Book answers key question: Are you broker material?

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Starting out in the mortgage channel can be intimidating – but one broker is trying to make that initiation less daunting with his own how-to book.

“There isn’t really a textbook for brokering,” says Dustan Woodhouse, a mortgage professional with Dominion Lending Centres in Vancouver, B.C. “I’m trying to put something useful out there, the first book in the series begins at the beginning for those contemplating entering the profession.”

For Woodhouse, it is high time that some definitive books on the mortgage industry came out.

“There aren’t any books written for the Canadian broker,” he told MBN. “And the ones that were written for the American brokers were largely written pre-crash (prior to 2008) when the lending guidelines were radically different. The content in those books is largely dated and irrelevant – not to mention the fundamental differences between the U.S. and Canadian markets.”

The first book outlines 20 core principles that one should be willing to adopt to see early success as a new broker. The aim being to clarify what it takes to make it in the business before people make the leap into brokering, says Woodhouse. The second book, due March 1, 2016, picks up on day one for a licensed broker and sets out another 20 core principals to adopt along with key systems and processes.

But the first book is more than just the dry facts and figures that brokers need to know – it is also a bit of an aptitude test to see if the person is really suited for the job.

“This book covers the basics of what it takes to get licensed, but more importantly it also asks the question whether you should consider entering this business at all,” he says. “Because A: Brokering is difficult; B, Brokering is difficult; and C… Brokering is difficult! This is a difficult business. I’m spreading my story of what it takes over three to four volumes, and still only scratching the surface. I could write 50,000 words on just one client’s file alone, easily.”

One reader of the book, George Klissouras, a DLC mortgage agent in Toronto, found it “very intuitive” and appreciates Woodhouse’s willingness to share industry tips.

“I’ve been a mortgage agent for 28 months and have had some ups and downs,” writes Klissouras in a September 28 review on the Amazon bookstore website. “I’ve had several opportunities slip though my hands and have been frustrated by it and even questioning my participation in this industry. I’m looking forward to Volume 2 as I think that book will be exactly what I need at this point in my career.”

Woodhouse has created a website dedicated to readers of the book offering regular blog updates with additional and topical brokering content; www.bethebetterbroker.com. The book itself can be found at www.amazon.ca where is has been a #1 best seller in Real Estate since its publication in September.
  • Debbie on 2015-11-13 10:30:01 AM

    I've been a broker for 8 yrs now, and yes it is difficult. I still learn something new almost every day, (and learn lessons of what not to do next time regularly.) #1 myth in this industry is that brokers make tons of money..not true, some make tons of money, most eke out a modest living...true story..if everyone is being honest...it's the freedom of not having to punch a time clock that is the best, and how you feel when a deal, especially the really hard ones closes, and you hear someone say "you are the best"... that's the real reward. I always said if I could make at least what I made working 9-5 mon-fri, I would stay in the business...I'm still in it. Loving every minute of it!

  • Sean Binkley, DLC on 2015-11-13 1:34:44 PM

    Great work Dustin, glad to see others giving back and sharing best practices!

  • Jim T, Advent Mortgage on 2015-11-13 8:38:09 PM

    Dustin, what a fantastic idea. Everyone contemplating entering the business should be reguired to read this book.

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