Can you share a memorable or challenging experience from your career as a broker and the lessons you gained from it?
I think the biggest challenge which any new brokerage will face is on client attrition and knowing which route to take. There are countless SEO experts emailing you on a daily basis all promising you first spot on Google. There are introducers who promise a consistent quality flow of leads that deliver sporadic and often poor quality.
The biggest lesson I have learnt from these challenges is take everything with a pinch of salt, create robust introducer agreements and regularly review these relationships. Don’t be afraid to say no to something that doesn’t feel right. Ultimately owning your own marketing strategy and pushing yourself out of your comfort zone is what will bring a regular, consistent and manageable client flow.
Over and above this, you have the daily challenges of slow underwriting from some lenders, an inability to think outside of the box or agree to anything that doesn’t tick a certain box regarding policy. You quickly learn which lenders can adapt, provide flexibility, and whom have a great BDM that will guide and support your applications.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
Take the chance, believe in yourself. It is scary to begin a new venture, particularly if you are coming from a background, as I did, where you were unable to bring a client bank with you. Do your research, decide whether you want to be a RI with a firm or start as your own AR firm. Each has its pros and cons but speak to as many people as you can and ultimately focus on the people you will be surrounded by, the working relationships you will create and less on the monetary side of it. There will be countless sleepless nights. Every day is a learning day as you learn to become a business owner in addition to being a mortgage broker.
Broker in Focus is a weekly Mortgage Introducer feature, spotlighting mortgage brokers from diverse backgrounds and locations across the UK. Among those recently featured are Barry Wise of The Mortgage Pod, Bob Singh of Chess Mortgages, Matt Davey of Peritus Private Finance, Chris Hall of 1st Call 4 Mortgages, Akhil Mair of Our Mortgage Broker, and Bola Anike of Elmgrove Financial Services.