A career in mortgage brokering can be extremely rewarding, both financially and personally. If you’re thinking of becoming a mortgage broker, you may be wondering what it takes to be successful in this industry.
In this article, we catch up with one of our clients, Taras Mencinsky from Runmore Loans. Taras has only been in the mortgage broker business for just over 7 years but was a chemical engineer for over 20 years and a part-time developer in real estate back in the 1990 and 2000’s so he knows a thing or two about how to get loans approved and meet client expectations.
Here are the top 5 traits of a successful mortgage broker.
1. Strong Communication and People Skills
A successful mortgage broker must have strong communication skills. This includes being able to clearly explain complex financial concepts to clients, as well as being an effective negotiator. Mortgage brokers need to be able to build rapport with their clients and be able to concisely explain the reasons behind their recommendations. We do not use jargon to confuse our clients.
2. Good Organisational Skills
A successful mortgage broker must be highly organized. This includes being able to keep track of multiple files and deadlines, as well as staying up-to-date on the latest changes in the industry. Get to know your BDM’s well, have them on speed dial and be respectful. Don’t use them simply to do your research for you or as leverage.
3. Use BID to Your Advantage
As a broker, you have a Best Interest Duty to your client. This should be seen as a Unique Selling Proposition (USP) that separates you from a bank. Making it very clear and demonstrating that you have your client’s best interest as your highest priority builds a level of trust that will turn your clients into advocates and your best referrers. Pay it forward.
4. Self-Motivation
A successful mortgage broker must be self-motivated. This means having the drive to succeed and continuously improve your skills. Mortgage brokers need to be able to work independently and stay motivated even when things get tough. You are building a business you can hopefully monetise on retirement.
5. Financial Knowledge
Of course, a successful mortgage broker must have a strong understanding of finances. This includes knowledge of different types of loans, interest rates, and financial regulations. It’s also important to keep up-to-date on the latest changes in the industry so that you can provide your clients with the best possible advice. Maintain your CPD and don’t get stuck using the same old lenders.
If you’re thinking of becoming a mortgage broker, these are the five qualities you’ll need to succeed in this rewarding career. From strong communication skills to financial knowledge, make sure you have what it takes before taking the plunge into this exciting industry!
