From Good to Great!
The landscape that mortgage brokers operate on has changed significantly since the Hayne Royal Commission and everything that was wrong with mortgage lending was deemed to be the broker’s fault.
There has been a significant increase in compliance requirements, and additional difficulty on mortgage brokers on getting loans from the application to settlement from rapidly moving credit criteria.
Despite all of the above, broker share has exploded to above 70% for the first time, with no signs of slowing.
What key things contribute to making a mortgage broker “Great” compared to “Good”?
Based on what I have witnessed over my 30 years in the industry, “Great” mortgage brokers do the following…
- Hire staff that are better than them particularly in their weaker areas
- Have a diligent and consistent marketing strategy that remains in place no matter the conditions
- Have regular meaningful contact with their clients
- Promote an unequalled culture and morale
- Utilise staff members, delegate tasks and follow up on these tasks
- Outsource where possible, but don’t overdo it
- Work on the business, not in the business
- Incentivise employees in order to turn them into dedicated proprietors within your business
- Actively promote the business and build referral sources at every opportunity
This list is just a snippet of the key things I see great mortgage brokers do daily.
The moral to the story is – be consistent, persistent, and innovative. Don’t be afraid to think outside the square and don’t be afraid to trust your people.
Most of all, enjoy the experience and experience the joy.