Brokers share thoughts on business growth

by |

For a new broker, the hardest part may be branching outside the pool of friends and family to reach a larger client base – but coming from an industry known for its social aspect surely helps.

“I owned a bar in Stouffville and the Customer service really transferred over to the broker side of things,” Adam Underwood, a newly-minted broker with Safebridge Financial told MortgageBrokerNews.ca. “Selling a pint of beer and selling a mortgage requires the same people skills. They’re two different beats but at the end of the day you want to ensure your customer is satisfied.”

And the connections made in his former career can be turned into potential clients.

“I already had a massive network on Facebook and I started a ‘Like’ page for my mortgage business and I tethered my LinkedIn and my Twitter so when I post to one, it posts on all,” Underwood said. “It’s always about customer first – you only really have a five or ten minute window to get them to appreciate your brand and what you’re putting out there for them.”

But what if a new broker doesn’t come armed with the same pool of contacts? Drew Donaldson, mortgage broker and VP of Sales with Safebridge Financial has some words of advice, starting with tapping into industry peers.

“For every deal there are two real estate agents. You may have been referred by one, but that doesn’t mean you can’t update the other one,” Donaldson said. “After the deal closes, you can reach out to that agent and sit down for coffee to discuss building business.”

According to Donaldson, even those outside the mortgage industry can prove to be effective contacts.

“Really focus on centres on influences: Within your network you may have two quality real estate agents but from there you may want to find an accountant, a financial planner,” he continued. “Even if it’s not the mortgage business; there are entrepreneurs in other fields with pools of contacts. Look to help as many people as you can in their businesses and that will come back to you.”

And as you reach more customers and close more deals, your client base will organically grow.

“Even clients can be used to network because they have pools of contacts; the more people you can help in their business, they’re going to be able to help you in yours.”

  • Lior, Mortgage Edge on 2013-09-20 10:18:54 AM

    I suggest to new agents to learn how to prospect and become consistent doing it because it's a proven formula. The more you are out there building business instead of learning from a textbook how to do mortgages, the more money you will make. Position yourself as a solution provider rather than a salesperson and you will do well. Most importantly, success doesn't happen overnight. Don't set unrealistic targets because if you fail to reach them, it will hurt your confidence and confidence is everything in sales (project yourself as overly confident and you'll just be perceived as a douche bag, so strike a balance). Be prepared for a lot of macaroni and cheese dinners at first ;-]

    In this business, aside from the provincial regulatory issues, the stuff they teach you when you get licensed can be obtained for free online. Learn sales first, then learn mortgages. Sounds strange but the best experience you get in this business is by doing actual deals.

    As for family and friends, don't necessarily count on them because not everyone wants to divulge to you their financial history.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions