The 5 traits that define a successful mortgage broker

“We spend too much time trying to be “good” when good is often merely average. To be great we must be different.”

Accelerated changes to the mortgage broking industry are leading brokers to radically rethink their approach to the way they do business. New technologies are challenging the status quo and resulting in shifts in values. 

It’s no longer about crossing as many things off your to-do list as possible or working crazy hours but about implementing technology to help you work smarter so you can be laser-focused on the most important things. 

With that in mind, here are five traits we think make a good mortgage broker in the digital age. 

  • Adaptable and eager to leverage technology for their clients’ benefits

The best brokers are using technology to make them different and better, such as automated communication channels, online-based documentation processes and shared documentation that enables brokers and clients to work simultaneously. A good program takes the troubles away and you can just sit back and let it do all the work. Not only does it simplify your daily tasks but also enhance your clients’ experience. 

  • Make sense of the data

Brokers don’t need to be data nerds to do this. You can get a lot of reliable data from clients and what you need to do is boil them down to better understand and service your clients. There are so many great platforms out there with your full contact history all in one place that collect customer data so you can simply whip it out, easily monitor your clients and get insights from your sales data in a flash – this way, you know exactly what is going on and what to act on to attract and convert more businesses. 

  • See the bigger picture for their clients

These brokers are excellent at matching the right, most appropriate products to their clients’ needs from a large panel of lenders. They push beyond the tunnel vision of maximising the amount of money a client can borrow or getting the cheapest rate, to foresee any changes in circumstances and interest rates to protect the borrower financially. If you compete on rates, it’s a fast race to the bottom. People who buy based on rates are also only loyal to rates. Focus on providing excellent customer service to build a loyal community of customers who will come back to you again and again. 

  • Value their clients’ time as much as their own

Like we mentioned earlier, a successful brokers has aces in their place. They surround themselves with people, tools, and systems that are more efficient than themselves. Ultimately, they will make the process of applying for a home loan simple and easy, and save their clients time and money. 

  • Build ongoing value

The best brokers don’t see a mortgage application as a one-off transaction but as the start of a lifelong business relationship. They understand what each client is

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