Multiple business owner shares his top tips for brokers
When he received poor mortgage advice trying to buy his first home, Michael O’Brien (pictured) believed he could do a better job. It was this instinct that led him to train as a mortgage consultant and set him on a successful career of business ownership in the property world.
O’Brien was a mortgage broker for Barclays and then an estate agency and left to start his own property business, which opened the day before the American global financial services firm Lehman Brothers collapsed. “We navigated the trials of a new estate agency office opening just as many others were closing down, where key lessons of resilience were learned,” O’Brien told Mortgage Introducer. “The letting agency has continued to grow and we’ve carried out several acquisitions since then. I was a sole broker, looking after the agency’s clients, but really decided to grow in 2012, setting up my brokerage Home of Mortgages. We moved into new larger premises in Romford in 2017 and set up our specialist finance department in 2022.”
He reflected: “I just love the industry, I always have. I didn't know anything about mortgages or property when I was younger. I grew up in a council flat, with my mum and my sister. My mum's always been a go getter. She left east London in the 50s and went to America to live for 18 years, which is where she met my dad and we were born. When that didn't work out, she came back with me and my sister. She's been an inspiration to me in terms of feeling that everything's possible - if you want something, go and get it.”
With that same sense of drive, and an undoubted entrepreneurial flair, O’Brien has built a strong pipeline of business, but what are the key lessons he has learned for greater success?
Being open to fresh opportunities is key to business growth, in O’Brien’s view. “From a business perspective, always be looking for opportunities,” he urged. “There are so many opportunities out there and you've got to try to recognise when there’s one. It could be a business acquisition, it could be bringing on a staff member - If you find the right person, hire them. It doesn't matter whether you've got a role or not, if you've found the right person, they'll eventually help you grow your business.”
Cash is king for a mortgage business, according to O’Brien. “The mortgage market is unpredictable so you need to keep reserves to ensure you can weather the storm,” he said. O’Brien offered, as an example, the turbulence after the Liz Truss mini-budget debacle of 2022 as a good example of this. Having taken on extra staff at that time to grow his business, O’Brien realised it was unsustainable in the market downturn that followed and had to remodel on a self-employed basis, which sadly meant that he lost some of his team. “That was the toughest time for me,” he shared. “We haven’t lost anyone since.”
This difficult period also illustrates another lesson that O’Brien values. “Make decisions,” he said. “If I was to say what the positive was at that time, it’s that I made the decision very early. They say analysis is paralysis but I believe once you have the done the research and sought relevant advice you must make a decision quickly. Time will tell if it was right or wrong, but procrastinating doesn’t help the business – the same as we advise our clients, let the numbers guide your decisions.”
O’Brien puts great store on building strong relationships, too. “I think that's one of the things that's always seen me through is having good relationships with clients and the team,” he said. “I've got clients going back over 20 years. So, build your list of your 100 clients - of course, you always want more clients, but focus on that first. Really understand them so that you're aware of what they potentially might need from you in the future, and ensure they know all the services that you actually can offer - you can't assume what clients know. You can’t expect that in five years’ time, they're going to use you again. A lot can happen in five years, so stay in touch with them. Not staying in touch with your existing clients is a big problem in the industry. Digital solutions are making contact easier so need to be embraced.” He continued: “You need to be personable and have a good memory, actually remembering clients, remembering their situation and not having to start again, but also because there’s so much criteria out there. You also need to be a problem solver, with problem solving skills.”
Read more: Is the Bank of England failing the mortgage industry?
What is the value of delegating in business?
Having learned the importance of not sweating the small stuff, O’Brien delegates to concentrate on bigger tasks. “One of the best pieces of advice I have ever received is don't do a £10 an hour job,” he noted. “If I'm doing something that somebody else can do, make sure somebody else is doing it. Focus on the things which bring money into the business or things only you can do. I've found that people want to take on more work and like to feel that they're doing more for the business. I have some fantastic people and I like developing them.”
Finally, and perhaps most simply, the MD of Home of Mortgages understands the importance of job satisfaction. “If you are not enjoying what you are doing, find out why and make a change,” O’Brien declared. “After a challenging couple of years, I’m enjoying the journey and excited for the opportunities that lie ahead, especially with the investment we have made in technology within our business.” He added: “I really do think that right now is a good time to be in the industry, especially if you're on top of your clients and you have good systems and processes, know your stuff and know your market. The market can only stay stagnant for so long because we're an island and there's a supply and demand issue. It's going to start turning - I can see it already.”
