the voice - vow financialyour deal! purchase sale. queensland $ 800.00 $ 600.00 new south wales/act...
TRANSCRIPT
ISSUE 12 September 2012 T: 1300 656 922 ABN 66 138 789 161
In this edition•Welcome
•VowNationalConference2012
•VowCommercial
•VowLegal
•IndustryFocus(ScottErickson
AdelaideBank)
•InvestinginNewStaff
Members
•Upclose(LawrenceToledo–
JLFinance&GreenFunding)
•QuickNews
Upcoming EventsProduct Training Days
September20–Brisbane
September25–Sydney
October2–Melbourne
Vow Academy Webinars
September13–GettingMore
RepeatsandReferralsBusiness
National Conference
October24-26–Phuket,
Thailand
Ponder this...“Yourmostunhappycustomers
areyourgreatestsourceof
learning.”
–BillGates.
It’sbeenanotherchallenging
yeartosaytheleast.We
startedthenewcalendar
yearwithsuchoptimism,
especiallyaftersuchastrong
finishto2011.Howquickly
thischangedwithinthefirst
fewmonthsof2012.Mostof
thenegativenewscontinues
tocomeoutofEuropeand
thishascontinuedformost
of2012andIseenomagic
solutionforthefinancial
woesoftheMediterranean
countries,whichincludes
Greece,Italy,Spainand
Portugal.Theausterity
measurestherestofEurope
aretryingtoenforcearenot
unreasonable,asalltheyare
askingisforthosecountries
thatareintroubletolive
withintheirmeans.Butyou
canimagineifsuccessive
governmentshadnotdone
thisforthelast40yearsitwill
taketimetochange.
InAustraliawearegoing
throughsimilarchanges,
especiallyaroundcredit.It
becamesoavailableandeasy
togetweforgotwhatitused
tobelikeinthe70
sbeforederegulationofthe
Bankingmarketwhengenuine
savingswasa20%depositto
buyahomeandnotthe5%
mostbanksseemtobehappy
withtoday.Whilewearenot
rationingcredittheeaseof
obtainingfundshascertainly
reducedsince2008.
Itneverceasestoamaze
methatindifficulteconomic
environmentshowmanygood
brokersareabletogoagainst
thetrendandoutperformthe
market.Vowseemstobe
blessedwithmanyofthese
brokersasVowcontinuesto
growmarketshare.
Wehaveanumberofexciting
initiativeshappeningoverthe
comingmonthswhichIwill
sharewiththoseinmoredetail
atourProductDays.
- Launch of Vow Commercial
- New Pooled Professional Indemnity Insurance
- Adverse Credit referral opportunity
- Lead Generation
- Brand Creation
- Ongoing expansion of all our other Vow Product offerings
Thiswillcontinuetohelp
brokersexpandtheirrevenue
lineswhileimprovingtheir
customerretention.Andlet’s
notforgetthevaluethiswill
addtoyouroverallbusiness.
Theconferenceisnotfar
awayandforthosewho
havenotbookedthereare
stillsomefabulousflight
andaccommodationdeals
toPhuket.Theabilitytoget
awayandspendtimeon
yourbusinessiscrucialfor
anybrokerwhowantstotake
theirbusinesstothenext
level.Theopportunitytolisten
tospeakerswhohavebuilt
successfulbusinessesand
networkwithyourpeersina
relaxedenvironmentisrare
andshouldnotbemissed.For
thosethatarekeenshould
talktoyourBDMwhowillhelp
yougetregistered.
Welcometothe12thissueof
theVoice…
WELCOME
Tim BrownCEO - Vow Financial
A regular publication from VowTHE VOICE
VOW NATIONAL CONFERENCE 2012- 7 Weeks To Go!
OurNationalConferenceisbeingheldon24-26Octoberattheaward-winningfivestarJWMarriottResortandSpa.Thehotelissituatedon11hectaresoflushtropicalgardenswithswimmingpools,freshwaterpondsandnaturalpreservedcoastalwetlandsoverlookingthebeautifulMaiKhaoBeach.There are already 130 delegates confirmed and a great line up of speakers, events and networking opportunities.
