Joel Wyld: Improving conversion rates with lenders and client referrals

Nick Allen
Feb 22, 2019 2:17:53 PM

We recently talked to Joel Wyld, director the North Sydney based company, Peasy.  Joel is a progressive Mortgage Broker, yet his tips on business strategy would be valuable to any professional.

Joel has a team of 8 with a big focus on the education of first time buyers. Not just “getting them a loan” but giving them an understanding of the home buying process and explaining the whole procedure, end to end. They also help investors to grow their portfolio, leveraging loans to take the next step.

We asked Joel what tips he might have for brokers looking to improve conversions and get more  referrals. 

Peasy Letterbox - Joel gets referrals through great customer experience


1. The first step is to develop a routine

If you’re looking to to make any change in your business the first step is to develop a routine. Unless you can get a rhythm going you’ll never get anywhere.

Now that doesn’t mean being in the 4am club and doing 10 cold calls before 10am. Or working all night every night.


It doesn't matter when in the day you work, but develop a routine to introduce some normality into your life.


It could be working Sunday nights to prepare for the week, or it could be taking Monday morning off to have a run and brainstorm.

Developing a routine is key to setting a consistent set of actions.


2. Hone that consistency to increase referrals

Having consistency in your routine leads to consistency in your actions. This flows on to your interactions with clients.

If your conversations are clear, informative and concise -  then your emails, your marketing and your phone calls should be the same.

If you can be consistent, customers will know what to expect and will have confidence in your ability to get them the loan they're after. They’ll also have the confidence to refer business to you, as they know what to expect and what their contacts can expect.


3. Remember you're a salesperson, so get talking. 

Don't be afraid to ask for referrals. 

As brokers we need to think of ourselves as salespeople. As a salesperson our role is to talk to people. Constantly be talking to existing customers, real estate agents, lawyers, accountants and our referral partners. Extend your circle of influence, build your contacts and relationships. Constantly keep yourself top of mind with your referral network.

Calling them up once and arranging a referral deal isn’t enough. You need to build the relationship. Provide them with value and referrals if you expect that in return.


4. Use Mortgage Broker tools and software to do the work for you!

Double handling documents and dragging out the collection of supporting files can have a massive impact on your conversion rate.

Joel talked of how the process used to take so long that by the time some customers provided all the documents required, files from the start of the process had expired and needed to be resubmitted.

Using FileInvite to let clients submit their files and follow up automatically with them has really improve conversion rates with banks, and streamlined the process.


5. Map your processes to get even more efficient and improve conversion rates

Unless you have a clear picture of your process it’s hard to improve them. Using a system like Process Street lets you map them out and establish standard operating procedures. This lets you see the inefficiencies and refine the process. You can really have a focus on removing pieces that cause friction for your customers.

Also, if you’re looking to scale, you will at some stage have to bring on board new staff members. Having documented procedures not only makes it easy to educate them and bring them up to speed with tasks but it also means you can measure their performance in these activities too.

This will help measure overall performance towards your business plan.

6. Focus on customer experience

Joel believes customer service is everything.

They come to us as brokers because they want an easier process.

Generally speaking the home loan process is arduous and archaic. It’s our job as brokers to streamline the process and make it as easy as possible.

That’s really the key to where Joel get most of his referral business. Happy customers that enjoyed the process and recommend Peasy.


If you haven't already, take a look at FileInvite to improve the document submission process for your clients. 

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