The money that a mortgage broker makes is dependent almost entirely on their productivity. The number of loans you settle determines how much you get paid, so the more loans you can settle in a month, a day, a year, the greater your paycheck is going to be.
With that in mind, here are three tips for enhancing your mortgage broker business productivity.
Manage your time well
Productivity is a measure of output over time – this second part is the variable you need to get under control in order to be productive. It doesn’t matter if you’re the best at getting the ideal loan for a client if it takes you far too long to do it – you’re not going to be able to settle enough loans to keep your business healthy.
Time management isn’t rocket science. All you need to do is plan your day’s work and stick to that plan as closely as possible. Use calendar apps that let you set dates for tasks, or list apps like Google Keep, Todoist or Trello to keep a running table of what it is you’re going to do each day. Those hands will never stop spinning – make sure you can work with them.
Have a constant stream of clients
Any time that you’re not spending on settling a new loan because you don’t have any new clients is time that could be better spent. Lenders are always ready to lend to people, so you should always be ready with new borrowers.
There are a couple of ways you can make sure you’ve always got a steady stream of clients. One is making sure your social media and marketing efforts are up to date and active. There are almost certainly more people out there that need the services of a broker than there are people who have heard of you. Effective marketing reduces the gap between these two numbers, making it easier for you to find new clients when you need them.
Systemise your processes
The act of settling a loan for a client is very similar each time you do it. Because of this, it’s easy to set up systematic processes in a mortgage broker business. When you’re able to do the same task the same way each time, your productivity has the chance to soar, because you get better and better at it as time goes on.
To learn more about becoming a mortgage broker with Redrock, request a free information pack today.