10 Qualities of Highly Successful Mortgage Brokers

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May 16, 2017 | By RGR Marketing Blog

What to Do to Find Success as a Mortgage Broker

Demand for mortgage brokers is on the rise. As housing markets grow increasingly competitive, there is an emerging need for intermediaries who can broker mortgage loans on behalf of prospective buyers – whether you’re looking to find a new business location, or you’re a family searching for a home.

As buyers search for mortgage brokers who are ready to find the best bank or lender loan for their situation, it’s important to know which qualities set you apart as a successful mortgage broker. Eager to distinguish yourself in a competitive field? Here are 10 qualities that set apart nearly all highly successful mortgage brokers.

1. Daily Mortgage Marketing Involvement

A successful mortgage broker commits to marketing their business on a daily basis. For successful mortgage brokers, marketing isn’t a haphazard, fluctuating commitment, it’s a daily vow to invest in your career and your industry.

A highly successful broker engages in daily professional development, whether that’s attending a seminar, reading an industry journal, watching a webinar, or soliciting current clients for reviews.

2. Long-term Vision

While it’s often difficult to prioritize long-term gains over short-term successes (the monetary benefit of immediate and short term tasks as a mortgage broker is alluring), successful brokers do not rush urgent tasks at the expense of long-term growth.

Developing a marketing plan or establishing goals for a year or two out is essential to establishing a vision for success as a mortgage broker.

3. Consistent Conversation: Contacting Mortgage Clients

As a mortgage broker, your CRM database is everything. And while chasing exciting new opportunities may serve as a temporary distraction, one of the keys to success as a mortgage broker is working your existing database.

You’re more likely to broker a deal with someone you already know, so commit to engaging in regular, personalized contact with your existing database. A friendly and likable rapport can ultimately garner a consistent flow of referrals.

4. Stay Responsive

Once you have a CRM database of loyal customer and contacts, it’s crucial that you follow through with timely and responsive service. When offers are on the table, delivering frequent updates and quick correspondence is paramount to providing client satisfaction.

Respond to all offer-related emails and phone calls in a timely manner in order to deliver the best mortgage broker relations possible.

5. Do Your Research

Know your loan offers and know the myriad details. Loan research is paramount to delivering a great mortgage experience. Buyers are often depending on mortgage brokers to be familiar with the ins and outs of mortgage loan details, and one of the best ways to distinguish yourself as a successful mortgage broker is to deeply familiarize yourself with multiple loan options for your clients.

6. Consider the Particulars of Mortgage Loans

You know that understanding loan specifics is important, but being aware of a buyer’s specific needs is an even more significant component of being a successful mortgage broker.

Each buyer brings a unique challenge: for example, what factors (debts, incomes, housing histories, etc.) are in play? To deliver the best service, seek to qualify your buyer for multiple loans that present unique solutions – each designed to fit the individual’s situation.

7. Avoid the Rush

In a fast-paced industry, staying relaxed and avoiding a rush is difficult. But here’s the thing: your business is rooted in personal interaction, and to broker a successful mortgage, you always need to consider the buyer. Stay patient and remain flexible, as your understanding will go a long way in providing the best service possible.

8. Establish Credentials

Developing your credentials as a mortgage broker is important not only for your own career growth, but also for your buyers’ peace of mind. Certifications, degrees, reviews, and accolades help to reassure buyers that you are well-versed in brokering successful mortgage deals.

9. Successful Mortgage Brokers Function as Financial Planners

A broker is not only a successful business leader, but a great mortgage broker is also a great financial planner. As someone with a unique vantage point in the home buying process, a financially minded mortgage broker will ask questions such as “How much should the borrower put down?” or “Should the borrower consolidate other debts in a refinance?”

10. Listen Well

Listening isn’t a skill exclusive to mortgage brokering, but it is an important tool to being a successful broker. Getting to know your clients, listening to each unique set of needs, preferences, and abilities is instrumental in delivering the best broker experience.

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What to Do to Find Success as a Mortgage Broker

1. Daily Mortgage Marketing Involvement

2. Long-term Vision

3. Consistent Conversation: Contacting Mortgage Clients

4. Stay Responsive

5. Do Your Research

6. Consider the Particulars of Mortgage Loans

7. Avoid the Rush

8. Establish Credentials

9. Successful Mortgage Brokers Function as Financial Planners

10. Listen Well

Start making more
money today!

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What to Do to Find Success as a Mortgage Broker

1. Daily Mortgage Marketing Involvement

2. Long-term Vision

3. Consistent Conversation: Contacting Mortgage Clients

4. Stay Responsive

5. Do Your Research

6. Consider the Particulars of Mortgage Loans

7. Avoid the Rush

8. Establish Credentials

9. Successful Mortgage Brokers Function as Financial Planners

10. Listen Well

Start making more money today!

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