Strapped for cash? Here are the five steps for experienced brokers to help their younger counterparts to financial success.
Life can be pretty tough for new brokers. There is often so much to learn and so little cash to be made.However, the industry has come a long way since a number of years ago when many new brokers would leave because it was too difficult, says MFAA certified mentor Nancy Youssef.
“They were not getting enough support, they were not learning enough and they were picking up a lot of bad habits too,” says Youssef.
“However, if they are taught the right way, they are not wasting 12 months or so before they really get into the groove of things.”
Youssef offers the following advice for mentors to help brokers bring in an income as soon as possible:
Ensure their goals are realistic
The new brokers must have realistic expectations of what they are to achieve in the first 12 months so that they don’t enter the industry with unreachable goals.
Make them aware of the ‘cash gap’
One of the main reasons that new brokers fail is due to them not being able to survive financially. They need to embark on their new venture without intense financial pressure because there are a number of high costs involved if they are establishing a new business.
Build their confidence through knowledge
Remember, knowledge is confidence. The more you can teach them early, the more confident they will be to go out and meet clients.
Focus on their lead generation
Getting their name out there is paramount for new brokers. And the new breed of brokers are doing some amazing things to generate leads, particularly through social media, online strategies, cross selling and professional networking activities.
Validate their first 12 loans
Check the loans for accuracy, packaging quality and ensure they fit within lender policy. By doing this, the broker learns good habits early and increases their loan conversion ratios, which means a higher income sooner rather than later.
How did you go about making money in your early days as a broker? Share your thoughts below.
