We really need to share more… and now!

Imagine if we could upload the knowledge and experience of every mortgage broker in Australia to one central place and then download that entire database of knowledge into each and every mortgage broker. How awesome would our industry become? What would our market share be? How much more money would we all make? What would happen to commission rates?

Many people including the MFAA are focused on trying to attract new talent into the industry. I think this is important but an easier way to double or triple the size and strength of the industry is to share our knowledge. If we focus on sharing knowledge (like I do via this blog), and making the industry stronger, will be a lot more successful as an industry.

Many brokers are reluctant to share knowledge because they are worried that it will cost them business (i.e. if my competitors know my tricks and strategies then they will become stronger and I will, as a result, become weaker by comparison). That is so wrong. Think about it. Aussie Home Loans (the largest mortgage broker “brand”) has only 5% of the mortgage market. There is so much business out there that I think it’s near impossible to suffer a reduction in business as a result of sharing knowledge. In fact, what would happen if close to 100% of people came to brokers for new lending? Imagine your business size then! This is our opportunity and I believe we need to seize it.

Maybe you are reluctant to share because you don’t think you are creditable enough? Forget about that. I don’t “know it all” – far from it. We all (regardless of results) have strengths and weaknesses, successes and failures. We don’t need to consider ourselves as “experts” to share. At least one person will get value from your advice and that alone makes it worthwhile. You change an industry one person at a time.

So how can we share our knowledge? Here’s a few tips:

• Ask/demand your aggregator to get the most successful broker to speak at your next PD day – this could be the most successful broker in terms of settlements, our most successful with social media, or referrals and so forth – doesn’t just have to be volume
• Organise a broker forum of 4 to 8 like-minded brokers in your area that meets monthly to talk about their business challenges and experiences
• Publish your experiences, tips and advice in a blog/article. I’d very much welcome contribution to my site (blog) but equally I know the broker industry magazines would love to receive some content too
• Approach colleagues’ you respect and beg them to share their knowledge (e.g. article or presentation).

The irony is that we, as an industry, have all the knowledge and experience we need to double in size very quickly and it is completely in our hands… do we want to be massively successful or not? So let’s all learn from each-other’s mistakes and experiences, as a result improve our service and advice given to our clients and therefore become stronger businesses.