Registrations will be closing soon,tobookyourticketpleasegotowww.VowConference.com.au.FormoreinformationabouttheconferencepleasecontacteitheryourVowBDMorTaraDavorenon0282984888.
A regular publication from VowTHE VOICE
T: 1300 656 922 ABN 66 138 789 161ISSUE 12 September 2012
We look forward to seeing you in this tropical paradise!
www.vow.com.au
What are the prices for Vow Legal?
# Please note that prices do not include GST, search fees and outlays. They are based upon a standard residential contract with a contract price of $1.5 million or less.
Get referring! Go to www.VowLegal.com.au
THE VOICEA regular publication from Vow
VOW LEGAL
VOW COMMERCIAL
“Our Vision is founded on the original reasons why Vow was established. To be different, to help brokers achieve their goals, and to make them successful financially. If we have achieved that then the financial success of the company will be assured.”
- Tim Brown, CEO Vow Financial
InlinewiththatVision,Vowhasdevelopedaseriesofinitiativesforusebyourbrokerclients.Accordingly,wewouldliketoannouncethelaunchofVowCommercial.Vowhasdevelopedapanelofexpertsinthefieldofcommerciallendingtoassistintheassessmentandsuccessful
applicationforcommercialfunding.Thepanelwillmakeaninitialassessmentandprovideadviceonhowbesttoproceedonyourbehalf.Theapplicationwillbedevelopedbyamemberoftheexpertcommercialbrokingpaneltomaximisethelikelihoodofsuccess.
www.vow.com.au
How Does Vow Legal Work?Overthepastdecadetherehasbeenanincreaseinthelevelofcomplexityandskillrequiredtocompleteapropertytransaction.VowLegalensuresthatwhenyouarebuyingorsellingahouse,unitorland,yourrightswillbeprotectedandwemakesurethateverystepofthetransactioniscompliedwithaccordingly.Althoughnotforallclients,VowLegalworkswellwithyoursavvyinvestorwhodoesn’tneedtomeetfacetofacewiththeconveyancer.
VowLegalhasreceivedhundredsofconveyancingandotherlegalservicesfromtheVowFinancialnetworksincelaunchlatein2011.Vow Legal pay 22% commission to a referring broker within the Vow network. All of the referral is done online – just go to www.VowLegal.com.au or call 1300 781 215.
Go to: www.VowCommercial.com.au to find out more information on how it works and to lodge your deal!
Purchase Sale
Queensland $800.00 $600.00
NewSouthWales /ACT $1,200.00 $800.00
Victoria $800.00 $600.00
WesternAustralia $1,200.00 $800.00
Tasmania $900.00 $600.00
NorthernTerritory $1,200.00 $900.00
T: 1300 656 922 ABN 66 138 789 161ISSUE 12 September 2012
What was your New Year resolution? Thesameoneit’sbeenforacoupleofyearsbutneverthelessIachievedthemilestoneofhavingmylastcigaretteonFeb28that1.29pm.JustasIwaswalkinginthedoorofthehypnotist!AndnoIdon’tbarklikeadogwhensomeonesaysthemagicword!
What was the last book you read? DigitalFortressbyDanBrown.
What CD is currently in your car stereo? Train,SavemeSanFrancisco.
If you weren’t working in the mortgage and finance industry what would you like to be doing? I’dmowlawns.Wouldlovetohaveajobthatisinfluencedbytheweather.Rolloverinthemorning...lookoutthewindow…rollbackoverforanotherfewhours!
What are the big issues facing the mortgage broking industry in the next two years? Complianceandworkingtowardsbeingrecognisedasaprofessional.
What was the first job you ever had? ItwasalongtimeagobutIdoremembermyfirstshiftatMcDonalds.Ihadtocleangherkinsoffthewindowthatmybrother’smateshadflung!
What is your favourite movie?LoveShawshankRedemptionandtheGodfather.ButalltimefavouriteisSilenceoftheLambs.
What drives you? Thewifedriveshomealways.It’sonlyfaircauseIdrivethere!
