So I was starting this fine Wednesday morning like any other work day, a nice cup of black coffee in one hand, the days education in the other and the following words stood out like a sore thumb:
‘The Adviser believe broker market share will likely grow to between 60 and 80 per cent by 2020.”
“I’m really confident that in 2020, customer usage of brokers will have significantly increased”
says MoneyQuest CEO Michael Russell.
“The Reason why I say that is the UK is now 75 per cent market share and that’s driven largely by the compliance requirements and the need for mortgage lenders to provide comparison services to clients”. (The Adviser Magazine – February 2016 – Issue 10.02.)
Eureka! Not only am I an active Broker in the Darling Downs and surrounds but also own Interstate Finance and Leasing. Now I know you may be thinking that here comes Jeff’s biased opinion on why it’s a good idea to see a broker instead of the bank (and let’s be frank, I am a little biased) however here are my top 10 logical reasons of why it makes complete sense to ring your favourite broker to have a coffee and a chat instead of seeing beloved Jenny at the Bank.
CHOICE: This comes in at a solid 1st place! The true beauty of the broking model is that we work with a range of lenders instead of just one. It’s the difference between going to your favourite restaurant and only having the option of an entrée compared to a 10-course degustation (or in our case 36+ course degustation). Everyone has his or her own unique set of circumstances and needs (or flavours if you will) so finding the right complimentary match to achieve your goal is our sole focus. It just makes sense to see one Jeff to give you every option rather than seeing thirty-six Jenny’s to give you 1 option.
EXPERIENCE: With dealing with a range of lenders on a daily basis, here at Interstate Finance and Leasing we know with great detail how each lender operates. They have their own systems and own preferences so we know what needs to happen to get you a fantastic deal with fantastic terms. It’s kind of like knowing your own office/home like the back of your hand. You know how to jiggle the door in a certain way for the lock to work perfectly, you know what angle you need to take for the driveway, you know how the coffee machine works and what little tweaks needs to happen to give you the best result. We know that with every Lender to make the process simple and seamless (most of the time). Plus the 50+ years experience in our office kind of helps too.
DEALS: Let me keep this one really simple for you. As we work with 36+ Lenders we have our finger on the pulse for the absolute best deals AND the best terms. Those two things are paramount to a great lend. It’s not always about rate, but rather a combination of both.
INDEPENDENT: One of the biggest plusses for the broking model is that we WORK FOR YOU! Now I know every lender on the planet is saying that but let me ask you a question; ‘Who does Jenny work for?’ Yep, there’s your answer. Unbiased opinions are usually the best opinions. We simply take the time to ask the right questions to get you the right solution.
EASE OF DOING BUSINESS: Hey we get it! TIME is super valuable and I’d have it a guess that if I gave you the magic potion to give you an extra couple of hours in the day you’d probably take it (I know I would!) Well, that’s what we love about the broking model, it’s easy! We can come to you, we can make the process super simple by a quick phone call and papers over your kitchen table, no more trying to find a park in peak hour to meet with Jenny on her terms. Easy, simple business on your terms, that’s where the magic potion is found.
ONGOING RELATIONSHIPS: I can’t tell you how many times I have done a home/commercial loan for someone and in two months time doing a fantastic car loan for their significant other, their son, their daughter, their next door neighbour as well. I’m sure you appreciate that type of business as well. Where you can ring the same person for a range of needs and not have to go through the beautiful small talk, telling your story to Jenny, James, John, and Joan. ‘Sorry I can’t help you with that, let me refer you to ‘Insert another name starting with J’. How about Jeff for everything?
NO OUT OF POCKET EXPENSE: This is a big plus! By point seven you may be thinking that, ‘boy all this advice, expertise, personalised service, and fantastic deals must cost a fair bit per hour!’ Well in most expertise based industries they do have upfront hourly fees or out of pocket charges, but not ours. We receive commission from Jenny at the Bank (well not really Jenny… Just the bank) for doing business with them, leaving you no out of pocket expenses. Better service, better rates, no invoice. Win/Win.
OUT OF THE BOX THINKING: Two plus two equals four. So does three plus one. At Interstate Finance and Leasing we aren’t afraid to think outside of the box. We aren’t afraid to ask the hard questions to our lenders. We aren’t afraid to spend the time finding solutions. We aren’t afraid to do the tricky deal. We don’t quit, we think smart, we think creatively. Yes, there are some deals that simply can’t be done (yet) but we never say never until we think outside the square.
WE TAKE YOU SERIOUSLY: I’m talking to you Small Business Owner who is cracking along nicely but may not have the 5-point checklist perfectly ticked for Jenny (Refer to Point 8). We understand small business, as we are a small business. We understand start up, we understand cash flow, we understand risk mitigation, and we understand that you want someone to take you seriously when you are looking for finance. We get it as we have been there too.
WE GOT THE PIECE OF PAPER TOO: Yeah we went to University, Yeah we got our piece of paper as well (well sometimes Jenny doesn’t have a piece of paper) but at Interstate Finance and Leasing we know that a piece of paper only gets you so far and is often just that… a piece of paper. Experience and execution against that experience is what really shines. Who really cares what letters you have against your name? Everyone really cares about if you can get the job done, at the best rate, with the best terms, with ease, with certainty, with clarity, with coffee.
So there it is! The Top 10 Reasons To Choose A Broker Over the Banks! Yes it’s slightly biased but yes it does make complete and utter sense. We can’t wait to keep powering on to 2020 where 4 out of 5 people will be off to see their favourite broker instead of the bank. I trust that you can see why.
So for any finance needs, I and the team are only a phone call away on (07) 4633 1744 or email us at firstname.lastname@example.org
See you soon,
Jeff Budden is the Business Owner/Senior Broker of Interstate Finance and Leasing with 22 years experience in the NAB Bank before merging into IFL in 2011. He’s terrible at Cricket and Tennis although he thinks he is pretty good.