Single operator brokers can sometimes feel overwhelmed by the job, but help is at hand. Broker and founder of Lending Mate, Peter Ellis, reveals his three tips for solo brokers.
Having been in the finance industry for over 12 years, eight of those running my own business, I can honestly say that I have seen it all. Starting in 2007, when we had the GFC, we’ve since seen interest rates rise then plummet, we’ve had the introduction of the NCCP, a booming property market, the banking royal commission, the changes and “different year” of 2018-19 and now, in 2020, even more changes are imminent with the best interest duty for brokers, along with many other updates.
Throughout all this time there have been highs and lows, wins and losses. Settling loans can be a mental rollercoaster when you are being inundated with leads one month and the next day you’re working out where business will come from. For many, this rollercoaster and the changes the industry has been through have made us wonder why we do this day in, day out.
While some may have moved on from the industry, or pivoted roles, the one thing that stands out is the resilience of the solo broker. When I say solo, I mean the one-person business with a broker and perhaps a personal assistant or two, or outsourced help.
Something like 70 per cent of mortgage brokers are solo operators, which is huge. I feel that many of those could attest to having gone through the ride at the theme park called ‘Being self-employed’.
Many of us get out of bed to start the day, drive to an office/stay in the home office, turn on our computers, answer emails, chase a few deals and then wonder what’s next. Does anyone else have these thoughts floating around in their mind?
If you said yes to any of these, have you ever asked yourself what can actually be done to assist or, at least, reduce the overwhelmed feeling and keep you motivated?
The three keys that I know will assist are:
Coffee meets, after work functions at pubs and clubs, and lender sessions are all useful. While many of us are time poor and may not like travelling to an event, socialising is part of our DNA and makes us feel a lot better. This is particularly the case if we can talk with others who may be going through similar experiences and may be able to help us or make us feel that we are not alone.
There are some good groups out there, with most aimed at the “daily grind” of work (policies, structuring, which lender to use etc.). Online groups can also be useful to make you feel like you are not alone in your thoughts or questions; when you see someone with the same comment/question, it boosts your confidence.
I also look for groups that are positive, which helps you feel that you can ask any question without the worry that negative comments will appear. I have always lived by the saying “no question is silly”. After all, we must remember that every broker was a beginner at one stage and we are all at different stages in our business journeys.
Likewise, a mentor is not just for new-to-industry brokers. The word mentor is used for many things but, for me, it is all about letting brokers know that there is someone there that they can call anytime, about anything to do with the industry. It may be an overused saying, but being able to “phone a friend” is such a help to business owners.
At the end of the day, this industry is built on people and relationships. The more we can interact and help each other, the better. One hurdle today is another learning point for tomorrow.
It’s a journey – we just have to make sure we don’t travel alone.
Peter Ellis is the founder of Lending Mate and creator of the Solo Broker Best Practice program, designed so that single operators need not go through the ups and downs typically associated with business.
The Solo Broker service guides brokers on every facet of lending and business so they can build the life they dreamed of when they entered the industry without being overwhelmed.
An MFAA & FBAA certified Mentor, Peter works one-on-one with new and experienced brokers, allowing them to learn at their own pace while promptly receiving feedback and growing their business.
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