Are you harnessing the power and wisdom of a mentor to build your mortgage broking business success?
Apart from the mandatory requirement – The Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) require all new brokers to be mentored for the first 2 years upon entry to the industry. Here is another more important reason why you need a mentor for your mortgage business.
To build and grow a successful mortgage broking business you to grab every opportunity that you can get your hands on. A mentor can help you seize these opportunities.
“If I have seen further it is by standing on the shoulders of Giants.”
– Isaac Newton
You also need the right tools, insights and expertise – and here is why the right mentor can be invaluable to your business.
What makes a successful mortgage broker?
A good mentor can help a new mortgage broker deal with the trials and challenges with starting a new business. The mentor will be able to use their own experiences to help you prepare for success. You get to leverage the knowledge of your mentors and this gives you confidence to face the difficulties of a start-up business.
Mentors are also a regular source of info. Trial and error can help you learn but having the guidance and experience of a mentor will help you avoid pitfalls, common traps, or overcome obstacles.
The support systems that you will get will also help you recover from your mistakes quicker and make your business more resilient.
You are more likely to be successful
Having a good mentor can have a direct impact on whether you are profitable or not. According to research conducted by MicroMentor small to medium sized businesses increased their revenues by 83%. In other studies, 67% of businesses reported an increase in productivity because of mentoring.
Having a mentor gives you a sounding board for ideas. It can give you access to experience and knowledge that will take you years to accumulate.
Your mentor will be your go-to source for understanding unforeseen challenges. The advice can help you save time and money, and not to mention the peace of mind knowing that you have someone to help you.
You are more likely to survive
Life as a new broker in the industry is precarious as it is. With lender policies changing frequently, uncertainty with remuneration, and increasing complexity with credit criteria, coupled with having to find new customers, marketing for leads, as well as juggling the cash-flow and family life – it is not surprising that around half of new mortgage brokers exit the industry within their first 18 months.
Having a mentor to provide guidance will help you avoid the pitfalls and traps. The benefits of having a mentor will help you succeed with more predictability.
Removing some of that uncertainly will certainly not only help your business survive, but it may help it thrive.
It opens you up to new ideas
The best part of having a mentor is having someone to bounce ideas off. Because of the pressures of starting and getting a new business off the ground, it can limit your way of thinking outside of the day-to-day grind.
A good mentor will help you look at some things differently and may help you clarify your strategies. It may open your eyes to try something new, something that you may not have considered.
Having someone to ask you questions and providing feedback will also make you more accountable. And this may be the magic ingredient to succeeding as a mortgage broker.
How to find the right mentor for you?
Both the MFAA and FBAA have a list of mortgage mentors that you can look up. You could start with those.
Give the prospective mentor a call and speak with them to see they suit what you are looking for.
The mentor that you want is someone who has the right experience and skills to help you. Ask them about their track record, what they have done, what their successes have been and how can they help you succeed?
Speak to the brokers who have been mentored by them. Find out where the graduates are now, and how they felt the mentor helped them in their business.
And do drop us a line to see if we can help you at Masters Broker Group.