“We will give you everything we’ve got, but you’ve also got to give us your time and energy. When [a new broker] come[s] in, we will give them 60 or 70 leads a week and we will say go and connect and book as many meetings as you can. And if you walk away booking four meetings you are doing well, because out of the four, you will hopefully meet three. And out of the three, you will probably lodge one. And if you do one a week, and you do one a week for the next 48 weeks with an average deal size of $500,000, you are not doing too bad. That is how we give them those leads.”
Train hard or go home
A major part of Lambros’ business model is centred on building a solid training program. This involves a company-wide weekly sales meeting, delivered by Lambros personally, but directed by the brokers themselves. Each training session – or sales meeting – will generally cover both product knowledge and skill development.
“I have really increased the focus [on training],” he said.
“In the sales meeting, we generally have a lender come in and talk about what they’re offering. It is also about getting a face-to-face understanding of who everyone is, so then when the broker does actually need their help, they can just pick up the phone because they have already got a bit of a relationship.
“Then at the tail-end of that sales meeting, we would do training for about an hour. We do anything they want. I always ask them every week and they generally throw something at me and I will put it on the list… The next week, we don’t waste time thinking about what we are going to train in, we know what we are going to work on. Whatever they add to the list goes into the next week and the next week.”
As a one-stop-shop broker/planner/buyer’s agent/conveyancer, Lambros will also leverage the varied skillsets in the office when conducting the regular training sessions.
“It is constantly evolving… [W]e will bring in the financial planner and they will talk about SMSF stuff – how to structure the lending, what to look out for, the pitfalls, how to read a play slip, how to read a tax return and how to read company financials. What do these things mean? How do they work together?
“Last training session was bank policies and who’s got the niches. So we listed all the banks we work with and said right, who is good for this and who is good for that?”