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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A good mortgage broker serves as a trusted advisor with expertise, integrity, and empathy, guiding clients through homeownership complexities:
1. Expertise: Deep understanding of the mortgage market, staying updated on trends and regulations to provide informed guidance.
2. Integrity: Prioritises clients' interests, offering transparent advice aligned with their financial goals.
3. Communication Skills: Listens attentively, explains complex concepts clearly, and maintains clear communication.
4. Problem-Solving Abilities: Exhibits resilience, finding creative solutions to navigate challenges in real estate financing.
5. Customer-Centric Approach: Empathises with clients, striving to make the process smooth and stress-free.
As a brokerage owner, I identify top talent by :
1. Track Record: Seek brokers with a proven history of success.
2. Professionalism and Integrity: Assess honesty and transparency.
1. Expertise: Deep understanding of the mortgage market, staying updated on trends and regulations to provide informed guidance.
2. Integrity: Prioritises clients' interests, offering transparent advice aligned with their financial goals.
3. Communication Skills: Listens attentively, explains complex concepts clearly, and maintains clear communication.
4. Problem-Solving Abilities: Exhibits resilience, finding creative solutions to navigate challenges in real estate financing.
5. Customer-Centric Approach: Empathises with clients, striving to make the process smooth and stress-free.
As a brokerage owner, I identify top talent by :
1. Track Record: Seek brokers with a proven history of success.
2. Professionalism and Integrity: Assess honesty and transparency.
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A good broker is one who puts their customers first and foremost and wants the best outcome for them. They have the knowledge, experience and tenacity to also fight for what is right. They should be personable and accountable and this is what generally attracts the business. I have a great base of customers over the years, some who have become friends. I also have regular portfolio landlords who I know more about them than they do about themselves!
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Quite simply - a good a mortgage broker is some one who cares. They are not transfixed by the potential commission or fees they may receive. A good broker makes sure their client is central to everything they do and realises their job doesnt stop when the mortgage offer is received. A good broker listens to their clients and understands their need. A good broker advises their client not dictate the outcome.
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Being a good mortgage broker - you need to have a multifaceted skillset. Combination of knowledge, strong interpersonal skills and dedication to ethical practices are must haves. In abundance you must also have, excellent communication skills, financial acumen, negotiation skills, organisation and time management, product knowledge and lastly, have lashings of empathy and emotional intelligence. Phew!...so if you have all of the above, only then can you consider yourself a good broker.
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Unfortunately the industry is littered with poor mortgage brokers. It is far too easy to become a broker and have often questioned the ability and motives of some brokers in my area. This doesnt help when big corporates are just handing out licenses and literally holding a brokers hand during CeMap, doing everything but fill in the exam paperwork.
If your looking for a good broker, do exactly that. Dont look at their marketing videos as they have likely paid huge sums of money to a self proclaimed marketing guru who has jumped on the mortgage bandwagon to make a few quid with zero to little industry experience. check out google, Read their reviews. A good broker will not charge you upfront, a good broker will have industry experience, stay clear of corporate brokers who have just fell off the conveyer belt from the mass training academy. Seek out an independant who is well known in your area, but most importantly, avoid at all cost the estate agent & builders recommendation.
If your looking for a good broker, do exactly that. Dont look at their marketing videos as they have likely paid huge sums of money to a self proclaimed marketing guru who has jumped on the mortgage bandwagon to make a few quid with zero to little industry experience. check out google, Read their reviews. A good broker will not charge you upfront, a good broker will have industry experience, stay clear of corporate brokers who have just fell off the conveyer belt from the mass training academy. Seek out an independant who is well known in your area, but most importantly, avoid at all cost the estate agent & builders recommendation.
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One significant aspect that is often overlooked by many is the capacity to attentively listen to our customers and show empathy towards their circumstances. A good broker should possess a willingness to learn and adapt to changing situations. These are crucial factors that help them to be relatable to their clients.
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You need to be personable, friendly, hard working and reliable. Do what you promise the client and also be prepared to continually develop as lenders change criteria
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Empathy and top quality industry knowledge are the cornerstones of what a good broker brings. Understanding what the client wants to achieve, questionning skills to help them understand better and explaining their options. This is where the product and lender knowedge comes in matching your clients agreed needs to the lenders offering means they understand what they are buying and why. They then have understanding of the advice given and confidence they have taken the right actions.
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A good broker is someone who puts the needs of their client at the heart of everything they do, and is willing to go the extra mile to help, especially when the situation isn't straightforward. I've met plenty of really good brokers who epitomise this, and they will always be successful people. Those who are lazy, aren't willing to put effort in, or adopt shady practices, will get found out.
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From experience of working with lots of advisers over 25+ years, the good brokers are the ones that go the extra mile for their clients, if that means working till 6pm, securing a rate where the rate is been pulled at 8pm.
