Broker
Intelligent Finance
Reclaiming his place as MPA’s number one broker, Justin Doobov has returned to the Top 100 after a couple of years working quietly in the background. He says it’s important to “run your own race” and not feel the need to compete with other brokers.
“We’re confident about what we do, because we know we go above and beyond for our clients,” he says. “We’re focused on helping as many people as possible – that’s our goal. If that means we write the most loans in the country as a result, that’s a bonus.”
In FY21 Doobov wrote the highest value of loans MPA has ever seen in its Top 100 Brokers list, breaking his own record from 2017. Consistent processes and a well-trained team have contributed to his success, but he also says he hates the word ‘no’.
Always wanting to turn a no into a yes, Doobov dissects the client’s position to work out how they can get an outcome that is favourable to them as well as the bank.
“The easy answer is to give a ‘no’, but I can’t count the number of times I’ve heard no, and we’ve turned it into a yes...
“Don’t tell me no; tell me what you can lend to them. If you tell me we can only get a $800k home loan, not a million-dollar home loan, then we’re 80% of the way there. So, how do we increase the bank’s comfort level and bridge that gap?”
Doobov is also not afraid of hard work. Even as a child he went out to wash cars, and as he grew older he took on various jobs in hospitality and retail. Some of those neighbours he washed cars for are his clients today.
Having taken that hard-working attitude into the broking business, a piece of advice he would share with other brokers is to “do today what you could do tomorrow”.
A self-confessed pessimist, he says the industry can change at any time, so it’s always worth doing things sooner rather than later.
“If there’s an application to submit, then do it today, because the lending criteria might change tomorrow, or rates might change,” he says.
Looking beyond COVID-19 at the next year to 18 months, Doobov says one of his focuses will be to refine the client base he works with. At the moment, it’s a mix of borrowers walking through his door, as they are primarily referrals from former clients.
“Our customers are our marketers. We look after the client so well that they become a raving fan,” he says.
“Because of my finance experience we understand the complex tax structures that others don’t. We might be able to get them a larger loan or a more favourable rate because we can explain the position a lot better to the bank.”
He likens it to Masterchef: “Everyone is given the same ingredients, and someone makes scrambled eggs, but we make a Michelin-star meal.”