Mortgage brokers are financial professionals who are licensed to help borrowers secure a mortgage; they also help lenders find borrowers. Making the decision to become a mortgage broker is a journey many business-minded and financially astute professionals have taken.
If you are considering this career path, these tips can support your success as a newly minted mortgage broker.
Top 5 tips for new brokers
1. Understand your obligations
If you are leaving an existing mortgage brokering business, it’s important to understand whether you can still contact your existing clients and if you have access to their information.
You may also be required to have your own Professional Indemnity insurance policy. This can protect you from claims which may arise against the advice and services you provide.
2. Define the client experience your broker business will offer
To ensure that you deliver an excellent customer service experience that will encourage repeat business and referrals, have a clear understanding of why borrowers would choose your business over other mortgage brokerages and how you will deliver your unique value proposition.
3. Communicate often during the loan process
Successful mortgage brokers are skilled at managing clients’ expectations and staying in touch, whether it be through social media, email, phone, or in person meetings.
Remember that your job doesn’t end once you have closed the deal. Keep clients in the loop of your business through a mailing list or newsletter.
4. Embrace social media
Social media marketing is essential for many businesses, and that includes mortgage brokers. Facebook, Instagram, LinkedIn, and TikTok all offer inexpensive marketing opportunities for mortgage brokers that will help you reach new clients.
When it comes to social media marketing for your business, keep it professional. After all, you want people to trust you with their money and their financial future.
5. Keep in touch with local homeowners and real estate agents
The right partnerships can make all the difference for your mortgage brokerage. Get a leg up on the competition by building and maintaining relationships with homeowners and real estate agents. This will help you stay on top of local events, the latest developments and the property investments in your area.
Reduce your risks with BizCover and mortgage broker insurance
As a mortgage broker, your clients trust you with life-changing financial decisions. Although you do your best to offer the right advice, sometimes you may come up against an unhappy client. This is where mortgage broker insurance can help.
With BizCover, you get covered online in 10 minutes – no paperwork required! Compare quotes from leading insurers and get your business insurance policy delivered straight to your inbox.
