5 Tips to Becoming a Successful Mortgage Broker in California
So you want to become a successful mortgage broker in California… Well buckle up because this business is not for the faint of heart! The words “passive income” do not apply to the mortgage business, so you’ll have to be prepared to get your hands dirty. Here are 5 tips to becoming a successful mortgage broker in California in a knockout post:
Keep your phone handy If you’re a mortgage broker in Southern California, chances are your phone is going to be ringing off the hook. Make sure you answer phone calls and e-mails ASAP so your borrowers don’t think you are falling behind. Even if nothing about the deal has changed since your last conversation, send frequent updates to make the borrower feel like you have things under control. Real estate is a large transaction in California and people want to feel like their money is safe in your hands.
Build relationships By networking with real estate agents in your area, you can build up your reputation and even become their preferred source when it comes to mortgage referrals. They can also vouch for you if a client is curious about your reputation, which will build trust. Follow up frequently with real estate agents and other referrers so that you keep the relationship alive and the deals flowing in.
Offer multiple loan options You’re going to deal with a variety of different buyers in Southern California. Depending on their income, debt size, and other financial situations, you’ll want to come up with a number of different loan options. Never push just one option and always make sure the buyer is comfortable with the loan they choose. You can guide their decision, but let them feel like they have the control. Let’s face it, if you’re a mortgage broker, you’re basically a financial planner as well.
Be patient We get it, you want your paycheck. But, there is a chance your borrower is shopping around for a lender that suits them. Build trust buy being a listener, not a seller. Make sure you explain everything in complete detail, answer any questions they may have, and just be available whenever they are ready to close.
Get up and get out If you sit on your couch all day waiting for the deals to come rolling in, you will not become a successful mortgage broker. Successful mortgage brokers are driven, passionate, and make things happen for themselves. Attending frequent networking events, conferences, and local community functions will help you grow your business. The more you integrate your business into your everyday life, the more successful you will become. Always carry your business card! Everyone should know that you are a Mortgage Broker.
Becoming a mortgage broker in California can be intimidating for beginners, but after a few years in the business, you will begin to learn the tricks of the trade and build important relationships. If you’re just starting out, accept that your chapter one will never look the same as someone else’s chapter twenty. Be yourself and let your passion speak for you!