How to find a good Mortgage Broker?

Agreed 100%

I love helping people - but my life doesn't involve writing loans 24/7. That sort of method of operation is rarely sustainable too. You risk stretching yourself to thin and burning out - your then no use to anyone.

Cheers

Jamie

 

Those questions would make 95% of brokers squirm .

 

If you want to write volume - you cant ever really turn off emails. Pipeline management is crucial for mortgage brokers , because income takes so long to arrive after the work is actually done. And to be brutally honest, how a good a broker is, is often just as much about how good a client is at furnishing all information , as anything else.

 

The best selling travel agent at the place I used to work used to do all her hours at the workplace, then go home and consistently do a full evening of follow up and other work. I feel so bad for her.... But that was her life. She did get rewarded with heaps of strong bonuses and a new car one year though. But you can't necessarily rely on bonuses....

 

Being responsive is very important for brokers for sure - most clients definitely respect receiving a response the next morning if you email them past 7pm. Although it certainly can't hurt if you get to it earlier.

I'm always on email, so if i'm awake and not busy i usually respond, even if its a 'thank you, i'll get onto your application tomorrow'. It takes me 20 seconds sometimes, so its not really a big deal. Its probably not the best habit (my partner hates it!), but in the world of constant communication, it doesn't hurt and there are plenty who appreciate it.

Providing updates, keeping people in the loop and having transparent communication is all very important when seeking out a broker - most of the bad stories aren't about peoples incompetence in seeking out loans, its about poor service. I highly doubt many of the successful operators on here would struggle here. Simply, they've earned their reputation.

IMO (depending on your clientele) brokers need to be available on Saturdays nowadays - at least until the days auctions are over (usually 4pm). Not necessarily for major substantive work, more so for advice. Once you've got 10-20 odd pre-approvals running at the same time, there's usually a few phone calls from of nervous buyers who like to touch base to discuss a property they've just seen, whether they can push their budget, etc. If you operate with first home buyers, you'll definitely need this as their more likely to call than a seasoned investor. Most of that involves a 10 minute phone call, but being available at that time is reasonably important to some customers.

 

Not too dissimilar to airbnb hosting! Gotta be ready to take questions anytime, it's really a service. The people new to Airbnb tend to ask lots of questions... Do you have a hairdryer... Do I need to bring my own sheets and blankets? (Yes, I've seriously had these questions)....

Airbnb guests can be anywhere in the world so typically the evening of Asia is a few hours behind Sydney, and well, most of the world different timezone to us...

 

You are right of course - and thus the education continues.

 

Haha - I remember that!

It was the best office I've ever had. On a terrace overlooking the Amalfi coast with a Peroni by my side

Cheers

Jamie

 

It's not my fault, really!!

 

I found a great mortgage broker by asking successful investors for recommendations, then reaching out to those whose names came up over and over to see if we'd work well together.

 

Willing to dob in which one put you on 15 year fixed rate?

 

I'm pretty sure this was before Steven joined the SS/PC world. So none of our 'in house' brokers.

 

That was ME, going direct to the bank, when I–clearly–had no idea..

 

In the world of changing policy, brokers have to work a little harder explaining how policies impact them in their plan forward. Customised message would definitely do better than a general update. Yes we can all read the policy but substantially how does it make a difference to us is another issue altogether.

 

It's a two way street at the end of the day just like any other business / trade.

 

How important do you think it is for your mortgage broker to have a decent number of properties in their portfolio i.e. 5 plus properties?
Or do you think it's a non issue?

 

I think them having investment experience themselves is a massive plus.
However, I don't really care if that's 3 properties or 30 and is none of my business to ask anyway. It's probably more beneficial that they have clients with a good quantity, as this means they might be able to steer you to that quantity as well.

 

Good call @D.T.
The reason I asked was that if they had been through multiple transaction of their own properties, they could relate to their client more on a more personal level i.e. the stresses, the silly repetitive questions, the forms not completed properly even though it's already been 90% filled out and all you have to do is date and sign lol (because I do all of the mentioned on steroids)!
Then the MB can put themselves in their clients shoes because they've been through it many times before.
Anyway, just a thought I had.
I guess all of what I mentioned comes down to people skills though.

 

Yep - you could have a MB with 15 IP's and zero patience.