Mortgage Broker Mentoring is nothing but receiving guidance from a more experienced industry professional. Two years of mentoring is required for new brokers to maintain their membership with industry bodies like MFAA (Mortgage & Finance Association of Australia) and FBAA (Finance Brokers Association of Australia). Most experts believe that it is an excellent way to learn the ropes of the ever-evolving mortgage landscape. Here’s a quick look at what you can expect to learn through mentoring.
#1 Setting Achievable Goals
Setting up your business will involve multiple stages beginning with getting your office up and running to announce yourself locally and eventually building and convert a referral list to a loyal clientele. Successfully going through these stages requires an understanding of what is achievable given the time and resources available. You can set attainable goals for each step with your mentor’s help.
#2 Prioritising tasks
If you are venturing into setting up your own business for the very first time, you’ll realise that in addition to strong financial knowledge, you’ll need to don multiple hats of sales, IT administration, office management and marketing, among other corporate functions. All this can get very intimidating. A mentor can guide you on how to deal with each of these aspects. You can identify the core functions you should focus on and what you can outsource. This is quite important for a strong foundation that your business can thrive upon.
#3 Building a Business Plan
This encompasses a strategy to map out all existing contacts, build a referral list, and set some sales goals. Based on your strengths and weakness you mentor will guide you on the low hanging fruit you could target for brisk business.
#4 Stakeholder management
As a small business owner, you’ll have to maintain relationships with clients, referral sources of business, industry body representatives and lenders, among other stakeholders. Your mentor could provide great insights on building a list of all critical stakeholders and chalking out the best approach to maintaining a fruitful relationship with each group.
Any property purchase journey requires multiple professionals like conveyancers, property inspectors, insurance providers, solicitors etc. Your business, therefore, can provide you with excellent opportunities to diversify into many such other needs of a property buyer. Even if you don’t wish to offer these services yourself, you could consider selling them on behalf of the service provider and augmenting your income. Work with your mentor to identify such cross-selling avenues.
#6 Industry best practises
The mortgage industry is certainly one of the most regulated industries in the nation. Staying abreast of the latest policy changes is crucial. It is also equally important to be aware of the latest technology regarding Customer Relation Management Systems (CRM), digital engagement, and recording keeping to ensure that your operations are agile and cost-effective. Your mentor could keep you abreast of all the latest changes and coach you on avenues to keep yourself updated.
#7 Upskilling avenues
Consistent and regular Learning and development (L&D) is crucial for a successful career in mortgage broking as the industry landscape is not only complex but also constantly evolving. Work on an achievable L&D plan with your mentor.
Finding the right mentor all by yourself may get challenging. If you are part of a franchise model or an aggregator group, you could receive substantial help finding the right mentor for your needs and circumstances. To reach us for a discussion, click HERE.