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Mortgage broking is a high-stress and competitive industry that demands a strong work ethic. But brokers who don’t take a break now and then may do their business more harm than good
Keeping ahead of the game means consistently delivering an outstanding service to clients while also being on the lookout for new business and leads. As a result, long working hours are common in the industry.
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Eighty-two percent of respondents to a recent The Adviser straw poll said they worked more than the average 38-hour working week, with nearly half admitting to working more than 50 hours each week.
The demands of the business means many brokers are often reluctant – or feel unable – to take time out, concerned that it may hurt their reputation with clients and their bottom line.
But a healthy, happy and motivated broker is much more valuable to his or her clients than an overworked and disillusioned one.
“Sometimes, I think as brokers, we care too much,” says OneSite Finance Solutions director Elizabeth Setiawan, a sole operator who has one administrative support person.
“When the broker is happier, so is the client.”
A CHANGE IS AS GOOD AS A HOLIDAY
Taking a proper break doesn’t necessarily mean taking a long period of time off work or travelling a long distance.
It can be as simple as a change: of routine, pace, scenery, lifestyle or interests.
Niche Lending director Moshe Moses says it is “highly important” that brokers take a holiday once in a while to regain mental balance and enjoy the important things in life.
But for many brokers, particularly those who are self-employed; finding the time to take a holiday – both physically and mentally – can be a challenge.
Ms Setiawan concedes that she finds it hard to switch off, adding that it is not unusual for her to keep her work mobile phone on at all times, including weekends.
But although she has a strong work ethic, Ms Setiawan manages to escape the rat-race at least once a year by entrusting a close personal friend, a mortgage broker and separate business owner,with her business clients.
“I have known this other broker for a long time, so there’s a level of trust,” she says.
Ms Setiawan says her clients are happy to have an alternative point of contact when she is away, and she can take a break safe in the knowledge that her clients are in good hands.
“I’ve come to learn that there is no real emergency in mortgage broking: nothing is a ‘life or death’ situation,” she says.
“I find that after discussing and assessing a distressed client’s needs, it becomes apparent to both myself and the client and whatever matter was seemingly urgent, it can be resolved with a structured approach.”
IT PAYS TO PLAN AHEAD
Kate James, principal of Melbourne consulting firm Total Balance, says the key lies in good planning. She says by following these simple tips, even time-poor brokers can take time out:
PLAN AHEAD - Think of a time of the year when business is generally quieter and demands are less. Plan to take your holiday during that period. This will cause less stress for you and your clients.
START SMALL - If you haven’t had a break in a while, start with something simple and manageable like a long weekend, rather than a three-week holiday. This will give you an opportunity to refresh yourself.
GET VIRTUAL HELP - Set your phone to voicemail or divert and your email to ‘out of office’. Virtual assistance can also be the perfect backstop for your office administration needs while you’re away.
BE SPECIFIC - Clients will understand your need for a holiday as long as they know in advance, and have an emergency point of contact. Make sure your email and voicemail messages (and your website if appropriate) are clear about the date on which you will leave and return. It’s also important to provide an alternative contact person, number or email address for urgent assistance.
