Seeking a mentor to help you start and grow your new mortgage broking business is one of the most important tasks you need to do.
The right mentor can achieve success quicker and more efficiently, and also help you avoid the pitfalls.
A mentor is also a mandatory requirement to enter the industry. But don’t choose a mentor just so you can meet that requirement.
And don’t choose a mentor because they are the least expensive. As someone once told me, there is a very good reason why they are inexpensive. It is never only about their mentoring fees. Look also at the value that they can bring to your business.
Behind every successful mentee is a successful mentor!
Here are some universal advice on what to look for and what to avoid when choosing a mentor for your mortgage broking business.
Figure out what you need for your business
First step is to work out what type of expertise do you need for your business. For instance, will the majority of your business be in residential mortgages or will you be specialising in asset finance.
Work out what your knowledge gap is. You do not know what you do not know.
The right mentor for you must be able to assist you with your core business. So it makes sense that if you are going to be seeking first home buyers, then you need a mentor with a track record of success in the residential mortgage area.
It would not make any sense having an asset finance specialist to help you submit a home loan for instance. They may be able to do it, but it may not be efficient and you could be doing yourself and your customers a disservice.
You should list down what you need to learn. It may include areas such as how to market your business, or how to process a loan submission or which lender would suit your particular client?
Seek reviews and referrals
Check the reviews of the mentor that you are looking at:
Remember a very successful mortgage broker may be very good at what they do, but they may not be the best teacher.
You need someone who has achieved success, but must also has the passion and time to help you succeed.
And, if you know one, definitely speak with your aggregator or your Business Development Manager (BDM) to seek their opinion.
Talk to their mentees and graduates
One of the best ways to find a good mentor is to ask around. The best mentors in the business will be more than happy for you to talk to their mentees or graduates.
Discuss with these mentees and graduates about what they went through. Ask them about their mentor’s approach to training and professional development. See if their professional development philosophy meets what your need.
Some questions you should ask:
Meet with the mentor
The last step is to meet with the prospective mentor.
Remember that the mentee-mentor relationship can be a long-term journey.
The MFAA and FBAA requirement is for a minimum of 2 years.
So you must be able to work with your mentor for at least that length of time.
If you do not see eye to eye with your mentor, or you do not like them (it can happen – after all, we are all human), you will not achieve your peak performance.
Like any performance coach, you must be able to respect their advice and the both of you will need to work well together.