MoneyQuest broker achieves $1bn in paid settlements
MoneyQuest mortgage broker Paul Wright has hit a mega target, reaching $1bn in paid settlements this week.
This marks a significant milestone in the Wollongong broker’s illustrious 20-year career.
For each of the last three years Paul has secured more than $100 million in paid settlements. And the 2021 financial year is proving to be his most successful yet.
Paul has a total of $132 million in paid settlements which is a rise of 28 per cent year on year and a significant jump on the average value of broker’s loan settlements, about $13,039,700 annually according to Mortgage & Finance Association of Australia’s latest Industry Intelligence Service Report.
The MoneyQuest franchisee, a former banker with CBA, joined the network in December 2017 after running an independent mortgage broking business.
“The main reason I joined MoneyQuest was because of the people. Having experienced industry professionals on call, and a community of like-minded peers to bounce ideas off, obtain support from, and workshop deals with was really important to me and I felt MoneyQuest could offer that,” Paul says.
So how does he account for his success? Firstly it’s an attentiveness to clients that has paid off, he says.
“Taking care of our clients has always been our number one priority. Under promising and over delivering is really important, as is delivering what you’ve said you’re going to deliver. We haven’t chased a huge amount of referral sources, we have instead focused our energy on providing 6-star service to our clients,” he says.
And regular communications with a 6000 client base has also proved invaluable for the business.
“We learned early in the piece that staying in touch with your clients is also crucial. Since first starting the business, we have always carried out annual reviews and regularly sent out correspondence, whether it be in the form of a letter, a newsletter, a magazine, or a birthday gift.
“We don’t just do it occasionally- we do it consistently, and this consistency has resulted in client loyalty, which means we now get 90 per cent of our business referred to us by clients, or those clients come back.”
Paul says a swift adoption of technology and employing some overseas staff helped the business navigate the toughest Covid-19 times.
“Our business was already set up to operate online, and our staff were able to adapt to new technology rather quickly. We also put on some offshore staff to follow up loan applications and carry out data entry, which freed up our staff in Australia and allowed them to focus on our clients.”
He has also added a revenue stream to his business, qualifying as a property investment advisor.
“Having this extra string to my bow has been a major differential. We receive a lot of enquiries from clients regarding investments and the benefit of this is, I can provide advice, and then we write the loans.
“They are generally good-sized transactions and investors transact more regularly, so educating myself in this space has helped our business to grow.”
MoneyQuest Australia managing director, Michael Russell, believes Paul was always set to achieve.
“He embodies everything our customers hope to receive – absolute professionalism, and a genuine care for their wellbeing. MoneyQuest Wollongong is presently averaging $20 million per month in settled loans – up almost 100 per cent in the past three years – which is testament to Paul’s work ethic and leadership skills.”