Certain well-developed industry skills and a fundamental financial acumen will come in handy
Over a decade in the mortgage sector and stints with several industry powerhouses have taught Kalson Jang (pictured), a Toronto-based agent of Premiere Mortgage Centre, the value of continuously evolving one’s business to suit the ever-changing needs of the clientele.
“By 2018, my business had grown tremendously and I searched for a new brokerage that could help me take my business to the next level,” Jang told Canadian Mortgage Professional. “After exploring many different options, I joined Premiere Mortgage Centre which has proven to be a great decision.”
With an MBA from the Schulich School of Business and a strong foundation in the finance industry, Jang said that he got the idea of entering the mortgage sector from some of his close contacts.
“Many of my friends are real estate agents, so the opportunity to add value to their businesses by using my skill sets resonated with me,” Jang said. “Having the opportunity to help people achieve their dream of homeownership is really rewarding. Getting qualified for a mortgage is more difficult than ever, and with real estate prices rising so rapidly, it feels good to know I can play a part in helping my clients achieve their goals and dreams.”
Jang’s background in finance proved to be a potent asset.
“I’ve been a financial advisor since 2002, so I bring a lot of knowledge from that industry into the mortgage agent space,” Jang said. “I think it provides my clients with additional insight and knowledge that they don’t get elsewhere. As a result, I can help clients plan their overall finances, not just their mortgage.”
This is especially helpful when it comes to ensuring repeat business from satisfied clients.
“Because of my reputation for excellence, I have been the beneficiary of many referrals,” Jang said. “As my business has grown, the rate of growth hasn’t really slowed down like I thought it would. The pace at which my business has grown, even when I reach higher and higher targets, has been very gratifying.”
The ability to review a file from the perspective of what Jang described as his “underwriter hat” is uniquely valuable to a mortgage brokerage, as well.
“At the end of the day, the underwriter makes the final decision, so it’s important to know what their requirements are so you can ensure your client’s application will be approved,” Jang said. “Every client’s situation is unique, and some files can be more challenging than others. When the underwriter raises their concerns, knowing your client’s situation completely and being able to mitigate the lenders’ concerns is a helpful skill to have.”
An ability to empathize and build on one’s strengths is crucial to a broker’s success, Jang said.
“I’m a firm believer that dedication to my clients and hard work is the solution to most adversity,” Jang said. “I’ve never been one to advertise, relying instead on word of mouth and on my reputation to grow my business. I always tell people who are self-employed the same thing - it may seem like ‘I’m working so hard, doing such a great job, none of this is working, I want to grow faster.’ But if you keep at it, eventually the hard work will pay off and when it does, it comes very quickly.”
Establishing and maintaining relationships with business development managers is a wise move for a broker aiming to make it in the industry.
“[BDMs] can be a great resource to provide information on how you can get tough deals approved that may get declined elsewhere,” Jang said, while also stressing that brokers must have an innate hunger for self-improvement.
“Do your own research and don’t ask questions you can figure out for yourself,” Jang said. “This learning process allows you to develop a deeper understanding of each lender’s products, which will really help you. Don’t wait for someone else to ‘show you the way’ when you can ‘show yourself the way.’ Be organized and concise with your clients and your lender partners. Your clients and lending partners are all very busy; the easier you can make things for them, the better it is for everyone involved.”
Finally, knowing one’s clientele helps a broker bring their best foot forward.
“I think the most important lesson is knowing the value you bring and working with clients who understand and appreciate your value,” Jang said. “In this industry, it’s a very competitive environment. As such, excellent performance and customer service is the key to success.”
“When you first start in this industry, you try to be ‘everything for everyone.’ But as you grow and understand the value you bring, you have to focus on becoming an integral partner for the type of client you want.”
