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Getting a mentor who is willing to share their trade secrets can help new brokers quickly and easily find their feet in the industry, says Choice CEO Stephen Moore.
Mentoring can form a key part of success and career progression in many industries, and mortgage broking is no different, says Choice CEO Stephen Moore. “New brokers are always provided with technical training and accreditation before they start on the job, but it can often be the soft skills that will help a new-to-industry broker quickly build a successful business,” he says.
One of the most important qualities in a mentor is a willingness to share the particular strategies that have got them where they are today, says Moore. “This can sometimes be a sticky issue for brokers as the person they are mentoring is more often than not their competition,” he says. “But this can be short-sighted. I would encourage all brokers who are approached to act as mentors to be as open as possible – acting as a mentor can be a really positive experience to better understand success drivers in your business as well as being challenged with new fresh perspectives..
New brokers should also look for a strong level of commitment from their mentor when deciding whether the relationship is worthwhile. “The best mentors are personally invested in the success of their mentees,” says Moore. “Brokers are generally very time-poor, so to be able to go the extra mile for those they are mentoring, and make themselves available at any time of the day if needed, they need to really believe in the broker and the process.”
When it comes to key skills mentors can offer, learning to build out a referral network is key for new-to-industry brokers. “The first couple of years in broking are all about building out that strong loan book that can set you up for a sustainable business into the future,” says Moore. “If a mentor can offer you advice on how to do that – from attending the right networking events, to approaching other businesses or even putting a documented process in place to request referrals from customers – they will certainly be a great asset as you look to build your business.”
For newer brokers, advice on the ins and outs of different lender processes can also be valuable. “While lenders themselves can be a valuable resource, getting inside knowledge into things like specific lender criteria, likely wait times, and the best person to contact in the case of a problem with an application can be invaluable to a new broker,” says Moore. “By pairing up with a broker in the same fields of specialisation, you can quickly learn inside tips about how best to work with certain lenders.”
Of course, a formal mentoring process might not work for everyone, so brokers may also like to consider other ways of collaborating with their peers that doesn’t involve as much time commitment. Choice offers peer-to-peer learning sessions where brokers are able to get together with others in their area and get input on ways to improve and grow their business. “We hold over a hundred of these sessions every year all across the country,” says Moore. “There’s no ongoing time commitment needed for brokers who want to come along – it’s just an informal session for brokers to ask questions and get valuable practical advice from their fellow members, many of whom are industry leaders..”
Regardless of how you choose to work with other brokers, pairing up with someone who has been through the same challenge of building a broking business should be a valuable experience. “Learning theoretically is all well and good, but at Choice we’ve found we get the best results and the best feedback from brokers when they get a chance to learn from each other,” says Moore. “Being able to talk through your successes and challenges with someone who can provide you with practical advice to improve means you are going to get to that next level of success faster.”
To hear more about how Choice can help you learn from other successful brokers, contact a Partnership Manager today
