What they wish they knew before entering Aotearoa's mortgage market
New Zealand's mortgage industry is a dynamic and rewarding field, but for young and aspiring advisers, navigating the initial hurdles can be challenging.
To bridge this gap, established mortgage leaders – who are all nominated at the 2024 New Zealand Mortgage Awards – recently shared their insights, offering a glimpse into the "wish I knew then" moments that shaped their careers.
The emphasis was clear: be passionate, resilient, and find your niche.
NZ adviser advice: Focus on the journey
The lure of a big commission check or the thrill of closing a complex deal can be strong motivators for aspiring mortgage advisers.
However, industry leaders like Zebunisso Alimova (pictured above, far left), a mortgage adviser from Alimova Finances, emphasise a crucial shift in perspective: focus on the journey, not just the destination.
Alimova highlighted the importance of being "process driven” rather than focusing on the outcome.
This means prioritising the meticulous steps involved in securing a mortgage for your client – from understanding their financial situation and goals to navigating complex paperwork and approvals.
“If you do what’s right by the customer in front of you, and can sleep well at night, the rest will follow,” said Alimova, who is up for the Adviser of the Year – Regional Award.
“Consistently push yourself to do better, learn more, improve your set skills, so you can add more value to your clients.”
NZ adviser advice: Know your target customer
New Zealand's mortgage market offers a wealth of opportunities for aspiring advisers. However, with a diverse range of clients and loan products, navigating this landscape requires a strategic approach.
Industry leaders like Gus Evans (pictured centre left) and Ash Mitchell (pictured far right) from Spring Loans emphasised a crucial first step: knowing your niche and your customer.
Evans argues against being a "jack of all trades" and encourages aspiring advisers to specialise.
“My advice is to understand who your ideal customer is, become a specialist at something, offer clients real value,” said Evans, who is nominated for Commercial Adviser of the Year.
“The most successful adviser I know is a specialist in what they do. That doesn’t mean they won’t do other things but they home in on a skill and provide outstanding value to clients.”
Mitchell, who is nominated for the coveted First Mortgage Trust New Adviser of the Year award, also advocated for new advisers to specialise and add value.
“It’s impossible to be a broker to everybody as the market is so broad,” he said.
“You will add a lot more value to your clients if you know your part within the finance industry and work with other professionals that have the same clientele.”
NZ adviser advice: Sacrificing time for passion
The path of a mortgage adviser can be both rewarding and demanding. While the industry offers the opportunity to help people achieve their dream of homeownership and wealth creation, it also requires dedication and resilience.
Sarah Hood (pictured centre right), mortgage adviser at Guardian Smith and fellow nominee for the Young Adviser of the Year award, emphasised the importance of making sacrifices to get the work done.
Being willing to go the extra mile, especially early on, demonstrates your commitment and positions you to capitalise on opportunities as they arise.
“But when those opportunities present themselves, go for it,” Hood said.
Mortgage Supply adviser Mandy Jordan, who is also up for Regional Broker of the Year, said advisers should do “all they can” to protect their passion for what they do.
“As long as the passion is there then you'll survive the tough days,” Jordan said.
Overall, there are many lessons along the journey to becoming a mortgage adviser and often the best way to learn is by jumping into the deep end, making mistakes, and learning from it.
But by following the advice of these award-nominated professionals, aspiring advisers can position themselves for a fulfilling career in New Zealand's dynamic mortgage industry.
What did you wish you knew before you entered the mortgage industry? Let us know in the comments below.