What do you drive? Myfamilymad…andthenIgetintomyMazdaCX7!
How do you unwind? Iusedtobeundertheillusionthatgolfwasagreatwaytorelax.ButthenIworkedouttheolderyougettheclosertheballistoyou.CookingandaredwinehavetakenovernowandIhavethebellytoproveit!
Where is your next holiday destination? HeadingofftoHamiltonIslandsoonforourfriend’swedding.Itwillbenicetobethereforaweekwithoutitbeingforaconference.
Industry OutlookAsclichédasitmightsound,changecontinuestobetheonlyconstantinthebrokerindustry.Adecadeofmassivecreditexpansionfollowedbyarunintheoppositedirection,commissionsincreasinglikeclockworkandthen-oneday-30%offthetop,morefundersthanonecanpokeastickatoneminute,fourflavours
ofvanillathenext;limitedregulationexchangedforsensethatayou’rewadingthroughlegislativemolassesuptoyourknees.
AsthelateMrLennononceobserved,strangedaysindeed.
This“newnormal”has–andwillcontinuetodrive–ashakeoutofthesector.Themovetowardsgreaterlevelsofprofessionalism,moreadviceandlessproductpushingiswellintrain,butthereislittledoubtthatsome,ifnotmany,willnotmakethetransition.Inaworldofsubduedcreditgrowth,thosebrokerswithgenuineconnectionstotheirclientbaseandthesupportrequiredtomakeithappenwillprosper,largelyattheexpenseofthosethatdon’t.
Fromafunder’sperspective,today’senvironmenthasacoupleofimplications.Firstofall,youneedtohaveyourfundingingoodshapeand,withthelowestlevelofdependencyontheglobalmarketsofjustaboutanybankinAustralia,we’rereasonablycomfortablewithwherewesit.Secondly,maintaininghighlevelsofefficiencyforyourownbusinessandyourpartnersisparamount.Wecollectivelyneedtomakeeverypostawinner.That’s
whyAdelaideBankchoosestofocusonthesimplicity,affordabilityandreliabilityofouroffering.Wakingupeverydayconsideringwhatneedstobedonetogetthenextbunchofapprovalsoutontimeislessglamorousthanmanyotherthingswecouldspendourtimeon,butwesuspectthatattheendoftheday,it’swhatmatters.
Wealsothinkchoosingyourpartnerstakesonmoreimportance.Aggregatorsthatfailtomaketheshiftfromsimplecommissioncollectorsandsoftwareproviderstogenuineenablersofbusinessandprocesswillceasetoaddvaluetoanyone.OrganisationslikeVowhaveclearlychosenthelatterpath.Wethinkthatisgoodforitsmembers,forAdelaideBankandtheotherfundersandgoodfortheindustry.
THE VOICEA regular publication from VowTHE VOICEA regular publication from Vow
INDUSTRY FOCUS
Scott EricksonHead of Mortgage BrokingAdelaide Bank
This issue we asked Scott Erickson a few personal questions and to give Vow his thoughts on the industry and partnering with Vow.
THE VOICEA regular publication from Vow
by Dave Staughton
www.bigdave.com.au
Intheearly1980’smydadranatearoomsintheDandenongRanges.Hetaughtmehisspecialtechniqueforhiringstaffcalledthe“warmbodyrecruitmentstrategy”–Ifyouhadapulseyouwerein.Anyonecouldturnupatthefrontdoorofthebusinessaskingforajobandhewouldhirethem.Withnointerview,noinductionandnotrainingtheywereunleashedontheunsuspectingcustomers.Generallyspeaking,thiswasadisaster-mostpeoplelastedafewhours,afewdaysorafewweeks.Meanwhile,thecustomershadthe“FawltyTowers”Experienceinreallifeandthebusinessstruggled.
Staffcanbethebestinvestmentyouevermakeoryourbiggestnightmare.Giventhehighcostofhiring,trainingandtheimpactonteamwork&clientrelationshipssomeHRpeoplehaveestimatedthecostofhiringandlosingastaffmemberatmorethan$50,000.AtfirstIdidn’tbelievethisuntilIstartedconsultingandfoundittobetrue!
