Nadine: How do you think someone could differentiate themselves from their competition in this industry?
Laura: Oh, competition. I personally don’t see things in terms of competition. Okay so for me, the way that I look at my business, is I look at how do I make my business better? What am I here to do? What is my mission? What are the things that I want to achieve for my clients, and how do I help them navigate through what can be a really really complex environment? And how do I do that to the best of my ability?
So when I’m looking at my own business planning, I don’t really take into account what other people are doing. I’m looking at what I’m doing and how I can do that better. So I think that that word competition is kind of bandied around quite a lot, you see it in you see it in marketing materials. Distinguish yourself, that kind of thing… and I don’t know how constructive that is. I think that we can do better as an industry to band together, and work collaboratively. And the broker community, we are a powerful force in this industry when we do collaborate.
Nadine: Yes, so maybe the MFAA campaign keeping the competition alive is more what you’d be looking at in terms of your competition. Maybe banks?
Laura: Maybe, maybe not. Because banks for us are an essential partner. We need banks because they have the funds, they have people’s money that they lend out. So what we need, I think the context of the MFAA campaign is to make sure that there are more banks, that there’s an abundance of funding out there, not less. So in that context, competition makes a lot of sense.
Nadine: It’s about choice.
Laura: Correct, that’s about choice to the Australian borrowers. In terms of me being in competition with other brokers, that virtually never happens. Like I I very rarely come across another broker’s loan that I’m competing for. What tends to happen is that if a client has not got the service that they need from the bank that they’re with, and they might have had historically had a relationship with their existing bank, banks are generally not set up to provide the same kind of level of services. Not that personal interaction or that personal understanding of their circumstances. They’re too big.
Nadine: I feel like there’s a little bit of education that you as a broker give to your client? That maybe empowers them to make a different decision?
Laura: Yes, definitely. So that’s one thing that we do focus really heavily on in in my business anyway, is to educate our clients because we want them to know what they’re signing up for, what their commitment is. And we want to empower them to make that decision and that choice, so that it is their choice that they’re making. So our job is to provide them with the information relevant for them to make a truly empowered choice. Education is a massive part of what we do. Huge.
Nadine: Yeah I think that’s a really great way to differentiate yourself as well, you know. To provide education and that little bit of additional service to clients that they might not get everywhere.