What makes a good mortgage broker?

[Peter_Tersteeg]

Who said that's my real picture? It's just someone incredibly handsome that all the guys want to be and the girls want to be with.

I actually noticed a bit of a drop in business when I changed my picture and username, probably because I'd used the old one for over 10 years. I do appear to have recovered though. I'd also encourage Kinnon to change her username, it will probably be of benefit in the long run.

 

[EN710]

Kinnon Bell is a nice name
Probably something in transition like Kinnon Bell (Kesse)

 

[DaveM]

also encourage Kinnon to change her username, it will probably be of benefit in the long run.

Yeah, Messe or Kisses is better

 

[Mr. Fabulous]

- Network like your life depends on it. You can never have too many connections.
- Always look for opportunities to connect people within your network.
- Figure out how to differentiate yourself.
- Sell yourself and your business to absolutely everyone you come across.
- A. B. C. Always Be Closing.
- Embrace the fact that you are now a salesman and excel in the role.
- Specialise in a certain area or target a certain market.
- Get on property investment forums (like Somersoft) and start participating in discussions.
- Try lots of different strategies to gain business. Most of these will fail. Focus on the ones that work and milk them for all they are worth.
- Embrace failure like it's your best friend.

 

[Redom]

- Network like your life depends on it. You can never have too many connections.
- Always look for opportunities to connect people within your network.
- Figure out how to differentiate yourself.
- Sell yourself and your business to absolutely everyone you come across.
- A. B. C. Always Be Closing.
- Embrace the fact that you are now a salesman and excel in the role.
- Specialise in a certain area or target a certain market.
- Get on property investment forums (like Somersoft) and start participating in discussions.
- Try lots of different strategies to gain business. Most of these will fail. Focus on the ones that work and milk them for all they are worth.
- Embrace failure like it's your best friend.

Brilliant advice.

 

[Redom]

- Network like your life depends on it. You can never have too many connections.
- Always look for opportunities to connect people within your network.
- Figure out how to differentiate yourself.
- Sell yourself and your business to absolutely everyone you come across.
- A. B. C. Always Be Closing.
- Embrace the fact that you are now a salesman and excel in the role.
- Specialise in a certain area or target a certain market.
- Get on property investment forums (like Somersoft) and start participating in discussions.
- Try lots of different strategies to gain business. Most of these will fail. Focus on the ones that work and milk them for all they are worth.
- Embrace failure like it's your best friend.

Adding one more, get your network working for you.

You can probably get your first dozen or so clients getting the people who know and trust you to sell your business.

Cheers,
Redom

 

[Redom]

Someone who can think outside the box and who doesnt just put deals to 1 or 2 preferred lenders then give up when their computer says no.

The only people i know who do this are 'part time brokers', full time 'planners/real estate agents' etc. The 'all in one shops'.

Don't blame them - it takes a long time to get on top of policy, and then some to stay on top of it.

 

[tobe]

regarding ratio of pre approvals converting, its as long as a piece of string.

There are lots of brokers out there who sign everyone up, regardless of their intentions, or how commited they are. The theory is getting a signature, and then getting feedback from a lender provides a certain amount of commitment, and gives the broker more communication time with the client.
The downside is they oftentimes dont proceed, or once they have a pre approval assume they are pre approved with all lenders and go shopping through another broker/channel.

There are a lot of other brokers who simply dont do pre approvals, to them they are a waste of time. These brokers usually rely on their own experience and industry knowledge to provide reassurance and feedback to the client, rather than actually passing on the application to the lender for assessment.

Note, many lenders dont perform pre approvals either.

Most brokers starting out start in the first camp, and as they get busier might move to the second camp, but theres no hard and fast rules.

 

[Vixs]

Good and successful are not always the same thing.

Quoting that for emphasis. Seen some people making big money whose clients deserve better advice and service.

 

[mrmonopoly]

From a buyers agents perspective, I always encourage clients to choose a mortgage broker who has a long term and holistic approach. Essentially they are an extension to your own brand.

Ultimately they need someone who is established and will stay with them through the whole wealth creation journey, putting together an upfront plan, but being patient and adaptable when having to navigate policy. A 'can do' attitude, even if the client can be a complete pain.

Particularly when referring investors to brokers, I exclusively refer only to a panel of brokers who are investors themselves and who have a positive mindset. Having been through the journey themselves, means they can relate at a deeper level and aren't just in it for a quick transaction.

Last but not least, tell your friend to align himself to a panel of good independent buyers agents. This will increase the chances of his clients buying successfully in the first place, greatly assist with the conversion of pipeline by having someone work full time in their best interests, but also open possible channels to cross referral. It won't be for everyone, as not everyone feels the need or can justify a BA, but can be great for those who are struggling or could do use assistance. Just ask "have you considered using a buyers agent?".

 

[Kinnon Bell]

Take this as constructive criticism but I think you should change your username to your real name or business name and put up a pic of yourself for your avatar. You should also have a pic of yourself on your website. The pic of a guy on your website makes me think you're a guy but you're really a hot female? You'd know there's a lot of brokers on here vying for business and you might pick up some more if you were more transparent. I've noticed several brokers here have recently changed their username and started putting up their real pic like Peter has. This ads credibility. You should also left align your signature instead of having it centre.

