Rising stars outline the issues that keep them awake at night - and how to solve them.
From finding time to sleep to building a descent client base, being a young broker has its fair share of challenges.
MPA has spoken to several new brokers about the hardest parts of the job, and how they deal with them. Interestingly, the same issues have come up a few times.
Time management
The ability to effectively manage time was identified by a number of brokers as their biggest challenge. This is particularly true once a broker establishes a stable client base, says Steven (Haiyang) Sun, from One Stop Loan.
“I have a lot of Chinese clients and overseas clients and you need to keep sending documents overseas and keep track of them,” he says. “So you need good time management to keep the clients informed.”
Donald Tang, from Alliance Mortgage Solutions adds that planning and organising his schedule is paramount to fulfilling his daily priorities.
“When work is too busy and I need some sleep, time management becomes the most important thing in my life,” says Tang.
Establishing a good client base
Being new to the industry, Asha Long, from Loan Market says her biggest challenge was building a client base, which she did with the help of social media.
“Word of mouth referrals then spread and I’ve found that these are the best leads as you have been recommended by someone the clients trust,” she says.
Steven (Haiyang) Sun agrees about the importance of word of mouth to overcome the challenge of attracting new clients.
“After a while, when you get stable clients, I think it’s all about word of mouth,” he says. “I like to do the best job I can for each client and they will generate the leads for me.”
Being self-employed
Another theme among our respondents was that being self-employed is particularly difficult at the beginning, but the long-term results show why it’s worth it.
“Being self-employed comes with its challenges, but every day in business is a new milestone,” says Andrew Pasalti, from Yellow Brick Road.
“It’s extremely motivating to know that you have built a great team around you from scratch.”
Moreover, Sebastian Salek, from Salek & Co., had to move from focusing on tax advice to establishing his own independent broking practice, which has since grown into a thriving business.
“We are now at the stage where we are getting referrals from our referred clients and hearing about how pleased they are with the service they received,” he says.
Work-life balance
For Ebby Johnston, from Mortgage Choice, having a good work-life balance has been her biggest challenge, particularly as a working mother.
“Like most mortgage brokers, I could spend days and hours doing this job, but it’s recognising when to call it a day that can sometime be the difficult part,” she says.
For more insights from new brokers look out for MPA issue 14.2 – hitting desks in January.
What have been your greatest challenges as a broker? How did you conquer them? Share your thoughts below.
MPA has spoken to several new brokers about the hardest parts of the job, and how they deal with them. Interestingly, the same issues have come up a few times.
Time management
The ability to effectively manage time was identified by a number of brokers as their biggest challenge. This is particularly true once a broker establishes a stable client base, says Steven (Haiyang) Sun, from One Stop Loan.
“I have a lot of Chinese clients and overseas clients and you need to keep sending documents overseas and keep track of them,” he says. “So you need good time management to keep the clients informed.”
Donald Tang, from Alliance Mortgage Solutions adds that planning and organising his schedule is paramount to fulfilling his daily priorities.
“When work is too busy and I need some sleep, time management becomes the most important thing in my life,” says Tang.
Establishing a good client base
Being new to the industry, Asha Long, from Loan Market says her biggest challenge was building a client base, which she did with the help of social media.
“Word of mouth referrals then spread and I’ve found that these are the best leads as you have been recommended by someone the clients trust,” she says.
Steven (Haiyang) Sun agrees about the importance of word of mouth to overcome the challenge of attracting new clients.
“After a while, when you get stable clients, I think it’s all about word of mouth,” he says. “I like to do the best job I can for each client and they will generate the leads for me.”
Being self-employed
Another theme among our respondents was that being self-employed is particularly difficult at the beginning, but the long-term results show why it’s worth it.
“Being self-employed comes with its challenges, but every day in business is a new milestone,” says Andrew Pasalti, from Yellow Brick Road.
“It’s extremely motivating to know that you have built a great team around you from scratch.”
Moreover, Sebastian Salek, from Salek & Co., had to move from focusing on tax advice to establishing his own independent broking practice, which has since grown into a thriving business.
“We are now at the stage where we are getting referrals from our referred clients and hearing about how pleased they are with the service they received,” he says.
Work-life balance
For Ebby Johnston, from Mortgage Choice, having a good work-life balance has been her biggest challenge, particularly as a working mother.
“Like most mortgage brokers, I could spend days and hours doing this job, but it’s recognising when to call it a day that can sometime be the difficult part,” she says.
For more insights from new brokers look out for MPA issue 14.2 – hitting desks in January.