LastnightIwaswatchinganepisodeofaTVShowcalled“World’sstrictestparents”aboutacoupleofAustraliankidswhoweretotallyoutofcontrol.TheyweresenttoFloridatospendaweekwithtotallydifferentparents.Theimpactoftheshiftingtoadisciplined
environmentwasdramatic.Infactitwasunbelievable!Thebehaviouralchangefromangry,unruly,unproductiveteenagertomature,caringandperformingindividualwasastonishing.
Andclearlydemonstratedthevalueofhavinganenvironmentwithdiscipline,rules,consequences,expectationsandlove.
THE VOICEA regular publication from Vow
INVESTING IN NEW STAFF MEMBERS – Some Tips & Tricks
Here are some of the many techniques for hiring great staff:
One hour of good recruiting is worth hundreds of hours of trouble later-Sospendyourtime,checkreferencesandhirewisely-“Hireinhasterepentatleisure”.Avoiddesperationhiring.
1
Avoid selling them the job – Instead paint it black!-Tellyourcandidateshowyourunadisciplinedworkplace,beupfrontaboutyourhouserulesandclearonyourexpectations.Goodleadersuse‘toughlove’–asteelfistinavelvetgloveapproachanditworks!
The team is a reflection of the mindset of the boss-PoorLeadershipbehaviourlosesgoodstaffandanegativeattituderepelsgoodapplicants.Don’tpickapplicantsyoureallydislike.“Yougetthestaffyoudeserveandyougetwhatyouputupwith.”
2
If you can’t attract decent applicants, rewrite your ad, advertise more widely or overhaul your workplace culture.Remember,“Achoiceofoneisnochoice–don’thirethebestofabadbunch”
34
5
6
7
8
Pick the best applicant for the role–IfyouwantHighperformersandleadersthenyoumaywanttochooseaPhD–thePoor,hungryandDriven–manycomingfromoffshoreatthemoment–however,somehighperformersareunstableandonlylastashorttime.
Hire for work ethic-OnelargebankIknowprefersleadersthatarefirstbornchildrenofimmigrantfamilies.Sometimesa“solidfollower”ismorestableinthelongrunthanaprimadonna.Learnaboutbehaviouralprofiling(DISCanalysis)byaskingMattMitcheneratVow.
Most people make promises, tell lies and embellish the truth in job interviews-Thebestindicatorofagoodemployeeistheirperformanceinthefirst90days.Thisisthebestbehaviouryouarelikelytosee.Iftheyaren’tright,admitdefeatandterminateinsidetheprobationperiod.“IfinDoubt–Chuckemout”andalwaysdoreferencechecking.
Provide a great induction and training-Youarepayingtotrainyourstaffonthejobanditcostsyouthetimeofthenewone,theirstaffbuddyandtheimpactofmistakesonyourclients.Getyouacttogether,createatrainingprocessandrunaninductioncourselike“90daystogreatness”.
For more ideas and advice on building your team email [email protected]
How did you get into mortgage broking? Igotintobrokeringthroughafriendofmine.Wegraduatedfromhighschoolin1999andIwentontostartadualbusinessmanagement/commercedegreeatUQ.Hegotintorealestateandayearlaterwecaughtupagain.Duringthecatchuphesaidtogetintofinance.Iaskedwhyandheshowedmehistaxreturnforthepreviousyearwherehemade$177,000inrealestate.IdecidedthenthatIshouldmakeacareershiftandgotintofinancesixmonthslater.
What’s the key to success in the broking industry? Ithinkthekeystosuccessinthebrokeringindustrywillbethefollowing:abilitytobuildrapportandrelationshipswithcustomersandreferrersandlenders,industryknowledge,workingharderandsmarter,proficiencywithloanprocessing,goalsettingandbackingyourselfthatyoucanmakeitwork.
Describe your approach to business in five words. Liquidity,profitability,growth,relationshipsandsystems.
