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MFAA Prosper : Mortgage and Finance Brief 05
Use your network Mark Haron, Director of the Connective Group, says brokers should not underestimate the potential to access new customers through existing clients. "We're hearing some really good stories -- like one of our brokers who was focusing on the first home buyer market to a certain extent and one particular client was really impressed with the broker. They've then passed the information onto their mum and dad who made a decision to refinance through that broker." Haron agrees that keeping up-to-date with market trends through resources such as property reports can prove invaluable by identifying affordability in individual suburbs for clients. Real estate agents can provide another path to building an Upgraders portfolio, particularly in the more affluent areas where people aspire to live. "It's about working with the agents and developing a relationship," Haron says. Ben Herden, Principal at Mortgage Choice Cronulla in Sydney, says timing and regular contact has helped secure the loyalty of some of his clients for over a decade. "As a rule, the average life of a mortgage is around five to seven years. If you know the average life of your client's loans, you should definitely be staying in touch and keeping them over the course of such a timeframe." For newer brokers, he says, accessing the Upgrader market could be as simple as becoming better known in their local community. "When I started, it was simply about advertising," Herden says. "Now, it's all about building your network. Everybody is a potential referral point. From hairdressers to bakers, they all could know someone who's looking to buy or who needs to refinance. "The Upgrader is going to go with someone they've been referred to or they already know and trust. You need to put yourself in the position of being that broker." “ Brokers should ideally be targeting their existing database, looking for those who hold a lot of equity in their home or those looking to invest.” Dan and Meagan Kelly recently upgraded their home through Mortgage Choice Cronulla's Ben Herden. "We are a couple with a 10-month-old baby and so we wanted to move from a unit to a house with a backyard. We sold our three- bed unit in Cronulla South (in Sydney) with beach views at the end of August and bought our four-bedroom house in Burraneer with bay views mid-September. "We decided it would be wise to use a mortgage broker. Given their knowledge and experience in the industry, they would be much better placed to advise on the available options. Ben and his team came highly recommended and being local to the area it made logical sense to use them." Kim Davis, Residex. !'&* +.'&, )&*%&,- -"1 1+/ $"*2. #+,,+0 !&2)) 0+,( +/. '+0 1+/ $"* Fees and charges and lending criteria apply. Terms and conditions apply and are available on application. HBT/VMM066 Impaired credit, irregular or unusual income needn't be a barrier for those seeking a home loan. In fact,VMG's personally managed Five Star Home Loan specialises in near prime mortgages with our flexible assessment criteria. It's something our family-owned business has been professionally managing for over 60 years. To learn more, please call (03) 8600 7900 or visit www.vicgroup.com.au InPractice
Mortgage and Finance Brief 06