How to get set up as a mortgage broker and find success

Making the decision to become a mortgage broker is a big step towards becoming the master of your own destiny – and it may seem a little daunting from where you are currently standing.

Mortgage brokers are financial professionals with a mortgage broker certificate, who are licensed to help borrowers secure a mortgage; they also help lenders find borrowers. A mortgage broker’s primary duty is to facilitate and oversee brokerages.

Mortgage broking is a journey many business-minded and financially astute professionals just like yourself have successfully taken – without looking back or second-guessing their decision to join the more than 10,000 mortgage brokers operating throughout Australia.

If you are considering moving into mortgage brokering, these mortgage broker career tips can support your success as a newly minted mortgage broker. You will also learn a little about insurance* for finance and mortgage brokers and how BizCover can help you save on your business insurance.

12 top mortgage broker marketing tips for new brokers

1. Know why you want to start a mortgage brokering business

It’s important to know your main drivers for starting a mortgage brokering business. Do you want to increase your income, create more flexibility in your life, or simply be in total control of your future? It can be hard to decide what to do next without knowing your ‘why’.

2. Be confident about find your new clients

It is important to know where and how your new customers will find you. Your to-do list should include a clear plan of action for your business’s development. Ideally, you’ll also want to get new leads from your broker partner.

3. Understand your obligations

If you are leaving an existing mortgage brokering business to hang out your own shingle, it’s important to understand your obligations after leaving your current employer. You will want to know if you can still contact your existing clients and if you have access to their information.

4. Define the client experience your broker business will offer

To start a finance and mortgage broker business you’ll want systems and processes in place from the very beginning of your business to ensure that you deliver an experience that will encourage repeat business and high rates of referrals. To do so, have a clear understanding of:

  • Why borrowers would choose your business over other mortgage brokerages.
  • How will you deliver your unique value proposition through the client engagement process?

5. Look after your existing and past customers

Once you become a finance broker, remember that the most valuable clients for any broker are the clients you already serve. No mortgage broker marketing is more effective than satisfied customers. Customer service is one of the most valuable skills you can possess as a mortgage broker.

As such, your job doesn’t end once you have closed the deal. Keep clients happy by letting them know that you value the relationship you have with them.

6. Customers deserve excellent service

Customer service is a priority, and what that means is that you guide your clients through the loan process, answering their questions carefully when they arise, and manage their expectations about what they can realistically afford to borrow.

You should also keep track of the latest developments in business, politics and economics. It is important to monitor the latest trends in interest rates, pricing, product offering, and other aspects. You should also project confidence, and be able answer any questions that your clients might ask.

7. Request reviews and testimonials

To get mortgage broker clients, ask your satisfied customers to return the favour by giving your business glowing reviews and testimonials. Personal recommendations such as these are more valuable to millennials and Gen Z than any form of traditional advertising.

So don’t be afraid to ask them to share your name with their friends, post about your mortgage broker business on their social media pages, and like/follow your business on social media.

8. Set up your Google Business Profile

 A Google Business Profile is an online tool that helps spread local information and recommendations. Mortgage brokers who have a Google Business Profile can be easier to find online searches, which will increase your chances of new business enquiries.

9. Embrace social media

Social media is considered an essential marketing play for many businesses, and that includes mortgage brokers. Facebook, Instagram, LinkedIn, and Tik Tok all offer marketing opportunities for mortgage brokers that will help you spread your name in the hyper-local world of mortgage brokering.

But remember that social media for your business is different from your personal social media. So when it comes to social media marketing for your business, always keep it professional. After all, you want people to trust you with their money and their financial future.

10. Keep in touch with local homeowners

Mortgage brokers can get a leg up on their competition by having their fingers on the pulse of local events, and part of that is building and maintaining relationships with local homeowners. Keeping in touch with homeowners will enable you to become familiar with them and their real estate plans, which can be lead to mutually beneficial relationships. After all, it’s not just what you know, but who you know too, and this is especially true in real estate.

11. Keep in touch with local real estate agents

In real estate the right partnerships can make all the difference for your mortgage brokerage. Once you become a mortgage broker and have obtained your mortgage broker certificate, you can help your clients by keeping an ear on the ground with real estate agents. This can help you stay on top of the latest real estate developments and the property investments in your area, which can lead to valuable referrals.

12. Communicate often with clients during the loan process

Our final tip to get mortgage broker clients is to take the time to keep clients in the loop at all times. If clients aren’t informed, they’re more likely to panic and worry, which can lead to them making poor financial decisions.

Successful mortgage brokers are skilled at managing clients’ expectations and staying in touch, whether it be through social media, email, phone, or in person. Remember that a happy customer will very likely be a returning customer, and great customer service can help you create a steady stream of new referrals for your mortgage brokerage.

Mortgage brokering FAQs

Why do borrowers use mortgage brokers instead of going direct to their bank?

Property buyers may save time and money by engaging a qualified mortgage broker when buying or selling property. Mortgage brokers provide informed mortgage advice and high levels of customer service. They also have extensive knowledge of loan products from a wide selection of banks. These traits enable mortgage brokers compare home loans and recommend home loans to clients.

How do I get started in mortgage broking?

To become a finance broker requires specific qualifications and certifications, a sound business plan, an unwavering commitment to customer service, and a plenty of enthusiasm, and a can-do attitude.

What formal qualifications do I need to become a mortgage broker?

Operating as a mortgage broker in Australia requires that you have completed a Certificate IV in Finance & Mortgage Broking and Anti-Money Laundering accreditation. You will also need to complete a Diploma of Finance & Mortgage Broking Management within two years.

Reduce your mortgage broker risk with BizCover and mortgage broker insurance

As a mortgage broker, your clients trust you with life-changing financial decisions, which means you may benefit from taking steps to reduce your exposure to risk. This is where mortgage broker insurance can help. Types of business insurance that mortgage brokers may consider include:

To learn more about mortgage broker insurance for your business and how BizCover can help you get covered in 10 minutes while also saving you money and time when purchasing business insurance, visit our online portal for insurance for finance and mortgage brokers.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769.

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