals, and more can be leant on and provide lucrative collaboration opportunities.
While this doesn’t mean a broker needs to pick up an entirely new set of skills, it does mean they’re better positioned to understand what goes on beyond the broking sphere.
Fadini said that brokers who engage in these referral relationships often pick up an understanding of these other professions, increasing the servicing capabilities of the individual.
He said that every single client he has serviced has been happy with the network on offer. It makes the entire loan journey less of a hassle.
