One broker shares his tips
With competition rife in the mortgage industry, how can brokers stand out from the crowd?
According to one broker there are two key elements that are needed: education and experience. But what about turning those traits into a successful business?
What makes a good broker?
Richard Jennings (pictured), founder and managing director at Richard Jennings Mortgage Services, said becoming a successful broker is a journey accessible to anyone willing to put in the effort.
The foundational requirements, he added, include obtaining the necessary qualifications like CeMAP, honing exceptional listening skills, and mastering the art of understanding clients’ circumstances to effectively address their needs.
“This proficiency often comes through experience, with each interaction serving as a learning opportunity to refine one’s approach,” Jennings said.
However, he believes transitioning from being a proficient broker to a successful business owner introduces a new set of challenges.
How can you establish a successful brokerage business?
“While larger broker models may offer support in terms of employment or self-employment opportunities, establishing oneself as an independent entity demands a multifaceted skill set,” Jennings said.
Firstly, this means identifying target clients and carving out a niche market. This, Jennings said, requires careful market analysis and an understanding of consumer preferences and behaviours.
“Moreover, crafting a distinctive brand identity is essential in a competitive landscape. Building a reputation as a trustworthy and reliable entity takes time and concerted effort,” Jennings said. This involves consistently delivering exceptional service and exceeding client expectations.
Managing finances effectively, he said, is another critical aspect of business ownership; Jennings said this entails budgeting wisely, monitoring cash flow, and making informed investment decisions to ensure long-term viability.
Creating a seamless sales journey for clients, Jennings said, involves streamlining processes and removing any barriers to conversion. This, he added, could mean leveraging technology to enhance efficiency or refining communication channels to provide a more personalised experience.
“Developing a comprehensive marketing strategy is also vital for attracting new clients and maintaining a consistent flow of business,” Jennings said. This could include digital marketing, networking events, and targeted advertising campaigns.
Fundamentally, navigating the ups and downs of entrepreneurship, Jennings said, requires a resilient mindset and unwavering belief in one’s abilities.
“There will inevitably be challenges and setbacks beyond one’s control, but it is essential to remain focused and optimistic in the face of adversity,” Jennings said.
Developing a thick skin, he added, is necessary to weather criticism and rejection, while resilience ensures the ability to bounce back stronger than before.
In essence, Jennings said while anyone can attain success as a broker with the right skills and determination, the journey to becoming a successful business owner is a more complex endeavour.
“It demands a combination of strategic thinking, resourcefulness, and perseverance to overcome obstacles and thrive in a competitive marketplace,” he said.
What are the best approaches to standing out from the crowd as a broker? Let us know in the comment section below.
