From branding to balances – mortgage influencer reveals the 10 most dangerous slip ups
Mortgage brokers often enter the industry as experts in advising clients on products and loans – however, the broader demands of running a 24/7 business can take its toll. Transitioning from employee to business owner requires a new skill set beyond financial advisory knowledge – and, more often than not, mistake do happen.
Speaking to Active Mortgages’ Gary Das (pictured), Mortgage Introducer can reveal the top 10 mistakes mortgage brokers make, along with actionable strategies to avoid them.
- Lack of a clear lead generation strategy
Many mortgage brokers rely on referrals and word-of-mouth for their business, but this approach is often insufficient for sustained growth. Without a structured lead generation strategy, brokers face unpredictable income and missed opportunities.
“You could be the best advisor, but no-one taught you marketing, lead generation, or the financial basics of running a business," explained Das. Instead of relying solely on referrals, start with your immediate network, leverage social media, build an email list and have a three-step funnel that converts your audience in to book calls. Be consistent on one marketing strategy for 90 to 180 days and your appointments will increase.
- Neglecting to build a personal brand
In the digital era, clients often choose the person before they choose the service. Mortgage brokers who fail to create a strong personal brand miss out on building trust and client loyalty.
“People buy from people,” added Das. Personal branding is not about becoming a social media influencer; it's about being known for your expertise and the value you offer. It’s like attending a networking event consistently - you become known for solving a specific problem. The key is authenticity and providing value without expecting immediate returns.
- Over-reliance on referrals
While referrals are a cornerstone of a successful mortgage business, relying solely on them can limit growth and leave you vulnerable during slow periods.
“You can’t predict when a referral will come in,” warned Das. Clients often search online for recommendations, and if your digital presence is lacking, they might turn to someone else. Today, 46% of Gen Z and 35% of Millennials use social media as their primary search engine. Brokers who only rely on referrals miss a massive opportunity by not utilizing social platforms for visibility.
- Inadequate digital presence
Mortgage brokers without a strong digital presence miss out on significant opportunities, especially as clients spend hours researching services online before making a decision. Google’s research shows that buyers spend about 11 hours in the information-gathering stage before reaching out.
“If you don't have a digital presence of podcasts, videos, on YouTube, social media, online articles, awards – any kind of digital footprint for your brand and your business, then you're going to be losing business to other brokerages and businesses that do,” added Das.
- Failing to invest in skill development
The mortgage industry is dynamic, with ever-changing regulations and products – as such, brokers who don’t continuously update their skills risk falling behind.
Many brokers focus solely on lender criteria, but it’s equally important to invest in business skills like marketing, recruitment, and financial management.
“I spent a decade avoiding business training and ended up hating the work,” added Das.
- Lack of system optimization
Inefficient processes are a common issue for brokers, leading to wasted time and missed opportunities. Many struggle to integrate CRM systems that handle both client management and compliance.
“I had to use two systems—one for compliance and another for sales and marketing,” said Das.
- Ignoring financial tracking
Without consistent financial tracking, brokers risk overspending and cash flow problems, ultimately jeopardizing the business’s profitability.
“You need to track every part of your pipeline, from initial lead to completed sale,” added Das. Using tools like Xero for monthly profit and loss statements helps brokers make data-driven decisions.
- Overlooking client education
Brokers who focus solely on sales miss out on the long-term benefits of educating clients. Informed clients are more likely to be loyal, refer others, and return for future services.
“You need more fishing rods in the pond,” quipped Das. “Providing educational content through social media, podcasts, or blog posts not only helps clients make better decisions but also positions you as a trusted expert.”
- Poor work-life balance leading to burnout
Mortgage brokering can be a demanding job with long hours. Without setting boundaries and optimising workloads, brokers risk burnout and diminished returns.
“This is an 8-to-8 job, and, without careful planning, it can quickly turn into a hamster wheel,” said Das. Sacrificing work-life balance in the short term may be necessary for growth, but it should be strategic and limited.
- Weak follow-up processes
Many brokers underestimate the importance of consistent follow-up, missing out on converting warm leads into clients.
“HubSpot’s research shows people need to be contacted at least six times before making a decision,” said Das. Automated follow-up systems using email or AI can nurture leads, keeping you top of mind without overwhelming manual efforts.
