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The 7 habits of successful mortgage brokers

by 6 minute read
barry oxley 7 habits of successful mortgage brokers

Lending Specialists has been operating in the mortgage and lending industry since 1999 and over this time we have crossed paths with thousands of mortgage brokers. There are a few who have attracted our attention as we find ourselves drawn to those who share similar habits and beliefs, and a goal to be successful in the industry.

If you think mortgage brokers achieve success because they are lucky, then you are quite wrong. From our observations, the adage ‘The harder I work, the luckier I get’ rings true, as successful brokers all have strong work ethics and sound processes and enjoy working with other like-minded people.

Their success is created through the following habits:

1. Great mortgage brokers, great solutions

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A successful mortgage broker displays great problem-solving abilities. Whether it is innovation or the utilisation of their resources, they always seem to find the right solution for every problem. While they may not immediately have the answer themselves, they use the people around them and their relationships to find the best solution.

They also have great observation skills, allowing them to identify a potential problem in the early stages, which gives them time to come up with a solution before the problem gets out of control.

2. Remarkable drive

As a mortgage broker, there can be some ups and some downs. The thing that will amaze you about successful brokers is their remarkable drive. Giving up is not an option and failure is just another challenge to push them to a higher level of performance.

They put in the effort because they have a clear goal in mind. The successful mortgage broker will not throw up their hands, complaining ‘It’s too hard’, they will just search harder for a solution and if something isn’t working, they will make changes.

3. They step out of their comfort zones and think outside the box

If you are brave enough to step out of your comfort zone, you will gain more experience and have a better chance of learning. Successful mortgage brokers are not bothered by mistakes and failures. As long as there is an opportunity, they make sure to grab it.

When you are able to step out of your comfort zone, you will see there are a lot of circumstances that allow you to do better and think deeper. Use the people and resources around you.

4. They are disciplined and respectful

If you have discipline in your work, you can focus more on your business growth activities and the positives associated with them.

The fact that successful mortgage brokers follow consistent guidelines and strict processes is evidence that they are disciplined. They also possess great customer relations management systems and use them to keep their clients informed and to market their businesses. They use the right strategies to analyse situations with their customers and build better relationships.

Finally, they have respect. They place a high level of importance on every decision of the people they work with, be they clients, colleagues or lenders.

5. They value time

As an experienced broker, it becomes easier to tell good and bad deals apart. A bad deal may simply be one that does not fit with your skill set or business ethics. So if you see a bad deal, move on and look for a better one.

If you continue working with a bad deal knowing that it won’t get any better, then you’ll only be wasting your time and that of your client trying to come up with impossible solutions.

6. Knowledge is power

If you open yourself to fresh opportunities, you will continue to learn new things. Successful brokers observe their environment, engage in other businesses, evaluate situations and analyse solutions.

Through experience, you learn. Through failure, you discover how to avoid the same situation. Through mistakes, you find better solutions.

7. Everything has its measures

If you can’t find a way to measure it, then you won’t find a way to develop it. To achieve success as a broker, you must know how to measure your numbers in terms of the types of activities you undertake that lead to successful settlements.

So, how many habits have you practised? For future success, we urge you to exercise these habits. You may be the next successful mortgage broker!

To find out more about Lending Specialists, visit www.lendingspecialists.com.au.

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