Brokers are primarily competing for the business of residential property buyers, there's a few key factors in choosing the right one.
Word of mouth
With so many mortgage brokers in the marketplace, consumers can be overwhelmed by the sheer volume of choices available to them and the amount of advertising that they’re presented with. That’s why word of mouth is the most powerful marketing tool in your arsenal.
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When people are looking for a mortgage broker one of the first places they’ll try is asking friends and family for a recommendation.
If your clients have found value in organising their mortgage through you, you could find yourself servicing their entire social circle in the next few years! Plus, if you build a long-term career as a mortgage broker, you’ll start to see return business.
There’s no easy way to build word of mouth, apart from offering top-notch service. It’s the kind of marketing that money can’t buy, but you can always encourage your clients to recommend your services to friends and family, as well as writing reviews online.
Qualifications and memberships
Buyers are looking for highly skilled and experienced mortgage brokers with the right qualifications and professional memberships. ASIC advises consumers to check that prospective mortgage brokers hold the appropriate Australian Credit Licence, which can be checked on the ASIC website.
Consumers are also advised to check that their advisor holds the right qualifications - at least a Certificate IV of Finance and Mortgage Broking.
In this competitive market, a membership to one of the mortgage broking professional associations, like the Mortgage and Finance Association of Australia (MFAA) or the Finance Brokers Association of Australia (FBAA), can really make you stand out from other providers.
Access to a large number of lenders
Mortgage brokers need to be appropriately trained in the products they sell – for example, if a broker wishes to sell CBA home loan products they’ll need to be trained up on these products by the CBA.
Borrowers want to know that you have access to a broad range of home loan products so that they can get the best possible deal on the market. Most competitive mortgage brokers are trained in 30 to 40 lenders’ products.
For the average Australian, a home loan is going to be the most significant financial undertaking they’ll experience in their lifetime.
Clients want to trust that their mortgage broker is acting in their best interests at all times. Successful mortgage brokers build trust through strong communication skills and a commitment to transparency.
That means being able to clearly communicate why you’re making a certain recommendation, as well as laying out what you stand to gain by making it. There is a legislative requirement for transparency, but going over and above really makes you stand out as a supplier that clients can trust.
Kick-start your career
You can get started in mortgage broking with a Certificate IV in Finance and Mortgage Broking from one of Australia’s great Registered Training Organisations.