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When looking at solo practitioners who are writing around $30 million each year, Broker Essentials’ founder and director Jason Back said that around 80 per cent of their time is spent doing admin tasks. This leaves just a fifth of their week to write loans.
In a recent episode of Business Accelerator, Back urged brokers to flip this and spend 70 per cent of their time doing sales and 30 per cent on admin tasks.
He said that the most successful brokers – those writing up to $400 million a year – implement this same structure.
Chasing leads and writing loans will keep the business thriving. While the more mundane tasks are important, it should not overwhelm the day. Successful brokers are “brutal” with their time management, said Back.
Tech can be a positive enabler of managing time and reducing the burden of administrative tasks.
“If you go from lead all the way through to post settlement, admin is going to be scattered all the way through. Admin could be from first appointment doing the diary notes and there’s great tech that we can use to help us do that,” said Back.
Outsourcing can also be a cost-effective option for handling admin strain. There are a variety of options at a business owner’s disposal.
However, before resorting to implementing a piece of tech or recruiting an outsourcing team, current processes must be evaluated.
Back said: “Before we go and look for additional solutions, tidy up your existing process, look at where leakage is happening from… What could I do to tidy these up so that my existing process could work better before I go down the path of bringing on additional resources or expenses?”
No two brokerages or brokers are the same. As such, each will require a different approach to improving efficiency.
The 70:30 ratio can be an effective starting point to get organisation in order and loans out the door.
Listen to the full episode of Business Accelerator below:
