Borrowers with a $500,000 home loan could potentially save over $2000 per year
The rate dropped to a historic low of 1.25%
- 2018 Commercial Lenders Roundtable
- Top 10 Brokerages 2018
- 2018 Brokers on Aggregators
Despite having a thriving brokerage and over $500m-worth of settled loans to boast, Mortgage Choice Pyrmont and Randwick managing partner and 2018 MPA Top 100 Brokers finalist Raymond Teh views himself as someone who’s only “reasonably successful”.
In an interview with MPA, Teh admits that each step he has taken as an entrepreneur over the years ended up being a costly exercise. However, the trail of losses and mistakes did little to diminish his drive to find ways to grow his business. “To quote Tony Abbott on his election loss, ‘One can be a loser but not a quitter’,” he said.
Teh demonstrates the same grit when it comes to providing exceptional customer experience. “Outcome dictates everything, not excuses or reasoning,” he said. “I know that positive outcomes have to be delivered quickly regardless whether the kid is sick, the wife is whining, or the system is down. This ensures the referred is given the respect they deserve, and my reputation is not tarnished.”
With settlement volumes cut in half compared to last year and regulations reducing the borrowing power of high-income earners and investors, Teh turns his attention from his once sole target market to first home buyers and people looking to fund granny flats. He is immersed in learning new loan-structuring skills and adopting a new mindset in order to meet the latter’s totally different set of clientele and challenges.
Teh’s company, though small, is equipped for big achievements. Mortgage Choice Pyrmont and Randwick, aware that there’s only so many loans and clients a broker can manage in limited time, has set up a procedure manual that imparts skills to recruits and streamlines the required time to coach new entrants and mentees. The manual contains over 300 pages and gets updated weekly. Teh and his team also put an operation procedure in place to help them avoid mistakes and keep track of milestones.
When it comes to tech, Teh’s team use Ubookr, SMSer, Metigy and other software that are more in tune with generation Y or those who prefer to search and communicate via mobile.
According to Teh, he succeeds as an entrepreneur because he treats mortgage broking more as a hobby than a job.
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