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Loan Market broker Julian Choo has found success in attending open homes. Here, he has maximised leads by coming prepared and informed.
“Ninety per cent of buyers coming through open homes are pre-approved. The question is not about whether they have their finances sorted. The question is, do they have an expert broker in their corner? Is their pre-approval credit-assessed, or is it a system-generated one that is not worth the paper it’s written on?” said Choo.
“Having these conversations will get buyers thinking about what they are missing out on if they have not engaged mortgage brokers, who are responsible for settling nearly 80 per cent of all new residential home loans.”
Building referral partnerships with real estate agents can also be a benefit of attending open homes.
As discussed in the latest episode of Broker Daily Uncut, there’s significant scope for brokers to build referral partnerships with real estate agents, benefiting both parties.
By fostering strong relationships, brokers and agents can grow their businesses together while providing better service to clients.
Choo said that it’s important for brokers who are on the front foot at open homes to be well-informed.
Be the expert authority that comes with industry knowledge that can be shared with borrowers and real estate agents alike. This will build trust and better cement strong relationships.
“For example, discuss market trends – Are we heading into a seller’s market? Talk about multiple rate cuts and the expansion of government housing schemes will strengthen borrowing capacities and introduce more buyers to the market,” he said.
“If supply factors remain relatively constant, a boost to demand will increase property prices. Anyone considering purchasing this year would be better off doing it sooner rather than later before these changes kick in.”
Some questions brokers can ask borrowers at an open home include:
• Are you frequently in touch with the agent throughout the campaign?
• Have you purchased the strata/building report?
• Have you engaged legal assistance to review the contract and request for amendments?
Choo has found success in being a constant at open homes. This helped him write $80 million worth of loans in his first year of being a Loan Market franchisee.
“Always book an appointment immediately at the open home. If there is one thing to take away from everything I share, this is it. Book that appointment in, on the spot,” Choo said.
Further to remaining engaged with the community, Choo delved into the importance of positive reviews.
“When a prospective purchaser is looking up your business’ digital footprint, outstanding Google reviews and award recognitions make all the difference between you and the next broker they speak to. Google reviews are a powerful indicator of customer satisfaction, while awards demonstrate a level of excellence and recognition. They are well worth the time invested in accumulating them,” he said.
“If you are comparing two brokers you are not familiar with, one with barely any Google reviews and no awards, the other with solid Google reviews and have won awards over the years, you would definitely go with the one that has demonstrated the trust they have built with clients.”
He urged brokers to ask for Google reviews. However, this shouldn’t be done post-settlement.
Ask borrowers at their most excited point in the loan journey. This could be different depending on the individual.
“Always have someone call to ask for the review, then follow up immediately with a text message that has the link handy,” Choo said.
[Related: The benefits of collaborating with a buyer’s agent]