Thanks for the feedback Nomadic - some good advice there. Regarding the nick/profile pick - it was something I was going to transition over a 6 month period or so with nick first then profile pic a month or 2 later. I thought about doing it straight away but thought people wouldn't recognise me if I changed everything at once then I'd just look like another new broker and not someone who has been here for quite a while but I'll get the party started today.

Agree with the comment re the website too. The photo was something I had been in 2 minds about for a few reasons but I came to a decision yesterday to do it and it was on my to-do list for today or tomorrow.

Who said that's my real picture? It's just someone incredibly handsome that all the guys want to be and the girls want to be with.

I actually noticed a bit of a drop in business when I changed my picture and username, probably because I'd used the old one for over 10 years. I do appear to have recovered though. I'd also encourage Kinnon to change her username, it will probably be of benefit in the long run.

Ha, I can vouch you're the handsome man in the photo!

You highlighted some of my concerns there - people don't like change! But I'll get my bum into gear!

Kinnon Bell is a nice name
Probably something in transition like Kinnon Bell (Kesse)

Thank you Bit of a story with the nick but it is a bit of a play on my initials.

 

[Paul@PFI]

- Network like your life depends on it. You can never have too many connections.
- Always look for opportunities to connect people within your network.
- Figure out how to differentiate yourself.
- Sell yourself and your business to absolutely everyone you come across.
- A. B. C. Always Be Closing.
- Embrace the fact that you are now a salesman and excel in the role.
- Specialise in a certain area or target a certain market.
- Get on property investment forums (like Somersoft) and start participating in discussions.
- Try lots of different strategies to gain business. Most of these will fail. Focus on the ones that work and milk them for all they are worth.
- Embrace failure like it's your best friend.

Good one from Gail Kelly (Westpac CEO) today..
Know who should be on the bus and who should get off.

Clients, networks, suppliers etc... From time to time I do a head check and realise that someone shouldn't be my client. Perhaps its me, maybe its them. Doesn't matter. Years ago a former boss told me to allow time and space for new business. Then seek to fill it. Bill Gates founded Microsoft with that view...He used to encourage the worst employees to leave rather than tolerate ordinary. Good ones replace them.

 

[antistar]

Reply to my post then you can say you've spoken to a female broker

Hey Kesse!

Ok done. Thanks

 

[almostthere]

Number of loans per month

How many loans do successful mortgage broker write on average per month? My broker writes about 22 loans per month.. I think that's huge?? Or is that normal?

 

[Jamie M]

How many loans do successful mortgage broker write on average per month? My broker writes about 22 loans per month.. I think that's huge?? Or is that normal?

Depends on how you define success.

Based on loans per month - that's quite a lot. I've done the same number over the last month but it's a busy time of year. Some months are quieter.

Cheers

Jamie

 

[Mr. Fabulous]

Good one from Gail Kelly (Westpac CEO) today..
Know who should be on the bus and who should get off.

Clients, networks, suppliers etc... From time to time I do a head check and realise that someone shouldn't be my client. Perhaps its me, maybe its them. Doesn't matter. Years ago a former boss told me to allow time and space for new business. Then seek to fill it. Bill Gates founded Microsoft with that view...He used to encourage the worst employees to leave rather than tolerate ordinary. Good ones replace them.

This is great advice. When I meet with prospects, I interview them as much as they are interviewing me. If my gut feel tells me it's not a good match, I won't establish a relationship with them.

 

[almostthere]

Depends on how you define success.

Based on loans per month - that's quite a lot. I've done similar numbers over the last month (20) but it's a busy time of year. Some months are quieter.

Cheers

Jamie

Yeah, that's what I thought.. Since the start of this year he has written close to 250 loans.. I think that is quite impressive..

 

[oc1]

This is great advice. When I meet with prospects, I interview them as much as they are interviewing me. If my gut feel tells me it's not a good match, I won't establish a relationship with them.

When you get to this stage - call in picking and choosing your clients - it's great. It's a fortunate position to be in. Certainly less stress and more fun along the way.

 

[Mr. Fabulous]

- Focus on your clients, not the bottom line. Provide an exceptional service and the money will naturally follow.

 

[MatC]

Just to add my 2 cents worth having been with a big 4 bank for 12 years and making the jump to broking at the beginning of the year it has been a bit of a roller coaster. I spent the last 4 years with the bank working in the referrer space, and assumed it would be an easy transition with my Planner and accountant network I had built.

However the big challenge was effectively starting again to go from a role where the phone rings non stop and the emails come all day to literally zero flow, you friend really needs to think hard about how many of their bank clients may follow him, and where they will generate their leads from. In terms of Income having 12 months salary up your sleeve is essential as it's really a 45 to 90 day payment term from the bank from lodging the deal!

I would not change a thing and love the flexibility of a choice of lenders and policy and clients really do treat you differently not working for a bank but the circle of influence and the leads this may generate are key to a start up.

Mat