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On this week’s episode of Business Accelerator, Broker Daily director Alex Whitlock sat down with broker coach Jason Back to discuss how smaller operators can stay competitive by rethinking how they approach competition, particularly across speed, systems, and client experience.
“We talk all the time about brokers’ 77 per cent share, but we’re competing against ASX top-listed banks with billion dollar budgets,” Back said.
“It’s interesting that so many small businesses are doing incredibly well and consumers are still choosing this channel, which is fantastic for our industry, but it can also be overwhelming to think you’re competing against banks or big brokerages.
“It’s important to highlight how we can strengthen market position.”
As competition ramps up, Back said that many smaller brokerages are reassessing how they position themselves in increasingly crowded local markets. While larger firms benefit from scale and brand recognition, they can also be slower to move, creating opportunities for more agile operators.
Rethinking the competitive landscape
Back said one of the biggest mistakes brokers make is misunderstanding who they are actually competing with. In most cases, it’s not the entire market, but a smaller group of local or niche competitors.
“I want brokers to imagine operating in the same postcode, for the same clients, with the same referral partners,” Back said.
“If I decide to dominate that market, I have to operate strategically better, understanding where others are vulnerable, where they’re slow, where they’re losing deals, and how to fix it.”
Whitlock said brokers should focus on competing on their own terms.
“You always want to compete on your own terms, understanding where your strengths lie, and the tactics that will be most effective is crucial,” Whitlock said.
Speed and execution
Back said that shift in thinking helps brokers focus less on matching competitors and more on identifying gaps, often in execution rather than pricing or product.
Speed, in particular, is one area where smaller brokerages can stand out.
“I think speed is an underrated competitive advantage in broking,” Back said.
“One of the biggest pain points in larger brokerages is application times and response rates. If I’m competing against a bigger brokerage, or the banks, I’d be faster.”
He said speed applies across the entire client journey, from first inquiry through to communication and document collection.
With fewer layers, smaller brokerages are often better placed to respond quickly and consistently.
“This isn’t just about getting a loan done faster, it’s about response rates across everything,” Back said.
“I’d aim to respond to everything within five minutes, streamline document collection, pre-empt lender questions, and remove friction from every step.
“When it comes to speed, to lead, inquiry, and process, small businesses have a real advantage. Small is agile.”
Follow-up gap leaving deals on the table
Follow-up is another area where brokers can lift performance. As borrower decision cycles lengthen, Back said a lack of structure is leading to missed opportunities.
“Brokers are good at getting people’s attention, but if they’re not ready, we tend to hope they come back later,” he said.
“If you want a competitive advantage, you need a clear follow-up and nurture system.”
He pointed to the importance of consistent, structured follow-up, particularly early in the client journey.
“That might be a text on day one, an email on day two, a call on day four, another message on day seven, and continuing that sequence,” he said.
“Most brokers don’t have a clearly defined client experience. It often ends up being a series of random interactions.”
Back said brokers should take a more deliberate approach to communication across the full life cycle, from inquiry through to post-settlement.
“You need to think about how you’re communicating at every stage – inquiry, discovery, submission, approval, settlement, and beyond,” Back said.
He added that customer experience remains a key differentiator.
“We’re not in the loan business, we’re in the experience business. You are the experience, your brokerage is the experience. So what’s going to be memorable about that is not the loan, it’s going to be the loan process,” Back said.
[Related: Brokers urged to adopt ABC client strategy]
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