A leading mortgage broker has told The Adviser what he believes are the key attributes that new brokers need to succeed, revealing how he works with his mentee to provide great consumer outcomes.
Speaking to The Adviser in the Elite Broker podcast, director, broker and mentor at IFA Mortgages, Anthony O’Flynn, spoke of his relationship with his broker and mentee, Luke Harborne, and what he believes the key attributes are for brokers to succeed.
Mr O’Flynn said: “Probably the most important thing is the enthusiasm. From previous employees that I’ve had, the enthusiasm wasn’t there at Luke’s level. I think the secret to it is that he was happy to learn the hard yards and do the customer reviews, and build a rapport with clients and understand what they’re doing.
“I think through that groundwork of not just jumping straight into a broker, but learning the back office, learning how customer service is important and how to interact with clients, that helps to build that expectation. So, when you start dealing with clients, especially with purchasers and looking at refinances, the clients understand what their expectations are, and you have that ability to understand what they’re going through. That’s the biggest thing. Because people buying homes, that’s very emotional. You’ve got to put yourself in their feet to be able to do it.”
The NSW-based broker also said that hard work and commitment were also required to become a leading broker.
Mr O’Flynn said: “I think the first thing for any young broker coming through is to learn the business. It’'s to start [learning], not just jump in and seeing clients from day one.
“Learn the process, understand what your clients are, start learning all about the products out there. Build the customer service relationship. I think that’s the important part. Understand what clients want, and how to talk to clients. Then start doing the small top-up loans [which are overseen by the mentor] and then build up your relationship that way with clients.”
Speaking of his own mentee, Luke Harborne, the mentor added: “I think Luke learning [all] that through the existing client base and then growing and understanding clients’ needs has made him one of the better brokers that I’ve ever dealt with. It’s to his credit that he’s put the effort in, and day in, day out he astounds me.
“The other night he stayed all night in the office to get out some clients’ reviews and clients’ applications. I mean, you don’t find that in too many young people today; that can stay all night and still work the next day, just to try and meet customer demand, and also the timelines that we give the clients.”
Mr O’Flynn continued: “I think the first thing for any young broker coming through is to learn the business. It's to start [learning], not just jump in and seeing clients from day one.
The key to having a good relationship with a mentee broker is to have trust, Mr O’Flynn said, adding: “Having that trust to pass it on to someone else, is the most important thing, I think.
“We can work together with clients and I think that’s the most important thing. You know that the service he’s delivering to the client is what you’d like the clients to receive. I think that’s the success. Then you build on that.”
The IFA Mortgages director added that he believes the future success of mortgage broking depends largely on a strong mentoring and mentee system.
He explained: “I think that’s the secret to it. I think once [a new broker] gets thrown in the deep end, and they’re hitting deadlines to do with settlements, refinances, construction loans, it puts a young broker under a lot of pressure. That’s where the industry will start to fall down.
“I think they’ve got to gradually go through that training program and education. I think the mentoring’s the best thing you can do.”
New Broker Academy 2018
The importance of mentoring and other top tips from leading mortgage brokers will be a key focus of The Adviser’s New Broker Academy, run in partnership with Heritage Bank.
The Adviser’s New Broker Academy 2018 will run across five states in June:
The free-to-attend event aims to equip new brokers with the knowledge, skills and networks needed to succeed and future-proof their career.
Places are limited, so secure your spot for New Broker Academy 2018 now or refer a colleague, peer or friend who would benefit.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.