At times like this, the temptation is to work harder to cram in as much business as possible while the market is busy.
But even the most productive of brokers has a limit, so there’s a good chance that no matter how hard you work, you won’t be able to make the most of all of the opportunities in front of you.
And, even if you do, can you be sure that you have given every case the attention and level of research that it deserves?
So, perhaps there’s a way of working smarter rather than harder.
We all have a limited amount of time, which means there is an opportunity cost for any amount of time we spend on a task. Put simply, every hour you spend on one case is an hour you can’t spend on another.
This is true at all times, but it is particularly pertinent when the market is so busy and there is greater pressure on your time.
During periods like this, it can pay off to work out which cases you are able to convert most effectively and those that are outside of your core markets which take more time to research and progress.
If you choose to refer some of your more time-consuming cases, you could benefit from improved opportunity cost by focusing on what you do best earning a referral fee on the rest.
And this could put you in a better position than simply choosing to place those periphery cases yourself.
You can decide to work in partnership with a specialist distributor on a case, where you retain responsibility for the advice, but you also have the ability to refer the case in its entirety in return for a percentage of the fee.
This option is particularly popular for times when your options are restricted by your network, during busy periods and holidays, or even just as a way of allowing you to focus on other areas of your business.
And there are additional benefits. By referring to a specialist you can be sure that your client is receiving advice from an expert in that market and may even have access to more options with whole of market access and exclusive products.
You will also retain ownership of the client, so don’t need to worry about eroding your client bank.
So, if you are working longer hours than ever before and feel like you are still unable to make the most of every lead, think about how you could use referrals to improve your opportunity cost.
It could be the smarter way to make hay.
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FOR INTERMEDIARIES ONLY AND NOT INTENDED FOR THE GENERAL PUBLIC
Source: Mortgage Solutions