Broker gives her take on overcoming challenges
Success in the mortgage industry can take many forms - it might be quantified through the sheer volume of applications processed, the goodwill stories, or the financial gains achieved.
So what does success mean in the mortgage industry?
How to be a successful broker?
Sonya Matharu (pictured), senior mortgage broker at The Mortgage Mum, has redefined success by embracing a diverse set of metrics.
“Unlike conventional measures like the quantity of deliverables, success lies in the realm of clients’ experiences,” she said.
Matharu said that accomplishments are not solely gauged by ticking off tasks; instead, success is intricately woven into the narrative of her customers’ journeys.
To do this, Matharu said a broker has to be able to build trust and open communication with their clients. Matharu suggested providing a judgement free approach to homeownership and financial wellbeing.
“My business is entirely value-based; I strive to provide an educational approach to finances and mortgages, helping people to understand more about the process, the terminology and how that journey progresses,” she said.
Matharu added that it is about listening to what clients and prospects are struggling with, and ensuring that honesty and reliability are provided.
For Matharu, the core question for brokers to reflect on is whether they have helped a client progress on their property ownership journey. The commitment to facilitating a meaningful impact on clients’ lives, she added, is fundamental to the success of a broker.
“By centring success metrics around customer experiences, this navigates beyond superficial interactions to truly understand clients,” Matharu said.
This, she believes, not only defines her success as a broker but also enables her to offer tailored solutions that align with the unique needs of each individual.
“Furthermore, this client-centric perspective is a means of empowerment, and I aim to make clients feel not only secure, but also armed with the knowledge they require precisely when they need it,” she said.
What challenges do brokers need to overcome?
Achieving success, regardless of how one defines it, Matharu said, comes with its share of challenges.
Her initial hurdle as a new broker involved combating perceptions due to her youth, making it challenging to establish a client base.
“I am very fortunate that I have built a loyal customer base and have a high client retention rate; the majority of my clients continued to work with me long after our first project,” she said.
For lead generation, Matharu said her business comes from social media and enquiries she receives after doing speaking sessions or radio/TV appearances. However, Matharu added that the majority comes from word-of-mouth referrals via people that she has worked with previously.
In order to get to this position, Matharu has needed resilience, as she had to face potential rejection and navigate the inherent toughness of the job.
“The importance of building resilience for brokers is key, enabling them to maintain a steadfast approach even in uncertain markets,” she said.
For Matharu, her focus was on achievable tasks and creating space for clients, understanding their concerns, and guiding them through challenges.
“For those seeking guidance, I recommend identifying what motivates you as a North Star, and I encourage aligning decisions with individual strengths to create a distinctive path towards success,” she said.
Moreover, Matharu said she works with clients at all stages of their homeownership journeys, but the thing that makes her approach stand out in the market is that she does not only speak with those in the buying stage of their journey.
“I start communicating with people long before this to help them understand what different things mean, what is needed and what they can do now, even if they are not in a position where now is a time they can buy,” she said.
For Matharu, it is all about empowering people, giving people the information needed so that they can stand confidently in making the decisions that are best for them.
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