COLUMNS - MY BUSINESS

Dave dials-up standards

Rachana Dave, boss of 0800RACHNA, tells TMM about thriving as a migrant woman in a male-dominated profession, hosting a radio show, and meeting Jacinda.

BY DANIEL DUNKLEY

Tell us about your background: What prompted you to go into the mortgage advice business?

I came to New Zealand as a migrant 16 years ago. Entering a profession that was maledominated, the demand of working after hours and at weekends was the most challenging for a family-oriented woman. From working in a supermarket as my first job, to becoming the first Indian woman to receive Best Mortgage Adviser at the Indian Business Awards, and receiving an award from Prime Minister Jacinda Ardern in 2018, it has been a challenging but rewarding journey. Working for ASB Bank for over eight years helped me to understand lending, product knowledge, credit criteria, that helped me as a mortgage adviser. I started as a mortgage adviser in July 2014 as a one-woman army, and now we are a team of 10 people.

How did you go about learning the business? And how did you find the process?

I had a very simple, basic, and yet very effective business plan in place. I come from a family of business owners, so I had basic understanding. I had a thumb rule that in my first five years of business, I had to grow by 24% year by year. I’ve achieved that goal to-date. I strongly believe in writing my goals down. I keep a very close eye to make sure I am on track with my business plan.

Tell us about your business and why you are passionate about being an adviser.

My vision is to build a top financial advising enterprise providing quality services and make a difference in the community. I educate clients on how to create a property portfolio and secure a better financial future. I help my clients confidently start their journey from being a first home buyer to becoming the owner of multiple properties in 15 years. My business is mainly focused on residential home lending and construction loans. We ensure we protect the clients by looking after their personal insurance needs as well. The smile and satisfaction on my clients’ faces when buying their first home keeps me going and reminds me why I am in the business.

How do you approach business differently to other advisers?

I have always focused on how I want to make a difference in the community. I [also] focus on giving honest advice and want to make sure I have a 15-year journey with my clients, and not a oneoff transaction. I focus on creating $3.5 million of net worth for my clients in this 15-year timeframe. My focus is to understand the client’s requirements and to provide a solution. Therefore revenue only becomes the byproduct in the business.

Is there a particular area that you specialise in?

I specialise in first home buyers, construction and developer loans.

Tell us about your radio show.

I have been doing a talk show to give insights on residential lending and market updates. I conduct seminars every quarter along with professionals like real estate agents and solicitors to educate the first home buyers and investors. Also, my active involvement in womendriven community events, sponsorships, radio, print media, seminars, webinars and presence on social media helps me as an entrepreneur to empower youth and upcoming mortgage advisers.

Do you make use of social media and / or new technology in your work?

Yes. I’m very active on putting videos and promotion on social media like Facebook, LinkedIn and my website (www.0800rachna.co.nz). Recently my Facebook Live with 106.2 Humm FM was very popular, with thousands of viewers.

What has been the high point of your time in the business? And the low point?

I have been in the business for six years. In my first year, I was part time and I still did $10 million in settlements. Each year, business has increased by 24%. In the past five years I have done more than $180 million worth of settlements. Winning the Best Mortgage Adviser award in November 2017 opened the horizon of new opportunities in my career. I’d say changing lending policies around the 2017 election were the biggest challenge in my career.

Do you have a mentor? If not, who has most inspired you in business and in life?

I have been very lucky to have Gopal Sreenivasan (Newpark) as my mentor. He has been one of the most successful advisers and businessmen. I have also been inspired by Mukesh Ambani (chairman and MD of Reliance Industries) for his extraordinary vision and business skills, Indra Nooyi (former CEO of PepsiCo) and our honourable Prime Minister Jacinda Ardern for her remarkable work in leadership as a woman.

What is the best advice you’ve received?

My dad always says the day you feel you know everything and you are successful, that day is the beginning of the downturn in your career. So never let success or glory take over you. My mentor says to be successful you need to do only basic things consistently. Therefore I just follow those two pieces of advice.

Is there a typical working day for you? What does it look like?

A typical working day is very full on. I prefer to be in the office from 9am until 2.30pm. That time is for application assessments, communication with the banks, referral partners, staff training and talking to the clients. I believe in following a 20 point day, five days a week.

· Making proactive phone calls for new business: 1 point.

· Calling any referral partner or professional network: 2 points.

· Appointments made out of any of the phone calls: 3 points.

· Working on new applications: 4 points.

· Settlements on the day: 5 points. I make sure I achieve my 20 points a day. Between 2.30 to 6pm is my time with my kids. I have client meetings after hours, or on the weekend, when they are relaxed and able to discuss their finances.

What challenges – both for yourself and for the industry – do you see ahead?

Covid-19 has changed all perspectives personally and professionally. There is a lot of uncertainty for small businesses. For first home buyers, the challenges are constantly increasing house prices, as there is more demand and less supply of the stock. For the industry, challenges will be to keep up with constantly changing regulations, Lending criteria, policies and licensing requirements.

What are your biggest long-term business goals?

My long-term goal is business sustainability. I want to lead an exemplary life and be a role model to many other women who are willing to be a mortgage adviser. That if I could do it, they can also do it. I wish to become that support system and empower them. I hope to reach $250 million-plus settlements for my team. And become more involved in community activities.

Finally, do you have some words of wisdom, or tips, for other advisers?

Have a good understanding of why you are in the business and what you want to achieve. Create a business plan with the ability to pivot as per market conditions. Do basic things, but consistently. Know your numbers on your fingertips. ✚

Photography credit: Indian Business Awards 2018.

• From

I am from Mumbai, India.

• Family

I am married and have a 15 year old daughter and 10 year old son.

• Out of work interests

I love dance, cooking and art.

• Film/TV show

Self Made: Inspired by the Life of Madam C. J. Walker

• Favourite book

Mind Power by John Kehoe

• Favourite music

Any soft classical or romantic songs.

• Motto

I will and I can.