After two decades on the job this Central Coast broker says one major thing has changed
Mortgage Choice business owner Anthony Knight has been in the profession since the early days of the industry, when laptops were massive and dial up internet made it impossible to answer emails within the hour. Despite the many advancements in tech that have happened over the past 22 years, the biggest surprise for the Central Coast broker is the fact that his business operates in largely the same way as it did when he started – the big difference being the instantaneous nature that clients and brokers have become accustomed to.
Plugging in to the network
Nowadays more portable tech and fast Wi-Fi networks make it possible to communicate with clients and find out information in a matter of minutes, something the world has indeed become used to. But 22 years ago, this was not the case. Knight recalls not being able to check his emails until he was back in the office where he could plug his laptop into the dial-up modem and download his inbox.
“The biggest change has been the instantaneous nature of what we do, what we know and how much we know,” he said.
Thanks to the development of the internet, it is possible to look up the specifications of different loan products and compare them with one another. It is also now possible to communicate with BDMs and clients via video call rather than meet them face to face or talk to them over the phone.
Posting the loan documents
Due to the culture of instant gratification and digital enhancement we have all become used to, it is not unreasonable for the younger generation to expect a fast and easy home loan application process. However, while there are more and more digital banks coming to the fore, the process of getting a mortgage is far from a quick one.
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Setting aside the actual application process for a minute, which for many banks still involves printing out paper forms to post via snail mail, the process of finding out the best loan for a customer has largely stayed the same and can actually take a few months depending on where the clients are financially.
“There is an analysis and level of understanding of what works and what’s going to get them a loan,” he said. “We’ve probably moved our viewpoint with a lot of clients into more of a coaching role, so in fact, it can take longer.
“It may take a three-month work through of savings or work through of transactions,” he added.
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The importance of clear communication
Knight said he deals with the conflict between the instantaneous culture of our times shaping clients’ expectations and the reality of the mortgage selection process by having a clear conversation with his customers from the beginning.
“The conversation we have with the clients is built around that in regard to how that process is going to work,” he said. “The level of understanding of the client really helps them in regards to that customer experience.”
Being an expert in the industry also adds plenty of value as it reassures the client that if they have to wait for a few months to demonstrate a savings pattern, for example, it is all in the name of setting them up correctly and improving their chances at approval.