They will under promise and over deliver.
Many advisers are lazy thinking because they have qualifications, clients should beat a path to their door, which with experience does not happen. Keep in touch with clients, go through their journey with them, guide clients as if you were dealing with one of your own relatives.
The good brokers are the most succesful brokers, which is no coincidence.
They will under promise and over deliver.
Many advisers are lazy thinking because they have qualifications, clients should beat a path to their door, which with experience does not happen. Keep in touch with clients, go through their journey with them, guide clients as if you were dealing with one of your own relatives.
The good brokers are the most succesful brokers, which is no coincidence.
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A good broker is more learned, insightful, sincere, fast and helpful than the competition. 99% of it is just caring. Other than that, they can quickly spot the difference between a client's request and their problem. Very rarely is the client's 'request' the optimum solution to their problem. That's where a good broker comes in and shines. Combined with a keen eye for detail and understanding of underwriting (to ensure their applications actually get approved) a good broker has a happy client base, working life and bank account - the ultimate trifecta.
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Having run a few broker teams over the years you can definitely spot a lot of good brokers in interviews. There is an old industry adage that there are two types of broker, the technician and the sales person. Whilst both can be successful, the really successful brokers tend to be a mix and this has increasingly become the case as the industry has upskilled and evolved.
Good brokers need to be inquisitive, they need to be able to get potential clients to open up to them without making them feel like they are being interogated. They also need to be good problem solvers, able to match appropriate solutions to clients, not just follow a flow chart approach.
The best way to develop these skills is to see others in action. I used to encourage even the most successful brokers to accompany others on meetings to see how others worked and also to provide feedback. Experience really is a big help.
Good brokers need to be inquisitive, they need to be able to get potential clients to open up to them without making them feel like they are being interogated. They also need to be good problem solvers, able to match appropriate solutions to clients, not just follow a flow chart approach.
The best way to develop these skills is to see others in action. I used to encourage even the most successful brokers to accompany others on meetings to see how others worked and also to provide feedback. Experience really is a big help.
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If you cant listen and empathise, dont bother. you are looking to help people, not just see if they fit a box. Especially in the next couple of years, you need to make sure you have listened to everything and suggested as much as you can to make this work for people. Insurance, money worries and then the mortgage.
Good brokers take time to give the best service to their clients and are not just chasing commissions.
Good brokers take time to give the best service to their clients and are not just chasing commissions.
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You know a good broker when you see one. They’re the person who can chat about interest rates like they’re discussing the football scores. A true people person, they’ve got an uncanny knack for making you feel like you’re their only client. Communication is their bread and butter, served up with a genuine smile that says, ‘I’m here to help you, not just land a deal.’ They’re the ones with an ear always ready to listen and a solution up their sleeve. They are about building a relationship where trust is the foundation. And with the way buyers are out and about now, sniffing out those lower rates and bargains, a broker who’s a real ally is worth their weight in gold.
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At it's core a good broker is someone who cares deeply about their clients goals and can make the complex simple. They also need to be, and I can't stress this enough, be organised so that they can spin multiple plates simultaneously.
Most of the best brokers I've worked with have previous unrelated careers (in fact we even have full time firefighter on our payroll) which just goes to show that if you have that solid foundation, everything else can be learned with the right support.
Most of the best brokers I've worked with have previous unrelated careers (in fact we even have full time firefighter on our payroll) which just goes to show that if you have that solid foundation, everything else can be learned with the right support.
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A proficient broker excels as a communicator, adept problem solver, and displays creativity in crafting solutions. Their toolkit should be extensive, ready for application in diverse situations. Attuned to their clients' concerns, a skilled broker actively listens to identify pain points and resolves these challenges effectively.
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It goes without saying that technical knowledge of the lending markets and what is available is key, but being a good broker goes much deeper. It's not enough to just get clients into a property or indeed an investment opportunity. You also need to factor in their long term goals and 'exit' plans, especially when things change.
You must be able to 'sell' your services and market your business. It's a competitive industry where you must promote yourself. There's no place for shrinking violets.
Attention to detail and having clear processes is the foundation on which deals are made. Knowing what lenders want is your ticket to making a good match when it comes to helping your clients get the right product. Being able to build key relationships can be the difference between success and failure.
Lastly, a sense of humour and a hefty dose of patience. Property is a long game where things can and do go wrong. A healthy enquiry pipeline is the only way to ensure success.
You must be able to 'sell' your services and market your business. It's a competitive industry where you must promote yourself. There's no place for shrinking violets.
Attention to detail and having clear processes is the foundation on which deals are made. Knowing what lenders want is your ticket to making a good match when it comes to helping your clients get the right product. Being able to build key relationships can be the difference between success and failure.
Lastly, a sense of humour and a hefty dose of patience. Property is a long game where things can and do go wrong. A healthy enquiry pipeline is the only way to ensure success.