While other companies fight to attract the same established brokers, smart business owners can tap into a mine of new potential.
While other companies fight to attract the same established brokers, smart business owners can bring new-to-industry brokers and a new lease of life into the industry – and their business – with the right tactics, says Oxygen Home Loans general manager Alan Hemmings.
Experienced brokers may seem to be the easier option in terms of new recruits, says Hemmings, but the industry is limiting itself by ignoring the younger demographic.
“We’re all fighting for the same brokers, essentially… We’re not a young industry by any stretch of the imagination and I think that could be damaging as we go down the years, particularly with Gen-Y coming along looking to purchase; the way they transact will be totally different from what we’re used to.”
For business owners struggling to attract new-to-industry brokers, a strong marketing strategy is the best place to start, says Hemmings.
“If you’re brand’s not out there people won’t know who you are,” he says. “It’s about making sure you actually have a presence, whether it’s LinkedIn or Facebook or anywhere… the first place people go to now is the internet.”
Offering a well-structured mentor program also helps new brokers to feel comfortable making the transition, says Hemmings, and helps to give young brokers the credibility they need to be taken seriously by clients.
University graduates are the target audience for Oxygen when driving for new recruits, says Hemmings, but younger applicants can be considered if they have the right attitude.
“Someone in their mid-30s is not necessarily going to want a 19-year-old sitting in front of them talking about a $600,000 to $700,000 loan, so it’s a real balancing act,” he says. “It’s probably still the biggest financial transaction most people will do in their lives, so you have to have confidence in the broker that you’re dealing with.
“There are some young brokers out there, don’t get me wrong, but they’re very good at building that relationship, building that rapport, so they’ve got to have the skills to be able to do it.”
Remuneration structures that support new brokers until they start receiving commissions are a great drawcard for new recruits, says Hemmings, but the most promising brokers will be those that are prepared to tough it out.
"You'll find the younger guys that come in are much more passionate about the business because they've had to work for a while with little or no income, therefore they're determined to make it work.
"It's a career choice, ultimately, and the person who goes into it has got to be comfortable with whatever remuneration structure they're going into. There is the opportunity to earn significant income within the broker business, that fact is you've just got to work for it."
Industry and government support for bringing in new brokers would be warmly welcomed, he says, but the ultimate responsibility comes down to individual business owners in the broking industry.
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