The role of brand in the current mortgage broking climate

As a mortgage broker, when entering a franchise model, one of the most important decisions you will make is which brand you intertwine with your own. Aligning with the right brand can propel your success, whilst the wrong brand can be like a chain around your neck.

Here are some key questions to ask yourself when considering which brand to align your personal brand with.

1. Is the brand recognised by potential clients and referral partners?

Brand recognition is extremely important, especially when you’re paying for the privilege of that brand association through a franchise fee. You can search for sentiment online, or casually bring up the brand in conversations. Look for positive markers, for example, do people smile when you mention the brand?

This is equally important with referral partners. The brand you select should amplify your credibility and help you to deliver further value to referral partners.

2. Is the brand customer-centric?

In today’s climate of fast-paced social reviews, feedback and a 24-hour news cycle, a client-centric approach is more important than ever. Customer centricity delivers the right message, to the right person at the right time and prioritises customer outcomes above business outcomes.

3. Has the brand avoided scandal?

The Royal Commission has shown us just how much trust and brand damage can be done in a brief period of time. Each of the impacted banking, financial service and mortgage broking brands will be dealing with the fallout of those mistakes and trying to win back trust in the coming years. As you know, there are a lot of reputable mortgage brokers and mortgage broking businesses in the market, now is the time to align with one of them.