Brokers are an adaptable bunch. We learned that last year, when despite a wall of challenges created by the Covid-19 pandemic, the channel managed to change work patterns in an instant and end up with an even larger market share than before.
Whether it be creating a marketing strategy to generate more leads, keeping on top of every possible interest rate or knowing the latest trends in real estate, being a competitive mortgage broker is about knowing what you know, and then being able to change to adapt to what you don’t.
Customers, as every mortgage broker knows, are everything. Ours is a customer service business and remaining competitive means knowing what your clients need and how you can deliver it to them.
They are investing thousands of dollars in your services, in a transaction that they may only engage in once every five years. It is incumbent on the real estate broker to be abreast of interest rates, products and services and the politics of the possible. Hold their hand through the loan application process, manage their expectations throughout and (most importantly) deliver them the deal that they want, and you’ll have customers that tell their friends how great you were.
It’s all going well: you’re making deals, keeping the customers happy and the trail book is growing. Many mortgage brokers know how that feels at the moment, with the Australian property market and ultra low interest rates keeping those commissions flying in.
But remaining competitive as a broker isn’t just about getting business, it’s about keeping business. That’s where efficiency comes in. There’s plenty that real estate brokers need to do, and plenty more that they can delegate. Hire a receptionist, invest in tech and work with buyer’s agents to help take the weight off your shoulders
There’s no business like referral business. If you’re on top of your social media, then you’ve got one of the best strategies to remain competitive as a mortgage broker, because you’ll know your clients, know their friends and be able to make their friends into your clients.
Home buyers are everywhere in this marketplace, and if you can get your name out there on social media, then those thousands of dollars worth of commissions could be headed your way. After all, if you’re going to invest so much time and effort into customer service, it might as well lead to more business in the future.
Everyone is from somewhere, and, as any real estate professional knows, location is everything. As a mortgage broker, you need to know your patch better than anyone else, and that means pairing up with other people in your local area who swim in the same pool.
That means knowing everyone from the buyer’s agents and real estate agencies to the tradies to build homes and construction companies that bring properties to market. The secret to remaining competitive as a real estate brokers is to be at the heart of the home buying and home selling community.
As a mortgage broker, people are engaging your services because you know more about this than they do. Information is everything, and you have it. If you can’t communicate that information, however, you’re not doing your job.
Any real estate professional can tell a client that interest rates are low, but you have to know which ones are right for every circumstance, and which products and services, loan options and loan amounts are feasible. Then, you have to deliver that information in a way that allows your client to trust in you to get that deal over the line for them.
Staying on top of new tech has always been important in our business, and since Covid, it gone from important to vital. Simply put, being competitive as a mortgage broker is intrinsically linked with how tech-savvy you are.
There are hundreds of fintechs offering solutions to your problems, reducing turnaround times and making loan application processes easier, but tit is up to you to find them, learn how they work and then use them to make your life easier.
Being a competitive broker is more than just trying to get the best deal for your client. In fact, that is only the end point.
You have to have a solid social media presence to find clients and good connections in your community to help them get where they want to be. You have to build relationships with lenders and aggregators, so that you can access the best interest rates, products and services for your customers. You have to have the customer service skills to manage the expectations of your clients and keep them on side as you find them a deal.
Once all those ducks are in a row, then you can move forward and make the deal. Then it begins again: by getting your clients to post about how great a deal they got, tell their friends and then, hopefully, one of their friends is buying a house and needs a mortgage broker…
