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A successful mortgage professional has provided three fundamentals to being a successful broker, following the revelation that 50 per cent of new brokers fail in the first 18 months.
Speaking to The Adviser, Queensland-based broker Deslie Taylor of Mortgage Choice Ormeau outlined “three fundamentals” that she believes are essential to success in mortgage broking.
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“The first one would be: under promise and over deliver. Don’t tell someone that you’re going to be able to do something within a certain time frame if you can’t because, obviously, then the trust is gone. They no longer trust what you’re telling them,” Ms Taylor emphasised.
“Don’t try and think that you’re going to do the right thing by them by trying to achieve a time frame that you know in your heart is unachievable,” she advised.
Ms Taylor said that secondly, brokers should “always be transparent” with clients.
“Even if it’s what the client doesn’t want to hear, even if it’s an interest rate they’re telling you they don’t want to see,” she said.
She pointed out that after doing so, brokers should discuss with the client all the options available to them and highlight the advantages of different loans.
Finally, Ms Taylor highlighted that new brokers should prioritise providing excellent customer service consistently.
“Give that service and it will come back ten-fold. That’s all your clients want, is just the service,” she said.
Ms Taylor’s comments come after the FBAA’s Peter White said that although the membership body had seen an increase in new-to-industry members in recent years, there was a high failure rate too.
He said at the time: “We see it first hand in our membership. Of the new-to-industry members, about 50 per cent of them don’t make it in the first 18 months of business.”
However, Mr White had said that despite the high failure rate, things are looking up in the industry, as aggregators are increasingly “lifting their game on mentoring”.
He added: “The market is changing, and evolving in a very positive way to look after these new brokers. I suspect we'll see a succinct decline in the number of people leaving the industry because they don’t cut it in the last 18 months because of this.”
[Related: Ambitious broker offers top tips for customer retention]
