Expanding one's understanding of the industry is an invaluable skill, exec says
A mortgage professional who aims to be irreplaceable for their clients should look into developing the main factor that will give them an edge amid the current economic and financial volatility.
So, what is it?
“If you’re a broker that understands all the different areas, all the different possibilities, you could differentiate yourself from the competition and provide a solution to that borrower that another broker can’t,” said Faheem Tejani, president of Oppono Lending Company.
This is especially valuable as the diverse range of products available means that the situation of each borrower will be vastly differ from that of another.
“Understanding the A, B, private space, and other alternatives I think is very, very important,” Tejani told Canadian Mortgage Professional. “With higher interest rates, it is definitely going to be harder for people to qualify… And so I think understanding what different people can offer, finding out what really matters to your client in terms of what fits their needs, is critical.”
While the overall lower level of market activity means that there’s less work to go around for brokers, it also means that “those brokers who are actually very good can actually do better in this market and attract new clients just because they can differentiate themselves in ways that in the past would have been very difficult to do so,” Tejani stressed.
For more insights on making the most out of an ever-evolving environment, click here.
