As of 2022, mortgage brokers have facilitated 71.7% of all new residential and home loans in Australia, according to Comparator by Mortgage & Finance Association of Australia (MFAA). This is a good sign for a thriving broker industry, with another recent report from MFAA indicating that brokers settle an average of $9 million in 6 months.
If we count it by the month, it would be an average of $1.5M to $2M a month. And as a mortgage broker, you know the thrill of settling this amount and meeting your monthly goals. It’s a fantastic achievement, and I would like to congratulate you if you have already achieved this milestone!
If you haven’t yet, then maybe it’s time to consider building a reliable team.
However, building a team would mean that you would need to settle more loans to cover your hiring cost, especially if you were to get a local employee or a direct freelancer with an increasing cost over time. And if this is the case, then how can you expand your business without breaking a fortune?
This is where the golden rule comes in – if you want to earn more, save more, and double your bandwidth while working less? Consider hiring affordable but high-quality team members by working with outsourced virtual assistants (VA).
Are VAs really cost-effective?
If you’re aiming to earn more while saving costs, hiring an affordable but competent team member like a virtual admin assistant is the key. Instead of burdening yourself with the expenses of local staff or a full-time manager, consider the alternative.
For as low as $550 per month, a VA can help you reach and settle up to $2 million in loans. By delegating low-value tasks to your VA, you can free up your time and focus on more important aspects of your business. Compared to the hefty $90,000 to $100,000 annual salary (plus benefits and super) for a local hire, the hourly rate of a VA is significantly lower, making them a cost-effective solution.
How can a VA grow your business?
Imagine the possibility of just hiring one offshore VA. With their support, you could already add and settle $2 million worth of loans every month. Now, take it a step further and consider the impact of adding more team members for $2,200 a month. With this investment, your business could get the chance to settle a staggering $3.5-4 million in loans monthly! The growth potential is undeniable, and by leveraging the services of VAs, you can achieve these remarkable results.
Not only do VAs are highly-trained unlike most of their freelance counterparts, VAs are well-versed in the loan process, ensuring a seamless workflow for your business. Whether it’s document verification, lead generation, loan application, submission, or client follow-ups, they possess the necessary skills to keep your operations running smoothly. Additionally, VAs receive ongoing training and support from their Team Leaders, Quality Analysts, and Subject Matter Experts, making them highly skilled and adaptable to industry changes.
Where Can I Find One?
It’s important to highlight that in the mortgage broking industry, your team needs to be ISO-certified or you could risk losing your licence. This is why Koruna Assist, an ISO-certified organisation, is here to make sure that your VAs adhere to the highest quality standards. With our VAs having a solid support system in place, you can be confident in the competence and professionalism of your VA team.
Hiring a virtual assistant is not just a simple expense; it’s an investment in the future of your business. If you’re ready to embrace the golden rule and propel your business forward, book a call with us today, and let’s help hit your milestones.
