As you may have heard, Facebook had recently updated its rules around what users see in their News Feed.
Generally, the rules had changed to show more posts and news from a users' friends and family, at the expense of posts and news from businesses and media publishers.
According to Mark Zuckerberg, he "built Facebook to help people stay connected and bring us closer together with the people that matter to us," so these changes have been made to "put friends and family (back) at the core of the experience."
As a broker, what do these changes mean for you?
When it comes to what kind of content businesses need to create to capture the attention of audiences on social media, the case for video is strong.
Many popular platforms are completely driven by video, such as YouTube and Snapchat. But every channel is now making it easier to create and share video as a way to engage: particularly Facebook, Twitter, Instagram, and LinkedIn.
Why video rules?
If you’re reluctant to develop your personal brand by self-promoting, it could be holding your business back. It's time to set your reservations aside.
Mortgage brokers can be averse to blowing their own trumpet – people generally don't want to be seen to be bragging – but self-promotion can be the making or breaking of your broker business, says Bianca Niederberger, owner of marketing consultancy Loqui Marketing.
Personal branding is one of the best tools you have to distinguish yourself from your competitors and show potential clients what you have to offer, she adds.
SPECIAL EDITION Interview Series with Prospa co-founder
By Sabrina Cortez
He says he learnt a lot more in the first three months of being a business owner than in the first three years of business school.
Meet Beau Bertoli, co-founder of Prospa, who has more than 13-years' experience managing a property management business, a regional scooter operation, and setting up a division at Flexigroup - all with their own challenges and successes.
The Mortgage & Finance Association of Australia (MFAA) is disappointed by the limited view of the mortgage broking industry that has been presented by the Productivity Commission’s Draft Report on Competition in the Australian Financial System.
The Report’s authors have failed to understand the reasons why consumers engage brokers to act on their behalf, and ignore the value that mortgage brokers have brought to the Australian economy over the past 20 years.
SPECIAL EDITION Interview Series with Prospa co-founder
By Sabrina Cortez
Over $500m has been loaned to more than 12,000 Australian small businesses in just over five years.
PROSPA’s co-founder, Greg Moshal is not afraid to lay down the numbers of the online lender’s growth since entering the market and he tells the MFAA how critical culture is to driving a future-focused company.
He’s an entrepreneur with a more than just savvy small business know-how and emerging markets expertise under his belt.
Understanding Marketplace Versus Balance Sheet Lending Models
A funding model, primarily balance sheet or marketplace, has a significant impact on cost, timing, loan term and pricing structures, yet this is often poorly understood. How loans are funded via a marketplace, pooled, fixed rate or bid etc, can also have a large impact on price and certainty.
The ACCC’s Scamwatch is urging all Australians who lost money to a scammer that used Western Union as its payment platform from 2004 to 2017 to take action to try to get it back.
Western Union has agreed to pay a penalty of US$586 million to the United States’ Department of Justice (DOJ) after admitting to aiding and abetting wire fraud. This fine will be used to refund eligible people, those tricked in to paying scammers, world-wide.
Embracing digital tools is essential for brokers who want to increase productivity, offer greater speed and convenience to clients, or work with people regardless of geographic boundaries.
Here are four areas (and some popular suppliers) where technology can simplify your day-to-day operation.
1. Scheduling meetings
Can people schedule a meeting with you quickly, without a phone call? Booking an appointment can be a click away for your clients.
We all know referral networks are important – but how do we enhance that relationship to ensure a more consistent stream of referrals? Here are a few techniques you should consider implementing.
Getting a referral partner can be a boon for your business, but the real work starts after you find one. That’s the view of Nick Reilly, founder and managing director of mortgage broking and financial planning services firm, Inovayt Wealth.
“A lot of people go and get referrers but they don’t think how they’re going to get business out of that referrer,” says Nick.
The prestigious 2018 Mortgage & Finance Association of Australia (MFAA) Excellence Awards are now open for entry.
MFAA Broker members, businesses and industry professionals are encouraged to submit, and can submit an entry in one or more of the 20 Awards categories online.
MFAA CEO Mike Felton said, "The awards are a great opportunity for brokers to be recognised for the quality and professionalism of their work."
Are you just starting a business, or thinking about starting a new business? Or "do you want to learn more about tax basics, good record-keeping and employer essentials? Would you like to know about the tools we have to help and support your small business?"
The Australian Taxation Office (ATO) is offering small business owners the opportunity to participate in free small business workshops, in each state; as well as a series of 12 small business webinars to cover these key business topics.
The Australian Competition & Consumer Commission (ACCC) has published its small business guide to assist all businesses and consumers to understand their rights and obligations under the Competition and Consumer Act 2010 and the Australian Consumer Law. Key points are that businesses:
The Australian Competition & Consumer Commission (ACCC) has published its final report on its 18-month study of new car retailing in Australia. The report includes a call for reforms to assist new car buyers, in particular for: improved complaint management; mandatory sharing of technical information to servicers; and more accurate information of vehicle fuel consumption and emissions.
Changes to the Privacy Act 1988 have established a requirement under the Notifiable Data Breaches scheme for those entities regulated by the legislation to manage data breaches appropriately. From 22 February 2018, if a data breach could result in ‘serious harm’ to any person through unauthorised access, misuse, loss or disclosure of their personal information (referred to as an ‘eligible data breach’), a strict procedure must be followed. Types of harm can include physical, financial, psychological, emotional, financial and reputational.
There are many paths to gaining a new lead, whether it’s a referral, through website visits, or from a community event. And while it might take days or months for a prospect to convert, you will generally have certain practical steps you always take as you “close a deal”.
This might include specific information you provide at certain stages, meetings, seeking a written commitment, or forms that must be completed.
A customer relationship management (CRM) tool can be the difference between a coordinated, personalised customer journey and a scattershot approach that leaves customers dissatisfied.
Understanding each customer helps brokers deliver a better service and build stronger and more enduring relationships. CRM systems enable businesses to better understand their customers, stay abreast of their needs and offer solutions to their problems at the perfect time.
By Sabrina Cortez
She started out with the ambition to become a forensic scientist for the Tasmania Police, but after failing the national test, she landed in the broking profession and has never looked back.
Now she’s considered one of the top-performing brokers in Hobart, has recently been recognised as one of PLAN Australia’s top 25 achievers, manages her own successful brokerage and is a single-parent.
One of the best ways to boost traffic to your website is to build effective backlinks.
Here’s how to get started and help make your business rise to the top of search rankings.
When it comes to small to medium enterprises (SMEs), like broker businesses, websites are the most widely used digital marketing tactic.
Building on your investment in a website should include a commitment to search engine optimisation (SEO) strategies. One of the most effective of these is building backlinks – links on other sites that direct traffic to your site.
The MFAA is pleased to announce the employment of Leah Hudson as new Business Development Manager (BDM) for Queensland.
Leah joins the MFAA having run her own broking business, Flametree Financial, for the last 10 years.
An MFAA member herself, she also assisted former Queensland BDM, Kim Kreisel, as a Member of the Brisbane Member Forum.
"I'm very excited to join the MFAA team. As a proud long-term MFAA member, I'm looking forward to continuing and building on the great work the MFAA has done in the past."