6 Essentials to Be a Successful Mortgage Broker: Being a broker is a difficult career path and a lot of people don’t realise that before diving in head-first. However, did you know that most mortgage brokers don’t make it past the first year? If you’re able to navigate your way through that challenging first year, it can be an amazing career choice. Below are a few tips to get you through the first year and begin your career on the right foot.
6 Essentials to Be a Successful Mortgage Broker
Understanding of Sales and Credit
Some people have solid credit skills or good sales skills – it is very rare for a new mortgage broker to possess both right away. It makes sense seeing how analytically minded people can find it difficult to communicate with people and social butterflies may not be great with analytics. The first part of being a good broker is to be able to identify your weaknesses. The successful mortgage broker can identify their areas of improvements, and engage in activities that strengthen them, while improving their strengths at the same time. It is also important not to neglect your insurance options.
Resilience, Passion, and Intelligence
Being intelligent and driven are both necessary in order to be a good broker. One of the most underrated qualities of a broker is resilience. Leaving a bank to become a broker can be a difficult process. There will be rejection, stress, and many other downfalls during the beginning and resilience will be the only thing that gets you through.
Working in sales requires you to have a mindset that doesn’t take things too personally. Some people are born with it, and some people develop resilience over time. Everyone loses clients sometimes; the key is to not let it get to you.
Passion and determination will determine your success. It’s quite rare for new clients to show up at your door looking for a mortgage broker. You must be willing to put yourself out there and find your clients. There will be ups and downs in life, but without the lows we would never be able to recognize the highs. Resilience is what separates the great mortgage brokers from the not so great ones. They realise that anything can be achieved if they make the right changes and chase success.
Choose the Right Market
Solid Teamwork Skills
There are some strict rules that go into being a mortgage broker. For example, most banks require you to have at least two years of loan writing experience in order to become a broker. All rules were created for a reason and while they may seem unfair, they do make a lot of sense.
If you don’t possess the required experience, connect with a great mentor. You should also consider meeting up with other mortgage brokers regularly to discuss the challenges you are facing and try to get some advice. Meet with experienced brokers who have different areas of focus as to avoid the competition aspect.
Clients can make or break you in this industry, so it is best to take care of the ones that you have currently. But, it’s also critical to connect with new ones. If you’re looking for new clients or taking care of existing clients, you will always be networking without a break. There are potential deals all around you and you just must know how to find them. Networking is an artform that takes time to develop. You don’t want to be the pushy salesperson. Instead, be that listener who is there to help new potential clients. Phrasing and choosing the right words make all the difference.
Resolve Customer Issues
The best part of being a mortgage broker is the ability to help someone find the right financial products for what they need. Finding those difficult situations where the client wouldn’t even know where to start is challenging – yet quite rewarding.
By taking the additional steps necessary to help a client, you can easily become one of the top brokers in your area. Your reputation will precede you, and relationships with clients will be founded on trust and reliability. This is a great business tactic for brokers who rely on word of mouth referrals.
Caring about your clients is important. It’s a statement of fact that nobody wants to be thought of as a number. As a broker in the mortgage industry, you are working with real people who have real problems. If you focus on the problem-solving aspect of this business, you will have more loyal clients in the future. However, you’ll also establish repeat business, and gain several leads based on referrals.