How can brokers increase their revenue multi-fold?
The 'make or buy' decision has been a staple of industrial economics as far back as the start of the Industrial Revolution. A greater emphasis is now placed on brokers to maintain valuable long-term relationships and ensure they deliver good consumer outcomes over the life-of-the loan.
Where do ordinary brokers spend most of their time?
Non-value add time refers to activities that form important part of the business but do not result in revenue generation.
A mortgage broker would be chasing documents, preparing a loan application, getting compliance documents signed or chasing lenders for pushing the file from lodgement to the settlement status. While all these aspects of mortgage loan processing services are important for mortgage brokers, more time spent on these non-value-add activities, lowers brokers' yield per client.
Larger organizations employ staff to cover each of these non-value-add tasks. Small businesses, however, cannot afford to employ staff and quite often one person does everything in the business. Many mortgage brokers are covered under this scenario.
It is often observed that many brokers experience seasonal sales patterns. For instance, in one month they work on getting new leads and in other times they spend entire month converting these leads into revenue. That means they run out of time to attract new leads.
The solution lies in outsourcing your back-office activities to an organisation which specialises in the mortgage industry.
Why outsource offers the solution?
Clearly there are many benefits that come with choosing to outsource part of your business operations. In simple terms, outsourcing helps brokers in shifting their focus to the activities that are more revenue-generating activities of their business.
Cost and time savings are the two major ones. In addition, outsourcing is all about strengthening the core function of your business by diverting the focus from completing manual tasks on routine basis to strategising time spent on growth aspects of the business.
Why choose Brokers BackOffice?
Brokers BackOffice is a Sydney based outsourcing firm specialised in handling loans processing for mortgage brokers operating in Australia and New Zealand.
Our team is specifically trained in handling back office activities for mortgage brokers. Our service offering ranges from simply preparing an application in ApplyOnline for brokers' review to providing full support at every stage of the loan application until its settlement.
Brokers BackOffice provide excellent service for a very reasonable fee which involves no fixed cost and commitment. Fee is charges on a case-by-case basis.