Starting out in a new industry can be daunting, and trying to stabilise and strengthen an existing business can be just as tough. Thus, we have put together 5 handy tips to help you cultivate a successful mortgage broking career; tips that should future proof your success for years to come.
1. Network, network constantly.
A successful mortgage broker is always looking for ways to nurture their clientele, and generate fresh business deals. Whether they are looking for new clients or looking after old ones, their networking mode doesn’t have a pause button. Potential deals are all around you; at the gym, the supermarket, at school pick ups/drop offs, and it’s knowing how to find them that cultivates your success. The art of schmoozing certainly shouldn’t involve harassment or ‘in your face’ style marketing, rather listening out for triggers and proactively responding to the call. Successful mortgage brokers are a helping hand, not a pushy salesperson.
2. Embrace new technologies.
‘Old trusty’ is good, ‘new and improved’ is better. To be a successful mortgage broker – to be successful in any career, really – you need to be ready to embrace new technologies that have been designed to make your job easier. If you have always performed a process a particularly way, without any review system, chances are there is now a more efficient and effective means of doing so, thanks to our ever-evolving digital society. Ditch the paper processes, and embrace automation and innovation; once you experience increased levels of productivity, and a larger loan book as a result, you’ll never look back.
3. Be driven and passionate.
Complacency doesn’t reap success; determination and passion does. If you sit at home, expecting the deals to come to you without any effort on your part, then this ‘mortgage broking’ thing may not work out too well. There will be highs and lows in your career, and one must endure the lows in order to experience the highs. Remarkable drive is what separates the great brokers from the mediocre; where the mediocre ones might proclaim a deal is ‘too hard’, the great brokers will make changes to achieve results.
4. Stay curious.
The saying “curiosity killed the cat” never made sense to me anyway. Curiosity is essential in learning and developing your skills, in finding out more about your client’s financial situation, and in knowing all there is to know about the lending landscape. If you see a dubiously low interest rate offered by a lender, ask questions; what is the catch? How are you able to offer a rate so much lower than your competitors? Your clients will benefit from your inquisitive nature, and as a result, you will procure a loyal customer base (who will hopefully tell all their friends about their exceptionally knowledgeable broker!)
5. Find a great mentor.
As we all know, new entrants into the mortgage broking industry require two years of mentoring in order to become fully qualified. If you form a relationship with a lackluster mentor who cannot find the time to look after you properly, not only is this going to stunt your career progression, but it is going to give you a bad taste of the industry as a whole. Many accredited mentors still have their own busy loan books to manage on top of their mentees, and at times, their mentee will have to take the back seat. Thus, a dedicated and loyal full time mentor is a must. Our Broker MentorPlus program offers the perfect blend for those looking for a certified mentor, but need to brush up their broking skills and knowledge before starting to write loans. We have employed a full-time, dedicated mentor to offer uncompromised support; the only loan book our mentor cares about, is your own. For more information, please visit our Broker MentorPlus website.
Disclaimer: The information provided in this article is not legal or financial advice. It has been prepared without taking into account your objectives, financial situation, or needs. Before acting on this information, you should consider the appropriateness of the recommendations, having regard to your own objectives, financial situation, and needs. We encourage you to consult a finance professional before acting on any suggestions provided in this article or on this website.