The reality of recruiting and raising new brokers

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Being a broker is a bit like being in the music industry….. Not everybody makes it!

When I first became a mortgage broker, I was pretty much dropped in at the deep end and taught to
sink or swim. Luckily for me, I swam, but it wasn’t an easy process. Someone once said to me
“learning how to be a broker isn’t a steep learning curve, it’s a vertical one” and they couldn’t have
worded it better!

If you speak to many brokers in our industry, I’m sure they’d resonate with this statement and say
they experienced the same “sink or swim” training. I know for a fact it wasn’t just me who started
out this way.

But times have changed, and you simply cannot do this to new brokers anymore.

For one, the industry has changed. The role of being a broker is more intense now than it’s ever
been. With Covid criteria, sharp rate pulls, intense criteria changes and clients in “cost of living crisis
mode” – brokers have to be able to hold their clients through the mortgage process better than
ever!

You have to be on your game, in the know, and a safe pair of hands.

But how do you do this when you’ve just started out?

And what do companies recruiting brand new brokers really need to know about training?

First of all, a 2 week course just isn’t enough. A new broker needs a mentor for at least a year. They
need a trainer, a mentor, an accountability group, and a coach. All of them. Because the truth is – and I learnt this the hard way – the role of a mortgage broker cannot be taught. No one wants a textbook broker!

Every client is different, every situation is unique, and every human appreciates a different kind of
interaction and service.

Not to mention every broker is different. The struggles one broker has will be different to another.
And a broker is not just a broker anymore – they’re a marketing manager, a therapist, a marriage
counsellor, a protection advisor and an admin extraordinaire all in one!

A broker is an incredible task, and you need to be exceptional to be great at it!

And in my opinion, we ALL need to be great at this now. Because clients rely on us to be.

We have identified through main recruitment drives in The Mortgage Mum what a new broker
needs to possess, and this has become part of our entry framework.

You need drive, determination, resilience, empathy, organisation and an ability to step outside of
your comfort zone (to name a few).

The main struggle of a new broker is lack of confidence.

Confidence cannot be taught either…. So how do you build confidence?

Again, through learning we’ve identified some tools.

Knowing you have people to turn to. Knowing you can ask the silly question. Knowing you’re not
alone.

You need to hold your new brokers, so they can hold their clients, all while navigating a new role
themselves. You need to check everything they do, everything they say, and their unique method to
problem solving.

A new broker needs to be encouraged to market themselves from day one. Before the fear sets in.
They need to be reminded that people buy from people. That people get mortgages from people
they know, like and trust. That their social media is their shop window (but more on this next time).
They need to know they will wear multiple hats, and that some days they will struggle. They need to
be reminded to have boundaries to ensure they get a life outside of work. That this job can be 24/7
if you let it.

That clients often find properties the day before you go on annual leave. That mortgages can be like
buses – none for a while, then they all come at once.

It sounds fun right!? Am I painting a beautiful picture here?

Oh but for those considering it. Let me tell you it is one of the most rewarding careers you will ever
choose.

You get to be the facilitators of dreams. People’s homes are an extension of them. You quite literally
change their life, and if you do it right, they will always remember you. You become part of their
story, their journey, hell you even become part of their family.

You get to witness magic. Because in property, everything happens for a reason. We see it time and
time again!

You need to remind your new brokers of this magic when they forget (which they will) …. And on
entry ask them why they want to do this job. Why do THEY want to be a broker?

This will be the hook that anchors them when it becomes rocky for them as they grow.

Ultimately, create an environment where they will thrive. Be there as they grow. And celebrate their
wins as they fly.