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It’s a conundrum. You want to be approachable when talking about someone’s loan but, at the same time, you need to project professionalism.
A regular question asked by Walker & Miller Cert IV students is ‘what should I wear?’ For men, its particularly hard; a polo shirt may well suit the laid-back Aussie culture (especially with tradie clients), but a shirt and tie is more befitting of someone working with banks.
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The growth of mortgage broking has revolutionised how the world of home loans interfaces with the public. Years ago, husband (emphasis on the husband alas) and wife would nervously sit in the bank manager’s oak-panelled office, while he ruminated on whether or not to give them a loan.
Fast forward to 2017 and it’s completely different. The mortgage broker discusses a loan over a coffee with her client. She is smart and presentable, yet exudes warmth and trust and genuinely wants to help her customer with lending options.
One is sober and picky, the other can be reassuring — with a service ethos. And yet, the customer needs a bit of everything (though they may not realise it). How the broker presents themselves will determine whether they can meet the client’s needs.
Advertising has done a great job demonstrating broker approachability and how we can save them money. But now, many customers see these adverts and think that getting a home loan is almost as easy as popping down to Coles for milk.
As a result, at the initial meeting, the broker then has the battle of educating the client on why they do not qualify for that ultra-cheap home loan given that their situation is a combination of: small loan size; high loan-value-ratio; inconsistent employment history; or credit impairment.
This is the point where brokers must demonstrate their professionalism; solving the clients’ problems (that they did not know they had until then) and financing the purchase of their dream home.
To achieve this, presentation is all. While, presentation relates to more than just a broker’s clothing, this is the first way that the client assesses your capacity to arrange their finance. And, if you misjudge it, you can blow it.
I advise my mentees to over, rather than, under-dress. Let’s face it, if you arrive for a meeting wearing stubbies and a singlet and then discover it’s for $6 million of development finance, chances are the developer won’t go with you.
But, if you arrive wearing a shirt and tie, even though it’s for a modest loan, you have more chance of winning the business. Thankfully even wearing a ‘Bag of Fruit’ you can demonstrate that you are a trustworthy human and not a bank robot by sharing a bit about your personal situation and maybe throwing in the occasional joke.
Over, rather than, under-dress.
