Well this months Abbotsford, Chilliwack and Mission mortgage blog was an easy one to write – That is because we got to ask Jordi a bunch of questions about himself and he was more then willing to talk, and talk he did!! 😉 – See his answers below about how he achieved the nomination for Mortgage Broker of the Year in Canada.
I don’t think it is a stretch to call this award that Jordi has been nominated for the “Hart Trophy” of the mortgage broker world. As we Canadians all know, The Hart Memorial Trophy is an annual award given to the player judged to be the most valuable to his team. Now Wayne Gretzky won the Hart award a record nine times during his career, eight consecutively. Unfortunately for Jordi, you can only win this award one time in your career (we believe). Oh well, no need to be greedy and beat the Great One’s record.
This award is described on the CMA website as an award of excellence to the outstanding mortgage broker or agent from a company or office in which the total number of staff or full-time equivalents is fewer than or equal to 25, nationally. Well Jordi only has 3 full-time staffers, hopefully that does not put him in a disadvantage come awards night compared to the bigger staffs of 25!
- Total number of staff or full-time equivalents within office is fewer than or equal to 25, nationally. This figure includes all loan writers and support staff.
- Finalists are required to submit supporting documentation for the judges.
- When judging this category, loan volume, quality of submissions, conversion rates, overall customer service & stakeholder engagement will be key considerations.
- All finalist must be Nominated to be eligible
- Q1) What percentage of your business is 2014 came from repeat business, and what is your approach to client retention and how does this differentiate you from your competitors?
40% of our business in 2014 came from repeat customers. Client retention and current client relationships is one of our 3 core business components. It all starts with our basic “best practices” we all agreed upon and internally use across the board.
We differentiate from our competitors by having a full-time employee work to maintain our previous clients’ questions and concerns. This is done by exploring our clients’ needs and supporting them with any questions annually, via calls, texts and emails. This leads to being “top of mind” and eventually creates increased referrals down the road. We use a CRM daily to achieve this.
- Q2) What percentage of your 2014 business came via referrals, what is your approach to generating referral business, and how does this differentiate you from your competitors?
50% of our business in 2014 was driven from pure referrals. These referrals came from professionals (realtors and planners) and current clients. These referrals make up our second core business component. Coming from a smaller market, we focus on traditional approaches when it comes to asking for referrals or earning referred business.
Whether it be sitting down for a coffee, having a glass of red wine, or sharing a beer from a local micro-brewery, we love to shape our referral partners’ experience with us and above all, be friends.
We believe that having a relationship outside of business trumps any promotion we could give, and from a cost analysis point of view, it is less expensive to be a friend than to try to buy a lead via advertising or costly promotions.
- Q3) Please outline your individual approach to customer service and describe how it differentiates you from your competitors:
We’ve always believed our approach is unique, to say the least. We take pride in that!
We do not come out with guns of mortgage knowledge blazing. We sit down with every client and find out a bit more about them personally and what their motivations are to receive a new mortgage. By doing this, we build the trust and ultimately find out what they really want. There is always more to a clients’ mortgage needs than a low rates. If we ever hit a stumbling block along the way, we are able to right the ship by reminding and refocusing the client on their original intention or motivation.
Once trust is built through asking clients personal questions, we then can easily advise clients on different products and strategies.
- Q4) Please outline your highlight deal or standout achievement for 2014 (including any relevant accolades or qualifications achieved during 2014):
Each year I do business, I believe my one standout achievement is consistency and fair treatment to everyone. This comes from my father who taught me the value of maintaining your business reputation and how fragile it can be. On top of that, my Dad always spoke of being fair to everyone in life. Consistent work ethic and consistent treatment of all my clients, big or small, keeps allowing me to be referrable.
I ask for advice from mortgage brokers all the time who I think should be nominated for this award before me. Never be afraid to reach out to your peers. It just shows that as mortgage brokers, if we work together as a whole by helping each other out, we will be stronger in the long run. At this point, our market share is too small considering what we provide Canadians with, and we need to help each other to achieve an industry-wide reputation that exceeds our competition. In other countries, mortgage brokers exceed 80% market share, yet in Canada, we are less than half that percentage.
- Q5) How do you see your career progressing within the mortgage industry? What are the major steps you plan to take in the next 12 months in order to reach these goals?
In the next 12 months, I plan on coming up with a strategy to be more involved in our clients’ total financial plan. In fact, I have been working on it for years already.
We are going to be expanding our team to help our clients in individual areas of their personal finances that we know and practice ourselves from years of experience working in the Canadian financial world. We are not going to spread ourselves out too thin. Rather, my team is trying to do more for our clients based on financial products that we know and own personally already. We are going to have experts that we trust help our clients out in specific financial areas, and this will set us apart from our competition at the branches and online.
It just makes sense since we keep in constant contact with our clients and these clients already seek us out daily asking for this advice. We seem to have earned a trust from our clients over the years, and they want our opinions in other areas, too. Now we are going to package it and offer it to them in and easy to understand format.