How to become a billion dollar broker and strategic ways to win with Jeremy Fisher
This week we have Jeremy Fisher, managing director at 1st Street Financial, based in New South Wales, and Australia’s most awarded broker. Consistently writing over $300Mil year in year out. With his company’s loan book in excess of $4.5Bil, he would be Australia’s most successful broker.
In this episode, we look at how to become a billion dollar broker and discuss strategic ways to win by the end of this episode you’re going to feel confident in crushing it after possessing the keys to success.
Jeremy, your philosophy is if you’re not getting two referrals for every client you’re assisting you’re doing something wrong, how do you achieve this?
So it’s about what you could be doing better to get more business. Everyone does things differently and I rely on the fact that if I provide great service to my clients they will refer their friends and family. I don’t look for the next deal, I just focus on the existing client and the deal at hand. I also don’t sell based on rates, anytime I get a referral its from my service and knowledge. I’ve always invested my time in ensuring that my clients get great service and knowledge.
Do you prompt or ask for a referral?
Never! I’m probably the worst salesman out there. I have friends who do ask, like at the bottom of their email and that’s a good thing to do as a broker. But for me, I’m not that way inclined. My comfort zone is to provide great service, which will lead to referrals.
What does great service look like?
It’s simple things like getting back to the client on the same day. The majority of clients, it’s a big black hole when it comes to getting a loan approved, I want to help them understand that process.
You said you don’t sell on rate, how do you do that? What do you sell on?
I sell on knowledge, you want to be that person that knows more than the client and these days clients can be quite savvy with getting online and seeing what’s out there. But it’s knowing that you’re confident in your conversation around lenders and why they suit them. Obviously, the rate comes up, but it’s being about more than just home loans too. I don’t want to say ‘no’, that I can’t help them, so I’ll always find someone who can look after them. They know they can come to me for anything and everything.
You’re an expert problem solver, is that why people also refer to you?
I always want to have a solution and I accept the fact that I can’t do everything, but I want to have somewhere to send clients if I can’t help them. My clients refer me due to how simple we make it seem no matter how complicated it is. I will do everything possible to take the stress off my clients.
How do you make a complicated loan process seem simple?
It’s just time in the game, knowing when to walk away from the deal, this is the first thing I learnt. Having a relationship with key lenders, while you may have access to over 40, you can’t have a good relationship with everyone, so choose which select lenders. Do all the hard work up front so then when you are at the time of the application it’s a seamless process. BDMs are a great support person in the office; they become a secondary assistant to us.
With those key partners, how do you treat them? Like a referral partner?
There are no long lunches etc. For me, it’s just about providing them with respect and good business. I think over time you build a relationship with them this way.
What advice would you give brokers looking to double their volume in settlements?
I’m a believer in hard work, service the heck out of your existing clients. Don’t rely on just one or two referral partners, I have a dozen or more that I work with. My time is spent throughout the day working on initiatives with my contact book to keep in touch with existing clients, those that are a work in progress and then working with referral partners. After hours it’s compliance and processes. I’m trying to do less and less over time but I work long hours. To me, a typical day is 7am – midnight and that was the norm.
Everything I do is with clients front of mind and making sure I keep to touch points between us. We’re not just sending out stock standard RBA terms, we’re keeping up to date with what’s going on in the industry and what’s changing. We’re on the front foot with changes and it’s about keeping us as the first point of call for our clients. It’s not just about writing loans.
The main takeaway points from this episode are:
- Don’t sell on rate, sell on service
- Make the home loan process easy and simple for your clients because this is what they’ll remember
- Work like hell because it’s the only way you’ll get ahead.