The common problem plaguing mid-size mortgage brokerages
On a weekly basis I see high performance loan writers stumbling on their own success. If your brokerage is experiencing growing pains, it could be a warning sign to go back to the basics.
After 20 years in the mortgage broking industry I’ve seen every type of business. From single operators to small teams, miz-sized firms to national networks. There are common traps that most brokers will fall into at some stage in their career. These issues often become too big to ignore as you scale into a mid-size firm with multiple loan writers and support staff.
Many successful brokers who are on a growth trajectory put up a facade. To the untrained eye their business runs like a well-oiled machine. From the outside everything looks perfect. But pop the hood and the problems become quite obvious. Particularly when you know what to look for.
In this article I want to cover some of the common issues brokers face as they begin to grow into mid-sized firms. And why it is essential to go back to the basics.
The ongoing problem: wearing too many hats
Just pause for a moment. Right now. Think back to when you started out in broking. What were your key responsibilities? What were your days like? What gave you a sense of joy and accomplishment? What made your clients happy? When was the last time you took a holiday?
The answers to these questions are important, as they will help redefine your role today as the operator of a growing brokerage.
I’m guessing that you didn’t start out as a mortgage broker hoping to become a technology specialist, an office manager, a marketing manager, or someone overburdened by administrative tasks. Yet these are the roles most brokers find themselves in as they muddle through their growth plans.
Put simply, brokers wear far too many hats. You find yourself off track, overworked, exhausted and
ultimately unproductive. Yet you obsessively tinker at the engine, hoping to fix the problem.
This can lead to imposter syndrome and dissatisfaction, which can trigger decisions based on emotion that may not be right for the business.
Can you relate? Good. Identifying the problem is an important first step.
The simple solution: ask for help
Human beings aren’t great at asking for help. Particularly those of us who run our own business (let’s face it, we became self-employed for a reason).
Sorry to burst your bubble, but the solution to your problem won’t be found by you and your constant tinkering. I’ve lost count of the number of brokers I’ve seen who think that buying leads, hiring a marketing manager, spending money on social media, or switching aggregators will solve their problem. It won’t.
So. What is the real issue?
You’re in the wrong job. You need to get back to being a broker. You should be playing to your strengths: meeting clients, building your network and making sales. You need to get back to basics.
To do this you’re going to need some help. That’s where I come in.
High performance brokers rely on Auctus to build a backbone for their business that enables them to scale and thrive sustainably. We do this by focusing on three areas, beginning with your process. Streamlining your process maximises efficiency and means you can deliver a consistent customer experience. Your new process is documented, analysed and optimised to ensure it is serving its purpose.
The second consideration is technology. This can be a minefield for mortgage brokers, particularly with so many vendors vying for your attention. We assess your existing tech stack and make adjustments to support your new process. This usually involves eliminating tech (not adding more), and creating a simple, integrated tech stack. One that you actually use.
Finally, we work alongside your team. A business with a bulletproof process and solid tech stack is useless without the right people to operate it. We equip your people to drive your business with ongoing training and support.
The result is a revitilised brokerage that can continue operating efficiently and servicing clients while you work on what you do best – being a broker.
With Auctus, you can even enjoy a holiday, safe in the knowledge that your business has been overhauled for optimal performance.
