Tips for a successful, lucrative career in the mortgage industry
Money makes the world go round, it’s often said – and that’s certainly so in mortgages, where there is potential to make a lot of money as a broker. But what are the key elements to a successful, lucrative career in the industry?
Hard work certainly rates highly, and when you speak to mortgage advisers, their tips for making money are largely split between building your reputation and selling protection, though each will do it in their own unique way, of course.
Mortgage Introducer spoke to some of the industry’s finest to get the lowdown on how best to generate income in a highly competitive industry.
For Sonya Matharu (pictured left), founder and adviser at The Mortgage Atelier, referrals are key to making money. “My business has been built from referrals and recommendations,” said Matharu. “People sharing me on their social media platforms and putting trust in me. So don't underestimate what can be seen as the basics of referrals. If you focus on your customers and look after them, your customers will look after your business.” Turning to broker fees, she added: “Don't be afraid to do what's right for your own business model as well, and what you need from your business. If you need to charge a broker fee because your business needs that, then that's okay, as long as you're putting your customers first, that's all that matters.”
Jessica Rehaal (pictured second from left), a specialist mortgage broker at London Mortgage Solutions, agrees with the power of referrals, and building connections - it’s brought her welcome business. “Networking is key because you don't know if that conversation is going to lead you to something bigger and better,” Reehal said. “A lot of my customers that I'm working with now, I've been given through referrals. So one of the ladies, I did her residential mortgage and she sent me somebody else whose case I'm doing it at the moment, and it's a massive HMO in London. So you just don't know where it is going to lead.”
It's an approach that chimes too with broker Brett Walker (pictured second from right), who has been in the business for over 20 years and currently works with BWM Mortgages. “My biggest money-making tip is to do a good job and you'll get referrals - that's it,” Walker declared. “It's about growing your business through reputation. So, if you want to earn lots of money, try to do the best for your clients all of the time. Make sure that they get everything that they need and that they're looked after. They'll refer their friends and family to you, and they'll keep coming back to you. When you get further down the road, you'll make plenty of money because your phone will ring, people will call you – you’ve got a good reputation.”
Mortgage adviser and director of The Mortgage Pod, Steve Humphrey (pictured right) also shares the view that customer satisfaction leads to making money. “Go above and beyond to ensure the lifetime value of the customer,” Humphrey said. “Do the absolute best job that you possibly can, be there to support, to guide, in any way that you can to improve that customer's journey on the first transaction, 100%. Invest the time, and if you get that right, they'll stay with you for 15 remortgages potentially.”
Read more: The HNW specialist who put money before university - and succeeded
Why stick just to mortgages?
Bob Singh, specialist mortgage adviser at Chess Mortgages, recommends that brokers provide holistic advice. “You have to do something extra,” said Singh. “You've got to build in protection, you've got to build in your insurances - for us, it’s estate planning - which can double your case value. So, I think, unless you can provide all of those services, you're always going to be missing out on what you're not providing. Somebody else is getting that business. You can refer out to your partners, but you're not really going to get a lot of money back from them, so I think it's better if you do it yourself. Educate yourself and train yourself to be an holistic mortgage expert.”
Just Mortgages’ broker Luke Senior also believes in providing the full range of services, but through the partnerships he has established. “Have a partner for things like commercial finance and pensions investments and you can be the person at the centre of it,” Senior explained. “Ideally, you want to be the person that they also think about when there’s something finance related.”
Insurance is the source of income that Gaurav Shukla, managing director of Home Me Mortgages, recommends to other brokers – and it has grown since the pandemic, he reports. “Sell protection – that’s the biggest one,” Shukla urged. “I think a lot of brokers now are getting better at it, but typically, you get so involved with doing mortgages that you put protection on the back foot. Protection is important now - COVID has changed everyone's perception of insurance, and it's a massive thing that's happened in the last few years. Everyone's aware of what can happen if they don't have it in place. I'm surprised at how many customers are actually willing to have the conversation compared to before. Brokers should have the mortgage chat and the protection chat with a client at the same time.”
And James Blackler, a broker with Trinity Financial, summed up: “My biggest money making tip is to invest in your client base, because longer term that's going to be the way to earning a really good income in the future.” He added: “There's no quick way - it's turning up, it's being present. Doing it for a very long period of time is the key to success in any industry.”
