This article was last updated on September 5, 2017
If you are trying to make your way through the financial world as a mortgage broker, it will be difficult. As the saying goes, “He, who wants to learn to fly must first learn to stand and walk and run and climb and dance; one cannot simply fly into flying.” Thus, starting your career as a mortgage broker won’t be as simple as putting up a sign mortgage broker’ and expecting clients to flock in.
As the saying goes, “A good beginning is half the battle won.”
That saying is perfectly applicable here. As the success of a mortgage broker relies a lot on the public image he or she creates, a good start is a must. There are a few steps for getting started with the mortgage business listed below. Follow these and you are surely going to win half the battle.
- Do your research. If possible, talk to several successful mortgage brokers and see where they started. Read the success stories of well-known mortgage brokers online and see what all of them have in common.
- Dress in a professional and trustworthy way. Try out several outfits, choose the one that suits you well and stick to it. Do not keep changing your dressing style frequently. This would help you form a trustworthy image of yourself.
- Try to get a certified course for brokers. There are no specific educational requirements by law to become a mortgage broker. However, many brokers have a business or finance degree. No universities or colleges offer a degree program for mortgage brokers, but there are several certified courses on the topic. This degree will help you with clients, as there is a general prejudice that make people prefer mortgage brokers with degrees.
How to Move Up the Latter Tips:
- Start by developing relationships with the lenders. The more number of lenders you connect with, the more borrowing options you can provide to your clients.
- Consider spending a few years in a mortgaging company. This will train you well and help you build the public relations skills required for a mortgage broker to survive the business. In any company there are several experienced brokers who can mentor you. This will be the best training you need to become a successful mortgage broker.
Sustaining Success Tips :
After completing the above steps, you are now a mortgage broke0r, but with still a long way to go for becoming a successful one. There are several tips one can apply to carve the way to the top. All of those are mentioned below:
- Make it a point to do your research every day. The first rule of mortgage brokers is to keep hunting daily. Make it your habit. Always keep prospecting for new clients. Someone once rightly said that a mortgage broker has no defined office hours. He or she always has to be on alert in order to never miss an opportunity of landing a new client. There are two benefits of this. First, a consistent number of lead ensure you have several new clients every month. Second, when you have a number of new clients, you can be picky. You can choose which clients to take on and which ones to not. If there are less clients, you will be compelled to take even the ones that may not profit you much.
- Be disciplined and respectful. Being disciplined and maintaining a respectful poise not only helps you create a good first impression, but also helps you to stay organized and focused towards the growth of your business. If you study all the successful mortgage brokers, you will find that all of them follow consistent guidelines and strict procedures. Work to gain more respect. Never underestimate the impact a respectful image in the industry can have on the clients.
Tips to Manage Your Energy and Time :
- Value your time because nobody else will. Have a dogmatic focus on the profitable use of your time and resources. Before accepting a new lead, make a survey of the situation and figure out the answer to these 3 questions:
→What is the probability of me winning this deal?
→How much time would it take for the deal to fall through?
→Are the gains worth my invested time and resources?
Keep in mind that if you are spending more than 2 hours for coming up with a solution for a particular client’s mortgage needs, that client is not likely to benefit you.
Tips for Researching Clients:
- Do your homework. Remember that every buyer is different, and so are their requirements. Each client you take on will have different debts, different financial positions, as well as different housing requirements. So a single solution will not apply to all the clients. It is preferable to have detailed knowledge of all the alternatives available, in order to provide multiple options to the clients and then help them choose the most suitable one.
- Be punctual in responding to emails and phone calls. The biggest mistake you can make as a mortgage broker is to give the impression to your client that you are lazy. It makes the client very uncomfortable. Especially when the offer is on the table. If the client has to wait for the mortgage broker to give them a confirmation call, it can be down right frustrating. It is your duty to make sure that the clients feel that you haven’t forgotten about their deal, and that you are continually working on it.
- Never rush your clients and take your time in explaining details about the fees, loan procedures and everything related to the transaction. It can be really tempting for you to expedite a process as much as you can so that you can move on to the next client. But hold your horses! You may not know that a client may be consulting more than one mortgage brokers to weigh down their options. Rushing them would only cause those clients to drop your offer. All you can do is be patient, helpful and open to questions. Also make sure you do not miss out on mentioning any small details related to financing and fees.
- Show off. When I say show off, I mean try to provide your new clients with a proof of your success. This will make them trust you more. You can always keep your mortgage broker license bond with you. You can showcase that you are licensed and that would prove your authenticity.
- Remember the personal details. Every client would feel more comfortable working with a person with whom he or she feels at ease. This can be done by remembering little details about the client, even though they are irrelevant to the deal. This will help you create a personal bond with the client.
- Go online. Get yourself listed on various mortgage websites. Also, use platforms like Google My Business, Twitter and Facebook. This helps your business show up on Google Maps and Google Search. Thus, people looking online for mortgage brokers may get your reference. Also, ask your existing clients to post reviews about you and get a whole list of testimonials that you can showcase to your new clients.
If all the above given tips are combined with your skill and hard work, you are sure to become a renowned mortgage broker of your territory.