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While broking comes with plenty of opportunity, it also has its fair share of challenges. Top 100 broker and mentor Mario Borg says unless new brokers have a strong purpose behind them, the job will be a tough gig. MPA spoke with Borg for his top four tips for new brokers who want to make it big in the industry.
Guiding new brokers to success
Borg made a massive career change in 2004, leaving a well-paid corporate role to start his own brokerage. After making the Top 100 brokers seven years in a row, he took up an offer to sell his business and focus on his development goals, before co-founding Masters Broker Group with Andrew Tan, a mentoring and coaching business that aims to guide new to industry brokers to success.
He says there is no substitute for hard work when it comes to building up a broking business – a lesson that any new to industry broker should keep front of mind when starting out. He offers the following four tips for brokers who want to make it big.
1. Have a clear purpose
Unless you know why you want to be a broker, the job will be a tough gig, says Borg.
“Broking is an amazing business in many ways.”
“You must believe in yourself, but you must also be willing to work hard at it – there is no substitute.”
Having a clear purpose will go a long way in driving you towards broking greatness.
2. Keep a financial buffer
One of the biggest challenges new to industry brokers often face is little to no income while they establish lead sources and built up traction.
Borg suggests keeping a financial buffer of at least six months in order to cover day to day living expenses and loan commitments as well as any capital needed for starting out.
3. Adopt a delayed gratification mindset
It can take time to build traction and establish leads as well as build up a network of referrers. It can also take time to learn the ins and outs of various lenders’ credit policies and develop relationships with BDMs.
“Understand that this business is about delayed gratification – it’s not an overnight success.”
It is for this reason new brokers should forget about “the glossy brochures with empty promises” and focus on working hard; ambition, drive and hunger the best ingredients for success.
4. Engage a mentor
Nothing compares to the insights an experienced broker can bring. Those who have been in the industry for a long time and stuck it out through various cycles can be a wealth of information regarding, not just the lending world, but also the best practices of running a business and managing staff.
Borg says when it comes to getting ongoing support, an occasional coffee catch-up with a BDM simply won’t cut it.
“There are hundreds of variables a new to industry broker needs to be up to speed with on a regular basis.”
“It’s important the mentor or coach you engage or join, has the systems in place for you to have key information at your fingertips, as well as the guidance to ensure you profit and succeed.”
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