What changes have you seen in the industry since you became a broker?Legislationhasbeenabigpartofthechangesintheindustrysince2001,whenIstarted,butalsothereductionincommissions,andtherequirementforbrokersto
bemoreproficientwithloansandsubmissionswithlendersbecomingmoredifficultwithlendingpolicy,andtherequirementofbrokerstobeabletocrosssellotherproductsandservicestogeneratelargerrevenueandprofitability.
What’s great about working with Vow Financial? Theyareadynamiccompanythatworkwithyouandarelikemindedpeople.Theycareaboutthechangesinourindustryandwhatwillmakeabrokernotonlysurvive,butthriveinthecurrentenvironment.Thisisevidentwiththeotherproductsthatwecannowcrosssellsuchaslegal,equipmentloans,financialplanningetc.
How do you unwind? Iliketoreadcarmagazines,watchamovieorreadabook.
What are you watching? TheOlympics.AmwaitingforthethirdseasonofGameofThrones.
What are you listening to? IlistentotheradiowhenIhavetime,thoughIspendthemajorityofmytimeinthecarmakingphonecallsandbeingproductive.
What annoys you?Peoplewhodriveunderthespeedlimitontheroads–theyarealreadyslowenoughasitis!
What makes you happy?Spendingqualitytimewithmyfamilyandfriendsandsleepingin.
What’s your ultimate goal?Tolivealifethatwasfulfillingandadventurous.ToexperienceallIcaninlifeandlivewithnoregrets.Ibelievelifeisajourneynotadestination,sothebestthingyoucandoistomakethejourneyasbestandasall-encompassingaspossible.
If you could have any two people in the world to dinner, who would they be? MichaelJordanandKobeBryant.
Have you had a life changing moment? YesIhavehadafew.
Finish this sentence. ‘Success is findingthefuninasmanythingseveryday.
Where is your next holiday destination? USAtowatchtheNBA.
How did you earn your first dollar? IworkedatthePizzaHutCallcentretakingphonepizzaorders.
THE VOICEA regular publication from VowTHE VOICEA regular publication from Vow
UP CLOSE Lawrence ToledoJL Fincancial Services and Green Funding
Lawrence ToledoFinance ConsultantJ L Financial Services & Green Funding(QLD)
LAWRENCE’S STORY…LawrenceToledoisafinancialservicesconsultantwhoholdsafinancialserviceslicenceandabrokeringlicence.Hehasbeenworkinginthefinanceindustrysince2001.HerunsGreenFundingandJLFinancialServiceswithhisbusinesspartnerandfriend,JoanneJacksonsince2007.
JLFinancialServicesfocusisassistingourcustomersandreferralpartnerstofacilitatetransactionsthatrequirefinance.In2012,GreenFundingwasestablishedtopartnerwithGreenInitiatives,acompanyprovideenvironmentallyfriendlyproductsandservicesandprovidefinancingoptionsfortheircustomers.Thebusinessgeneratesit’scustomersthroughwordofmouthreferralsfromexistingcustomersandreferralpartners.
THE VOICEA regular publication from VowTHE VOICEA regular publication from Vow
TEAM VOWW: vow.com.au
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Sydney Office T: 1300 656 922POBoxH265,AustraliaSquareNSW1215
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QUICK NEWS
- CongratulationstoallthosewhoreceivedawardsandrecognitionatTonyNewcombe’sMid-yearterritorysalesawardsafternoon.
(L-RL-RTonyNewcombe,ThierryLui,
AnushaHaranAFM,ChristineShenCitibankandFarhadDalvand)
- WelldonetotheVowStaffwhocompletedtheCitytoSurfraceonSunday12thAugust.
(L-R,JustinDale,TaraDavoren, JackCzechowski,MattMitchenerandSarah
Purdy)
- VowIncentiveProgram–over1.7millionpointshavebeengivenawayalreadythisyeartogetyoutotheVowConferenceinPhuket.LogintoyourVowaccounttosee!
SERVICE GUARANTEE FOR OUR BROKER PARTNERSIfitevertakesusmorethan4businesshourstoreturnyourcall,wewillpayyou$100-noquestionsasked.
www.vow.com.auT: 1300 656 922 ABN 66 138 789 161ISSUE 12 September 2012