10 Signs You Need An Outsourcing Partner

Running a mortgage broking business especially in Australia is the most profitable decision. As per the recent data published in the IIS report indicates that 70% of the mortgages in Australia were written by mortgage brokers.

However, there are times when many mortgage brokers reach a point where the demands of the business starts exceeding the time and resources available.

When your day starts becoming overburdened with an endless cycle of tasks, where you’re finding it difficult to keep up with the client demands in your business, it might be time to reconsider your operations.

In this scenario, outsourcing can be the right strategic decision for your business which can make all the difference, allowing you to focus on what truly matters the most which is growing your business and serving your clients.

In this blog, we all talk about 10 signs that indicate its time to outsource your work to an outsourcing partner.

There is a lot of paperwork involved in the mortgage broking business. Data entry, document preparation, and managing client files cost the majority of your time in a day. These tasks are important but doesn’t necessarily requires your personal attention in it to be completed.

If that is the case with you as well. Then you could achieve much more in a day if you outsource these tasks to an outsourcing partner. Delegating these repetitive tasks to an outsourcing partner will allow you to free up valuable hours in a day which can be utilized in business development tasks

Apart from this, devoting less time to paperwork increases the chances of committing errors which may also lead to the risk of non-compliance which could include penalties, fines or damages to your reputation, partnering with an outsourcing partner ensure that all the paperwork is completed with utmost accuracy.

The mortgage broking business is regulated by strict compliance, especially in countries like Australia, and staying compliant with all the industry regulations is like doing a full-time job itself. Struggling a lot to keep up with the industry regulations while managing a business is very difficult. If you also position yourself in this trap, then it’s not a surprise, many brokers struggle with this as compliance is complex, and the consequence of not adhering to it can even cost you your business.

Partnering with a reputed outsourcing company like Proowrx can lighten this burden from your shoulders as they are updated with all the latest regulations in the industry which ensures that your business is compliant without you having to worry about each and everything.

This saves you time and gives you comfort in knowing that compliance is managed by professionals.

Client expectations are evolving daily. Clients expect personalisation with high-quality services. If you’re finding it difficult to answer all clients’ queries and follow-ups, then it might be time to partner with an outsourcing company for all your client management work.

Mortgage broking is a job that involves too many responsibilities, so client communication becomes a hectic job, which can lead to dissatisfaction and ultimately, loss of business because every client expects attention.

Your outsourced team ensures that clients receive prompt and professional communication when you outsource your work to an outsourcing partner. This is important for building good relationships and a loyal client base.

If there is one major issue that most businesses are majorly concerned about, then it is employee turnover. When we specifically talk about the mortgage industry, then this could be even more challenging.

Investing time in training new staff can be costly and can also disrupt your business operations, as you won’t be able to focus on important tasks like business development and client retention.

If you’re also constantly hiring and training new employees and are not able to manage your employees, then it might be time to consider outsourcing. An outsourcing partner provides a skilled and stable team to understand your business. This allows you to be more productive in your work without the disruption caused by the high employee turnover rates.

Has it ever happened that you missed out on a new client because you didn’t have the bandwidth to handle them? When you start realising that you are missing out on new clients as you’re too stretched to hold them, then it is a clear sign that you might need additional support.

Through outsourcing, you can access additional skilled resources that can help you deal with sudden fluctuations in your business so that you can expand your business without overexerting yourself.

With your outsourced team, you can get the flexibility to tackle the fluctuation in your business, allowing you to take on more clients and grow your business without compromising on service quality.

Incorrect and missing information in loan processing can lead to multiple negative consequences like delays in loan sanction and rejection by banks, and also in some cases, it can even lead to financial losses for both the brokers and the borrowers.

If you are also finding it difficult to maintain accuracy in your mortgage files for any reason, outsourcing can solve this problem. Outsourcing partners provide you with resources who are well versed in mortgage processing regulations and best practices.

Outsourcing allows mortgage brokers to scale their operations without the need of significant internal investment in staff and resources.

Working with an in-house team involves huge costs, such as employee salaries, office space rent, and healthcare costs. These expenses significantly impact brokers’ bottom lines.

In addition, intense competition can lead to lower commission rates and reduced revenue per loan. Outsourcing allows you to reduce these costs by eliminating the need for certain in-house staff and resources.

With outsourcing, mortgage brokers can scale their business without spending too much on fixed costs, allowing you to focus on high standards of service.

The mortgage industry is constantly evolving, and more complex mortgage cases, such as those of self-employed clients or investment properties, require specialised knowledge and expertise to process efficiently.

Outsourcing mortgage processing with a team experienced in handling complex mortgage solutions can help you process these complex cases with case and accuracy. This ensures that your clients are getting best services even in the challenging situation.

Being up-to-date with the latest technology is very crucial for any type of business, including mortgage broking business. Clients also expect a convenient and personalised experience like they receive in other industries.

If you think that your technology needs exceed your capabilities, outsourcing can be a solution. An outsourced team usually has specialized knowledge and experience in utilizing the latest technologies. Outsourcing allows mortgage brokers to adapt to new technologies quickly without any upfront investments.

Post-settlement tasks like client follow-up, bank follow-up and documentation are as important as loan processing. They are crucial for maintaining good relationships with clients, which, in the long run, is necessary for your reputation in the market.
If you find that post-settlement work is eating up your valuable time in day than you’d like then outsourcing can simplify this process for you.

By delegating these tasks to a trusted outsourcing partner, you can bring your focus on expanding your business. The outsourced team takes care of all the post-settlement activities on your behalf, so you don’t have to spend time on these tedious tasks.

If any of these signs sound familiar, consider partnering with an outsourcing service like Proowrx. By delegating tasks such as loan processing, compliance management, and client follow-ups, you can free up valuable time and resources to focus on growing your mortgage broking. Book a discovery call today to learn how Proowrx can help you 10x your business growth.