Improve your mortgage business 200% by stopping these 4 bad broking practices 

  • Tim Neary | August 22, 2019
Success broker

While there is a long list of bad broking habits, four stand out ones lead to stuck mortgage businesses. Stop these and you’ll see your brokerage, and career, begin to soar.

1. Being overly product focused 

The top brokers are unwavering in their people-centricity.

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“In the past few years has seen the government put the squeeze on mortgage brokers, asking them to justify the commissions they receive with the upfront and ongoing service they provide,” says Home Loan Experts. 

“Good brokers recognise this but the best in the industry have been focused on the customer experience for years despite the regulatory changes.”

2. Thinking you already know everything   

Some of the most successful mortgage brokers have no prior banking or credit experience, but they don’t let that get in the way. 

Home Loan Experts makes the point that this is not to say that being thin on experience is the backbone of success, but it does show that real, permanent success is built around being open to new learning - and adapting quickly to change. 

“The brokers that can adapt quickly tend to also be quick learners. And, in order to be successful, you have to want to continuously learn,” it says.

3. Doubting 

Remember Henry T Ford? “Whether you think you can or whether you think you cannot, you’re right.”

Kellie Lam, director at Abacus Finance, says attitude is the single greatest double-edged sword mortgage brokers have.  

“We all get knocked down in life and at work but what top mortgage brokers have in common is that they don’t let defeat and mistakes bog them down for too long.”

Home Loan Experts says being conservative when assessing an application is not a bad thing.

“However, when it means you fear failure and are less obliged to learn and adapt, you’re putting a ceiling on your own career progression.”

4. Not staying up-to-date with the latest trends 

Lending policies, market conditions and workflow efficiencies are in a constant state of flux, and the best mortgage brokers in the business know it’s up to them to keep ahead of the changes. 

“The best brokers are inbuilt with the desire to always be a better mortgage broker and business owner,” says Home Loan Experts.

“Empowering yourself and your clients with the right guidance and technical skills will pay dividends in the long run. Your clients will come back because they will feel that you truly care about their challenges and financial goals.”

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