As a mortgage broker, the first two years in business is the toughest. The reality is what happens during this time will determine whether or not you succeed in the future.
The first two years are the most crucial for any mortgage broker starting out on their own.
Here are the ten things I learnt when I was starting out:
The first year in business is a self-development and a business journey. You will discover your fears and self-limiting beliefs. You will need to spend time developing yourself to overcome your weaknesses. Your mindset will change, and your business will go as far as you.
Like a rubber-band that has been stretched out of shape, starting a business will make you grow immensely and you will be changed for the experience. You will lose some people who will not join you in your journey. But you will embrace opportunities to make new connections and relationships as you evolve into the next version of yourself. You will be amazed at how far you have changed when you look back later.
One of the key aspects for my own personal success is the powerful network of friends, family and people who have supported me on my journey. My network of connections has helped me by connecting me to referral partners and referring business to me. I have also made new friends along the way. It can take years to nurture and build these relationships, but they have been critical to my success.
This is a marathon and not a sprint. Make sure you put in the right systems and processes in place, as this will save you an immense amount of time and money. Don’t cut corners. You will be tempted but the yardstick should be excellence. Aim for quality and you will reach excellence.
Don’t beat yourself up if you do not achieve perfection in your first year. As the saying goes: “Done is better than perfect”. The focus should be about making things great. You can do this over time, but good and profitable is better than perfect and never done.
The most precious resource you have is time. Unfortunately, when you are running your own business, you can never feel that you can “switch off”, and that you must answer every call or email. But you will need to deliberately carve out time for yourself and your family. Learn to rest, learn to connect with your family and friends. The reality is that the time you spend away from your business may make you a better business-owner.
When you first start out in the mortgage business, you will find an overwhelming volume of knowledge that you didn’t know. There will be a whole lot that you cannot know or understand. And it can be frustrating and sometimes frightening. The key here is not to overthink the process. Ask for help and make the best decision you can make at that time. Get a mentor or ask around. You will find other mortgage brokers who will be willing to help.
A lot of mortgage brokers will say that their services are “free”. Their clients may not pay for their services – but as a mortgage broker you should never de-value your worth. Trust your own abilities and the value that you bring to your customers. Don’t undervalue your time or your knowledge.
Spend as much time working out who your “ideal customer” is. Focus on what their needs are and shape your value proposition around meeting those needs. Customers will not come to you if you do not meet their needs, and you will not have a business at the end.
Mortgage Broking is a long-term proposition: A marathon and not a sprint. In the beginning it can feel as if you are not getting anywhere. We have had mortgage brokers start out with us, nearly quit but kept going and later became successful. But keep laying down the groundwork. Set realistic goals, keep going with your daily activities, measure your progress and keep improving your skills and knowledge base. It will be a roller-coaster of highs and lows – but it will be worth it.
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