How to be a successful broker

How to be a successful broker? If you can make it as a broker, you are in for a fulfilling career.

An interesting revelation from Finance Broker publication

The Advisor recently shared that almost 50% of new mortgage broker businesses don’t last longer than a year and a half. The Finance Brokers Association of Australia’s Peter White clarified the reasons for this, saying that until commission starts coming in brokers are reliant on their own capital to fund their business expenses.

Mr White told The Advisor “They have to outlay money on things like costs of licensing and registrations, equipment and motor vehicles, petrol, mobile phones and laptops, and all that sort of stuff you need to get yourself going.”

Managing expenses until you start generating an income is very important, however there are several other things you need to do in order to build a business into something successful.

Read also: Time for the mortgage industry to make it easier for the customer

These include:

Building a strong network

Create relationships with real estate agents, solicitors and people in the building industry in order to develop a healthy system of referrals. Networking goes both ways, so make sure you send your contact business and ask them to do so in return.

Know your products

There are so many loan solutions out there and as a broker it is your job to understand as many of them as possible. This will allow you to provide loans to a broader range of customers. What’s more, if you are able the one who is able to help customers where they have been told “No” in the past, your reputation will steadily grow.

Provide great customer service

Visiting a broker can feel like going to the doctor for some people. Sharing their financial information feels very personal and may not be something they are comfortable with. Reassure your new clients that it is not your place to judge their financial situation and that what you are here to do is make recommendations in order to help them achieve their goals.

Get to know your customers and stay in touch – they are likely to need to take out a loan in the future and you want them to come straight back to you.

Read also: What are the biggest brokers’ problems?

Make it easy

Take the stress out of document collection for yourself, the banks and your clients by using document collection software that has been developed specifically for your industry.

ezidox™ was designed with brokers in mind, making it easier than ever to collect, store and forward the documents you need from your clients in order to secure their loan and build your business into one that is a lasting success.

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