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Australia’s largest independently-owned mortgage broker, Mortgage Choice, is proud to have featured in the top five of each Top Franchise list. Now in its second year, the bi-annual list ranks franchise systems from across Australia based on the result of a national franchisee satisfaction review.
Mortgage Choice achieved its best result to date in the latest survey, which was released in March 2010.
The company’s senior corporate affairs manager, Kristy Sheppard said, “The Top Franchise accolade is more important than so many other awards we have won because it comes from the heart of our business – our franchise network. They are the ones who vote on Mortgage Choice’s performance, according to their personal experience with the brand, its offering and the service received from our head and state office teams.”
“We are really proud to have made the list each time it has been announced. Industry awards are a fantastic credit to the company as whole, however, awards won due to the satisfaction of our franchise network are even more special.”
Ranked second overall this time around, the nationwide franchisor experienced an improvement in its score for each and every category its franchisees were asked to give their opinion on.
Rewards
One stand-out result for Mortgage Choice was ranking number one against other franchise systems in the category of financial and social rewards received. Of the 172 Mortgage Choice franchisees surveyed, 73% said ‘my franchise royalty fees and/or the goods or services I buy from my franchisor are value for money’. This is a considerable improvement on the previous survey’s result of 61%.
The reward offered by owning your own small business also rated highly. 72% say they can draw a larger salary from their business than they could receive elsewhere, compared to 60% in the survey prior.
72% felt Mortgage Choice arranges relevant additional products to help improve their revenue streams by giving them access to a range of non-core products and services to provide to customers, such as commercial loans, personal loans, asset finance, deposit bonds, risk insurances and general insurances. This compared to 58% in the previous survey.
“In the last 18 months, we have been working especially hard to improve the value of our franchise model. Our three-year strategy places a great amount of importance on diversification and implementing additional income streams,” said Ms Sheppard.
Social rewards were top of mind too. 70% were satisfied with the positive work/life balance, compared to 64% last survey period.
“Being a professional mortgage broker is a full time commitment but owning a broking business provides a flexible working environment that allows Mortgage Choice brokers to meet customers’ needs where and when it suits both parties. Our franchisees can work from a home office, commercial office or shopfront, and can choose their hours,” said Ms Sheppard.
Support
The mortgage broker’s second highest ranking was in the area of franchisee support. 81% said Mortgage Choice provides them with good training opportunities to develop their personal skills’ set. This was an improvement on the previous study’s result of 73%.
79% felt Mortgage Choice franchise support staff successfully mentored and guided them through problems, compared to 70% in the previous survey. 76% learned valuable processes from the franchise system on how to run their business successfully, an increase of 9%.
“We have dedicated support programs to help franchisees during their first twelve months, such as our Rookie Development Program. Part of this includes shadowing a successful Mortgage Choice broker who acts as a mentor to the new franchisees. Plus, for quality assurance both for the broker and for Mortgage Choice, our dedicated Lending Support team reviews loans submitted by a new broker until they submit six accurate applications from a range of lenders,” said Ms Sheppard.
Passion
Having a passionate franchise network rounded out Mortgage Choice’s top three category rankings. 89% are passionate about the product/service they offer customers, and 91% care about their customers beyond their consumer experience.
“This passion extends to Mortgage Choice’s support staff, who constantly strive to help franchisees achieve their business goals and to improve the company’s brand presence and appeal. This is why 92% of franchisees believe the company has a well recognised brand,” said Ms Sheppard.
“Our franchisees are passionate about what they do and don’t just listen to customers, they understand and learn from them. 80% value the structure Mortgage Choice has in place to allow the sharing of knowledge and 79% feel the company makes them feel part of a team.
“Mortgage Choice is in a healthy growth position. As national regulation comes into play it’s pleasing to see that already 71% of our franchisees believe Mortgage Choice has a clear strategic direction, 79% are optimistic about the home loan market and pleasingly, 90% intend to renew their franchise agreement beyond their current term.”
-ENDS-
For further information or to arrange an interview, please contact:
Belinda Williamson
Corporate Affairs Coordinator, Mortgage Choice
Telephone: +61 (0)2 8907 0472
Email:
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Website: www.MortgageChoice.com.au/franchising
About the Topfranchise.com.au list
The Topfranchise.com.au list is the product of a bi-annual franchisee satisfaction review by strategic marketing intelligence agency 10 THOUSAND FEET. Franchise systems from across Australia were given the opportunity for their franchisees to take part in the survey. This is the result of the fourth independent review, and this time it covered the July 2009 to February 2010 period.
About Mortgage Choice, Australia’s largest independently-owned mortgage broker
Mortgage Choice has a national network of hundreds of franchises and loan consultants. They provide guidance on, and choice of home loans offered by an extensive panel of leading lenders. Many consultants provide a broader service offering, also helping customers source commercial and personal loans, asset finance, deposit bonds, and risk and general insurances. |
