Brisbane property market remains buoyant despite lower loan volumes
If there’s one thing broker Tom Uhlich loves, it’s a challenge.
Uhlich (pictured above) is the CEO of Brisbane brokerage Boss Money, and now primarily focuses his attention on complex loan structures and self-employed clients.
Despite the fact that he will have clocked up 20 years in the business by January next year, he still gets a buzz out of being a broker.
“Calls I receive often start with, ‘you were recommended by … and I heard you can get things done and don’t give up’. I get a kick out of that,” Uhlich said.
Boss Money’s clients come from a range of different circumstances and backgrounds.
“We are seeing an increase in downsizers and plenty of renovations as low stock levels have clients resorting to making their existing house more liveable,” Uhlich said.
At present, Uhlich said his lodgement numbers were down 35% from this time last year although enquiry numbers remained high due to the escalating rent prices and renters wanting to enter the market.
He said while the recent run of RBA rate rise pauses “would normally breath some life into the market” it hadn’t done that this time.
“I think there still is a shadow lingering over the market that rates may still increase. Also, I believe people want some confidence that rates will drop to more manageable levels … and when this will occur.”
Despite buyer uncertainty about rate rises, the Brisbane property market continues to thrive, Uhlich said.
“Brisbane property isn’t stopping, low stock levels, heavy demand and major infrastructure is pushing it up.”
That said, he said there were still plenty of challenges facing mortgage brokers with retention a key issue.
“Banks don’t care about clients until they threaten to leave. We had a major bank offer a better rate plus cashback (even though they don’t offer them anymore) to an existing client to keep them.
“The client had been with the bank for 13 years and we worked out they had charged an extra $24,000 interest.
“I told the client to ask the bank to refund the interest if they really cared. They didn’t, the client refinanced.”
When it comes to making his business prosper, Uhlich said social media was a great tool that shouldn’t be ignored. He estimated 34% of his business leads came via social media.
“Push social media, you can be an instant hero,” he said. “Everyone is on their phones scrolling socials and it’s a free marketing service.”
Uhlich, who started out as a qualified accountant, said keeping a business afloat required being organised, and his business has a weekly marketing plan.
He also splits his time between new and existing clients.
“One of the major marketing ideas we implemented was sending a thank-you gift to our clients at lodgement of the loan. They love it.”
When it came to being a broker, Uhlich said there was plenty about the career to enjoy.
“Without sounding like a hero, I do think brokers make a difference in this world,” he said.
“We have helped countless clients start their home loan journey and after almost 20 years helped them grow an investment portfolio and buy and sell into their dream home.
“Secondly, it’s a massive challenge, dealing with different personalities, banks changing lending policies and moving goal posts.”
Uhlich said there was no denying it took plenty of time and effort to succeed as a broker including long-work hours and sacrifices.
He said while he wouldn’t forgo his health and fitness as it’s his “therapy”, he used his time well.
“My alarm goes off at 3.20am every day and I work two or three hours every Saturday and Sunday just to keep my business humming.
“Four years ago, I sacrificed drinking, and it took my business to another level. I hear plenty of brokers with goals of how much they want to make but don’t hear what they want to sacrifice.”
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