In a growing and evolving industry with more clients and competition than ever before, more mortgage brokers and brokerage companies are finding it challenging to clearly define and communicate their proposition to the market.
With the increase in competition comes a strong need for your proposition to be crystal clear – for your team, your clients and yourself.
You need to know what you stand for, what you believe in and what you’re proposing to your clients. There is an old adage that says “the standard you walk past is the standard you accept” so be clear on your standards and principles.
The broker/ loan writer with a clear proposition is the broker with a smoother lead channel, referral channel and greater composure and in turn, feels more in control to write more loans.
At Success and Broker, we work with mortgage brokers and brokerage companies to articulate, strategise and solidify their market position through the use of proven business, recruitment and marketing strategies.
In this article, we’ll give you a few key tips on how to find your specific proposition as a mortgage broker.
Understanding Your Proposition
Who are you? Who do you serve? What do you promise them?
Simple questions that can sometimes see murky answers IF you haven’t done the groundwork in understanding your unique proposition.
If you think that you can be everything to everyone, then you are setting yourself or your business up to fail. If you are clear about what your business stands for and who your ideal client is (also who you don’t want as a client), and what you are promising them, then you are halfway to better positioning yourself in the marketplace.
Your proposition is a mix of the services you offer to your clients, how it is packaged and presented to the market plus the “big promise” to the “problem” you are solving for your ideal client.
Think A little Differently
It’s easy to say; “I’m a mortgage broker who helps clients find a home loan”. At the very least, this is a standard proposition. However, we push you to think outside the box.
Do you find your clients the best long term results or short term results? Do you specialise in assisting young families or the self-employed?
Is your super-power helping renters become homeowners?
There is a niche and market for almost any kind of buyer out there. Know that your “one” ideal client will be amplified to the thousands when you know where to look and how to position your proposition to them.
Thinking outside the box goes for anything you do in business, not just your proposition; ask yourself if there is a better way to achieve the goal?
In some of our Proventus Program coaching sessions, we talk about “Convenience Turning To Complacency” and what we mean is, are you doing something just because it’s always the way you do it? Could there be a more innovative, faster, easier way to achieve the same goal?
With the amount of compliance and competition in our industry the time to start doing things, smarter is NOW.
Push Yourself To Be Better
When you push yourself to the point of awkwardness or uncomfortableness – that’s where the breakthroughs happen.
No one said the path to success would be easy. It will be tough.
There will be moments of self-doubt and self-reflection. There will be times when a new system or process might be clunky. You may have to work hard to have your team buy into the changes you’re implementing.
Either way; don’t give up. Strive to push yourself to be better. It’s where the top 10% stay and play.
Live Into Your Proposition
This is a simple one: Practice what you preach.
Seriously. There are so many businesses and service providers built on shiny marketing systems and gimmicks that may seem attractive on the outside, but under the surface, they lack substance and follow through.
Be the change. Live into the message you send out to the world.
Your team will see it, your clients will see it and more importantly, you will know it and be proud of yourself.
Wouldn’t it be awesome to have a business built on raving fans and referrals because your clients are SO impressed with your energy and effort that they become your main source of business and leads?
We believe that this to be the holy grail as suitable systems and processes then will come and find you and compliment the very thing you sell.
The real game-changers of our industry know this and live into their proposition at every opportunity and interaction.
The equation looks easy, but can be difficult if not done correctly
Work on YOU first + systems/processes second = a proposition of strength and sustainability.
How Success & Broker Can Help
If you’re a mortgage broker/loan writer looking to take a big step forward in your career, or if you are an owner of a mortgage broker business looking to breathe new life and fire into your team, then we can help you now.
We have some tailor-made solutions ready for you to step into and start running with to reach your much desired next step.
Ready to get serious about the next level of your broking career, then look into booking a State of Play session now and speak one-on-one with one of our team. A State Of Play session looks at what is working right now in your business, reviews your current strategy and your vision for the future.
We also look at the Why, How’s And When’s so you can create a new plan that works for your specific goals.
Looking for more one-on-one support and a deep dive into your business planning, systems and processes with recruitment and marketing strategies? Then the Proventus Program is for you. Speak to us about The Proventus Program by scheduling a discovery call here for a State of Play session.
Start Small Then Go Big
If you’ve just started out in business and your proposition is in its infancy, it’s OK to take time reviewing it, living into it and moulding it until it feels right.
When you’re happy and proud to show it off, make sure everyone in your team knows, loves and lives it. Your team and your clients are the lifeblood of your business. They will reflect what you are passionately putting out into the world.
Similarly, if your proposition is something that hasn’t been given attention or consideration for a few years, maybe now is the time to review it. Does it reflect your company and its goals? Does it need some massaging?
[Hot tip; a good way to know that your proposition is a little outdated is when the leads coming into your business are not your ‘ideal clients’].
Be the best version of yourself to your clients and the best processes and systems will find you,
Build a brand that is large enough to rely on, but small enough to care – this much you owe to your clients, staff and referrers.
