What makes a good broker
Can you spot someone that will make a good broker? Are some people born to be brokers? What makes a good broker?
How to recognise a good broker? How do you develop these skills?
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18 responses from the Newspage communityCopy all
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A good broker will request all documentation before any research is carried out and will have access to the whole market not just a small select panel. They should listen to your needs fully and ask lots of questions about your thoughts and plans- really get to know you. Everything should be explained and plenty of opportunity given for customers to query. A multiple level of communication to also make it easy to do business.
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There are some pretty clear differences between good brokers and average brokers particularly now that so many borrowers have complex financial situations. Also now there are so many lenders with such different rates and acceptance criteria. Good brokers do not just think about getting the initial deals through, they check the lender has decent product transfer options and a good reputation. With banks and building societies almost constantly lowering their rates, a good broker will also ensure their client has the lender's lowest deal before completion and their client fully understands the logic of taking shorter rates, as opposed to the longer-term fixes. There are so many lenders now offering very different options that are often not advertised on their websites. It is not easy being a broker, especially in such uncertain times. There rarely seems to be a stable period in the economy which clearly feeds into the property and mortgage sectors.
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Connecting to people, listening to their needs, asking the right open questions and being able to sell the benefits of your service over others are probably the most important skills and indicators of a successful broker. Tools to help with criteria and finding the cheapest deal make that the more easier part of the job and can be easily trained, but the aforementioned soft skills alongside organisation and a drive for customer service someone either has of not and are incredibly hard to change.
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A good broker is someone who can get on with humans firstly and is also likeable and a good listener the bonus is someone who has the hunger for knowledge to master their craft. This is what makes a good broker and also someone who delivers on what they say is the icing on the cake.
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In the cutthroat world of mortgage broking, where fortunes are won and lost on the ebb and flow of interest rates, the ability to spot a true diamond in the rough is as valuable as a Tommy Shelby gut instinct. While some may believe that the makings of a good broker are innate, a product of cunning and charisma, the truth lies in a blend of natural aptitude and honed skills.
A good broker possesses an uncanny ability to decipher the intricate labyrinth of mortgages, understand the nuances of different products and lenders, navigate the complexities of financial regulations, and translate financial jargon into plain English for their clients. They are masters of numbers, capable of analyzing intricate financial data and predicting the impact of market shifts with uncanny accuracy.
But their prowess extends beyond mere financial acumen. A good broker is also a skilled negotiator, a persuasive advocate who can charm lenders into granting favourable terms for their clients.
A good broker possesses an uncanny ability to decipher the intricate labyrinth of mortgages, understand the nuances of different products and lenders, navigate the complexities of financial regulations, and translate financial jargon into plain English for their clients. They are masters of numbers, capable of analyzing intricate financial data and predicting the impact of market shifts with uncanny accuracy.
But their prowess extends beyond mere financial acumen. A good broker is also a skilled negotiator, a persuasive advocate who can charm lenders into granting favourable terms for their clients.
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Is a good broker made or born, in my opinion, is a definite case of made, It takes years of honing your craft, making mistakes and learning from them, you need to become more confident in your knowledge, get comfortable with speaking to clients from all walks of life, instilling in them a sense of calm that you the broker know what your about, you are the person to guide them through the mortgage process. There are plenty of brokers who can talk the talk but seem to stumble when it comes to walking the walk.
And it's not just about the mortgage, especially in this new dawn of consumer duty, the care for the client has to extend beyond just the mortgage, it is not acceptable to state that the client did not want to discuss protection for example, you need to educate and lead the client down the right advice route.
Brokers need molding and it takes time, while some may have more flare and panache it does not come overnight, you need to be prepared to work to be a Good Broker.
And it's not just about the mortgage, especially in this new dawn of consumer duty, the care for the client has to extend beyond just the mortgage, it is not acceptable to state that the client did not want to discuss protection for example, you need to educate and lead the client down the right advice route.
Brokers need molding and it takes time, while some may have more flare and panache it does not come overnight, you need to be prepared to work to be a Good Broker.
