Many people prefer to work independently and with flexible schedules when it comes to employment. One of the jobs that provide the mentioned qualities is being a mortgage broker. You decide where you put your effort, your start and finish times, plus breaks and you control how your work is done. You are the ruler of your very own dominion. More importantly, mortgage broking is a very rewarding career as you will be helping people achieve their life-long dreams of owning a home or a business and even equip them with more financial knowledge. In return, you experience professional development and get job satisfaction.
However, being in the industry as a mortgage broker is not for all. It can be a harsh industry sometimes, especially for those with not enough passion. Amidst the stress of the ever-changing policies, little frustrations that we encounter daily, and the endless hustle to obtain new clients, it can be hard to remember why we chose this career path in the first place. In fact, it was said that around a quarter of mortgage brokers failed after their first year in the business. This fact should not discourage you, though. Proper training and the right skills can equip you and ensure your success in the industry.
If you want to get into this field and make a successful career out of it, here are the skills that you need to have besides the passion for the job:
KEEP EVOLVING
We have spoken with many mortgage brokers, some have been in the industry for more than two decades. And there’s one key thing they have in common: They never stop learning and evolving. Yes, the industry is constantly changing which makes the perfect reminder to never slip into complacency. As a mortgage broker, you should do your own research as much as possible and be well aware of the market, the changing customer needs. It’s imperative to not just rest on previous successes and expect that business will always be there. In other words, staying relevant and helpful to your clients should be at the forefront of a broker’s mind.
You know, even when you feel like you’ve reached this fork on the road when you’re smashing your targets and the demand for your services is higher than you can keep up with, there’s always more to learn. Keep up to date with the new rules and regulations in the industry by subscribing to magazines and trade journals. And don’t forget to keep your customers in the loop about the latest deals and what’s happening in the industry that they should be aware of.. Investing in your own knowledge is the most empowering way to gain insight into your business and improve your expertise to provide the best service to your clients.
BE A PROBLEM-SOLVER
The work of a mortgage broker, even when there are many challenges that we didn’t plan for, can still be, in many ways, wonderful. If you can solve all sorts of problems to help clients achieve their goals, who knows what mountains you could conquer. Because that’s what being an effective mortgage broker comes down to. It shouldn’t be difficult to grasp the concept: Here’s a stumbling block, then here’s a solution. That’s why clients love mortgage brokers so much. Every day in your work, you would come across various clients in different financial situations, and they all have the same goal: They want to purchase a house aligned with their budget. They also want to make the most of the money they have.
Sometimes, the job can be pretty straightforward, but most of the time, it involves reading between the lines and drawing out information that the client does not directly tell you while still delivering according to their requests. A great mortgage broker should be able to offer various solutions.
HAVE GOOD COMMUNICATION SKILLS
Being an intermediary between your clients and the lenders would entail a lot of networking and negotiations. Of course, you tend to feel very strongly about the fact that your client deserves the best loan option for their financial situation and so you chase the best possible offers from various lenders. Oftentimes, you have to do the ring-around – calling lenders, and then you would go and meet them in person. However, not all lenders would go out of their way to help with your case. So it can be quite stressful sometimes.
Also, the job does not end in relaying information from one party to another. In reality, negotiating can be really hard. The timeline and process between you and your client would depend largely on how you handle each discussion. You’ve just got to step up your communication skills to manage your clients and the process well. However, don’t be disheartened when you get a NO from a lender, it’s OK to walk away. You will know how to approach things differently next time and eventually reach an outcome that both you and your client are happy with.
BE GUIDED BY DATA
While helping your clients, remember that you are also conducting businesses in the process. You want to make sure that you’re putting effort into high-valued tasks and streamlining processes to make it super-easy for clients to do business with you. Data is the best indicator. If you want to be successful in the field, you should dig deeper into data analysis. That means knowing how many leads you achieve every month, where they are coming from, what their behaviors are, at which point in the pipeline do they disengage…Data is definitely helpful in pointing out the areas that need improvement, giving you a complete grasp of your clients, and guiding your next steps.
CONCLUSION
Homebuyers often seek help from mortgage brokers when they need to make big financial decisions in their lives such as buying a house. They entrust brokers to guide them through the process to achieve the best outcome. To be the best broker for your client, you should take the four characteristics mentioned above on board. They will guarantee to help you win over new customers, boost loyalty and save you heaps of time and money. Change doesn’t have to happen overnight, but focusing on the right direction will make a big difference in kicking your business goals.
Mortgage brokers who want to expand and grow in the most efficient way (Hint: that should be all of you!) will benefit a great deal from a lead management platform like Effi. Whether you’re just starting out or you have a fully-fledged business with many clients, Effi is the smartest mortgage broker platform that would help you get leads and double your capacity to grow your business. Sign up now for a free 14-day trial.