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One client that comes to mind was a single mum with six “kidlets”. Not easy, but we got finance approved to buy a very modest home, finance well structured and she was very comfortable with the repayments. Twelve months later, I got an email with a photo of her smiling kids saying. “This is what you have done for us, we now have a place to call home.” That makes it worthwhile, and it is hard not to shed a tear. I know we all like good sized loans, but sometimes the most rewarding deals are small ones for people that will be forever grateful and you can honestly say you have helped improve their lives.
Could you share any valuable advice for individuals aspiring to become brokers or those new to broking?
I know it is really difficult when you start in the industry, but new brokers need to strive to provide excellent service, keep the client informed throughout the process, and most importantly, look at the long game. Don’t see it as a transaction, or a sales activity, but see it as the start of a relationship and treat the client accordingly. Take the time to listen to them, do your research and get the best finance organised for them. I’ve always had the simple view that if you do the absolute best by the client, you’ll make more money over the longer term rather than focusing on a quick buck now.
Secondly, as a mortgage broker, we are always learning, every day. There’s not a week that goes by where we are astounded with how terrific a bank process or credit officer or staff member is, and at the same time, get frustrated at how short minded, negative or untrained another bank process or credit officer or staff member from a different bank can be. You need to realise what battles you can win and which ones you can’t – so don’t waste your time trying to fight something that you have no chance of succeeding in.
It is also worthwhile to add that you need to maintain your credibility and integrity when arranging loans. With a difficult scenario, I’ve often used the yardstick of “would I lend them my own money”. If the answer is yes, then it is worth fighting for, but if there is something not quite right and your gut is uneasy, then the right decision might be to advise the client you can’t assist. You’ll feel better and sleep much better afterwards.