“We all want the freedom to make our own decisions.” – Daymond John
My guess is that you originally decided to become a Mortgage broker because you want to be your own boss, earn a high income and achieve a better lifestyle than you have now. Of the many industries you could choose, I expect that the points I detailed earlier about the attractiveness of the Mortgage Broking industry is why it is at the top of your list.
Entrants to the Mortgage Broking industry fall into one of three main groups:
- Strong financial background, possibly as a lender employee.
- Strong sales and marketing background in a different industry.
- From another industry not related to either finance or sales.
People from the first group obviously have a good understanding of home loans but it is rare they were solely responsible for creating their own first generation of clients. They may well generate an okay level of repeat and referral business through great service, but their first client contacts are usually derived from the bank’s own marketing. They may be very good at sales and turning client inquiries into deals, but what they typically lack is experience in building systems of initial lead generation.
If they do have a strong banking background and can generate their own clients, then the decision to become a Mortgage Broker should be a very easy one as they have the best chance of success and will likely earn more working for themselves than they could working in the bank.
People from the second group are less common, but if they have been successful in marketing in their previous industries they stand a good chance in ours. In fact, I would say they are ahead of the first group, given that the Broking industry is foremost about sales and marketing. The challenge they face is learning the ins and outs of lending, but that is very achievable with enough time put in and backed by good mentoring, software and Aggregator support. Alternatively, effective marketers can look to focus solely on lead generation and outsource or hire in broking staff.
People from the third group have it the hardest, they have decided they have had enough of their current industry and job and want to try something completely new. Sometimes, though, they may be very successful as they bring entirely new skillsets and ways of seeing our industry, and as such have the potential to be the greatest disruptors.
Irrespective of which of these categories you feel you are coming from or came from originally, your goal as a Mortgage Broker is to build a business that has effective marketing and provides a quality broking service. If you can achieve both those things you will in turn achieve a high income and sustain being your own boss in boom times and bust.