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Rory Sercombe of Own Home Loans speaks to The Adviser about how he runs his independent brokerage and why he’s focused on helping clients get rid of their mortgages.
After winning the Better Business Award 2022 for Best Customer Service Office in Victoria and Tasmania, we catch-up with the Melbourne-based broker director to find out how he runs his business, why he made the transition from franchise to independent office, his philosophy behind helping clients, and some top tips for new brokers.
How long have you been broking and when did you set up Own Home Loans?
I set up Own Home Loans about five years ago. Before that, I worked at NAB for a couple of years, but I had about six years’ experience as a broker for both Wizard Home Loans and Aussie.
Before that I worked in equipment finance, but I also had a couple of little breaks doing different things throughout my career.
Why did you decide to go down the franchise route?
I just really loved the support that Wizard provided at the time, and it was a great place to cut my teeth [on]. However, I guess by the time that Aussie bought them out, I think I probably outgrew it. I wanted to do things my own way. Both routes are great depending on where you’re at in your career and what you want to achieve. There are some people who I’m still in contact with at Aussie that are doing very well and love the franchise.
It was perfect for the start of my career, but eventually I needed to go out on my own.
Why did you decide to become independent?
I kept getting asked the same types of questions being “how do I pay off my home loan”?
I think that while a lot of brokers talk about that question, no one was really branding it. There wasn’t a lot of people that I could that had their business model built around helping the client pay-off the debt that they’re being given.
That’s what I wanted to achieve and that’s why I went down that independent path. I could do things how I like to do them.
Why did you decide to help people become mortgage free?
It’s really what people want at the end of the day. The reality is people want the home, they don’t want the home loan, and we show them how to get that home along with showing them how to pay down their home loan debt.
That’s going to put them in a better position to buy their next property back perhaps. Or even if it’s just to get rid of their home loan, they’re going to be very happy that we’ve gone through that process.
It’s also key to our client referrals, because a client can tell others to go see Own Home Loans, because they’re not just going to sell you a loan, but they’re actually going to show you how to get rid of that loan too.
I think it’s a business model that works, it keeps us busy, and it adds value to what people actually want out of a relationship with their home loan.
What have been the biggest challenges you’ve faced as a broker?
I think the challenge has always been just keeping on top of so much information or knowing which bits of information you need to stay on top of.
This comes with experience, knowing what’s important to know, filtering through and making sure that you’re on of the market and on top of what clients expect from you and what they need.
With that being said, I’ve found it’s okay to tell a client that you don’t know something and that you’ll find out. It’s something I try to instill in my staff, you’re never going to know everything, but just try to stay on top of the bulk of it. Do the research, do the work, but know you’re not going to know it all.
What are some top tips you have for newer brokers?
It’s already been touched on but definitely knowing that you’re allowed to tell clients “I don’t know” and getting back to them with the right information.
Another tip I’d suggest would be to employ staff as early as you can. If you’re starting to write some okay volumes and building a name for yourself, getting a team on board as early as possible will just expand that.
Lastly, I’d say reach out to people in the industry, and ask questions. That’s what helped me. Don’t be afraid to ask people about something you don’t know and reach out for help.
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