“A broker’s role is not to make money out of people”

Top 100 broker believes you shouldn’t be thinking about the commission that will be earned

“A broker’s role is not to make money out of people”

Never think about the commission that will be earned from a client – think about how much they will benefit from your experience and knowledge. These are the words of Top 100 broker Adam Burstein of Nu-Age Finance who came in at 51 in this year’s list. He spoke with MPA about the year that was and why new-to-industry brokers should focus on the needs of every client and not the money they are likely to make.

A rollercoaster ride

Servicing a client base of mostly first home buyers in the construction market, Burstein has recently seen an increase in referrals from old clients whose friends and family want to take advantage of market conditions.

“The last 12 months have been an absolute rollercoaster in the mortgage broking world,” said the WA broker. “It has been a testing time with the scare of COVID-19 and the subsequent slowdown in business with fear among most buyers looking to enter the market.

“Then the government stimulus sprung upon us - turning what was looking to be a quiet time into one of the busiest periods I have ever seen.”

Read more: Top 100 broker on helping clients through the good times and the stressful

He said he spent many sleepless nights working overtime to ensure clients’ loans were processed in a timely manner.

“All in all, it was an amazing and highly enjoyable 12 months - a year like never before,” he said.

This surge in activity was reflected in the volume Burstein wrote – the broker executing more than $100 million in settlements throughout the 2020 financial year.

Every client is valuable

Despite his strong financial results, Burstein maintains client experience as being his primary focus.

“Your customers are a gauge on your services offered as they will be brutally honest most of the time,” he said. “Customers are also the helping hand you need to spread your name around and help your business grow. Without these strong relationships life as a broker would be very difficult - also much less enjoyable.”

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This is advice he is keen to share with new-to-industry brokers that want to build a successful business.

“Each client is someone who needs your help,” he explained. “Never think about the commission that will be earned from a client, but how much that person will benefit from your experience and knowledge.

“Always think how you can help this person not only save money but end up in a better position than before they met you. When a client leaves happy after settlement you have done your job well.

“A broker’s role is not to make money out of people - it is to assist them in making one of the biggest purchases of their life. From this your reward will come by way of commissions earned.”

He added that the client you least expect to be worth your time financially could well be the one who is so pleased with your service that they bring in the most referrals.