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As someone who has traversed several mortgage brokerages, from the trenches of lender insanity of a 53-page paper application to the commanding heights of mortgage club 'exclusive' products, good brokers come in all shapes and sizes. They are communication chameleons, effortlessly charming applicants and lenders alike. It's not just about closing deals. It is about enjoying the hustle, like a social butterfly at a networking soiree. Their vision is clearer than a crystal ball - They set goals like capturing £100 million in mortgages or helping X number of first-time buyers find their castle. And when these brokers conquer one summit, they move to the next goal. "I'd bend over backwards for my clients!" is not just a catchy phrase for my broker. It's a mantra for the most successful ones. Good brokers recognise that growth requires sharing the load. The firm principal can't be the sole decision-making machine. Recruiting key players is critical for growth of any business.
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A good broker needs resilience, a cool head, reliability and the ability to solve problems quickly and under pressure. On top of this they need to be approachable so people actually want to work with them
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I can only advise from experience that I feel a good broker is someone who feels passionate about helping customers to obtain the best deal possible everytime for their mortgage and protection policies.
This is for new and existing customers who's interest rate is coming to an end. I think it is all about knowing how you would want to be treated and ensuring you give the same to all your customers.
This is for new and existing customers who's interest rate is coming to an end. I think it is all about knowing how you would want to be treated and ensuring you give the same to all your customers.
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The ability to listen is right up there with the top traits of a good broker and the importance of this is often overlooked.
Being able to hear what a person is telling you, digest it and then apply that to their situation in order to solve a problem is in many respects a skill you either naturally have or don't.
That said, I do believe by using the correct logic and having a system in place this can be trained.
Being able to hear what a person is telling you, digest it and then apply that to their situation in order to solve a problem is in many respects a skill you either naturally have or don't.
That said, I do believe by using the correct logic and having a system in place this can be trained.
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Whilst there are many different people who are excellent brokers, the really good ones do share a few common features; patience is a key one (if you've ever had to phone a lender, you'll understand why...), plus the ability to translate the technical language of the mortgage world into something that their clients can understand and feel comfortable with, a mindset of putting the client first even if commercially that's detrimental is also something you find in the best brokers. Generally speaking, you will know when you've found a great broker as soon as you spend five minutes chatting with them, but the key question to ask yourself is "Do I trust this person?" as that's the magic ingredient that you need - if you don't feel like you trust what your broker is telling you, then it's not a relationship that's going to work properly for either of you.
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I'd say likeability is an underrated strength and the ability to build trust and rapport with clients. A lot of it comes from experience really and trying not to make the same mistake more than once! Responsiveness is vital too, if you can't help someone just let them know quickly and don't leave people waiting on you.
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Someone who comprehends the client's present situation, and then understands their desired destination. They subsequently lead them towards their intended goal. Throughout the process, they attentively listen and provide support, essentially "holding their hand" until the client reaches their end objective. Taking away the stress, hassle and anxiety.
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A good mortgage broker is someone good at working alone without supervision. Needs to be able to effectively and quickly solve problems with suitable solutions. Some brokers have good head knowledge of mortgages and lender criteria but find it difficult to apply this to real-life situations. It is also important to have good general knowledge, as you need to know about visas / residency / benefits / pensions.
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You need to be great at customer service. We may work in financial services but we are more service than finance. Communication is the key to good service. All you have to do is keep people up to date on things. It's not hard. Oh, they also won't be flogging loaded premiums.
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2 things make a great broker. Firstly is just being able to talk, listen and show genuine empathy with your clients. The second is being organised enough to spin a lot of plates at once and consitently follow their process. Too often brokers are held back by their inability to be the latter but it's those who are organised that become your big hitters. Everything else can be learned on the job with the right support around you.
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It depends on what the customer is looking for, i think a great broker is someone who can adapt to different individuals and situations, to be get to a place with that customer that you can be trusted and that can be from being very transactional and being quite direct from being personable and getting to know about them and their life and family. The beauty of our job is that no individual or circumstance will be the same so doing the same thing all the time wont always work.
Then once that customer has trusted you, the rest of the job is just about being accurate with your research and submitting.
I work with a number of builders and that is then a different dynamic as you then have to manage 2 customers expectations, the builder and the customer and that takes a very different skill set.
Then once that customer has trusted you, the rest of the job is just about being accurate with your research and submitting.
I work with a number of builders and that is then a different dynamic as you then have to manage 2 customers expectations, the builder and the customer and that takes a very different skill set.
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Being able to listen.
Pure and simple.
Then, talk, but also listen.
Then plan, but also listen.
Then present, but also listen.
Then follow up, but also listen.
Pure and simple.
Then, talk, but also listen.
Then plan, but also listen.
Then present, but also listen.
Then follow up, but also listen.