What makes a Mortgage Broker Successful
Success in the Mortgage Industry is and always has been a challenge. Being a Mortgage Broker is an appealing career choice, but definitely not an easy one.
There are so many different things to learn and as soon as you feel comfortable, everything changes under your feet, like new lender conditions, new credit score reports, new stress test rules, new exceptions, new regulations, etc.
You must also push yourself to the limits because of the growing competition in the market. It’s challenging enough and you must continue to learn and innovate.
Talking about innovation, guess what? You are definitely not alone!
We face very similar challenges at our development lab. In addition to keeping our mobile platform running smoothly, we also need to learn all the new rules across all provinces as soon as they are introduced. We carry the responsibility to innovate new ways and maintain an up to date mobile platform for more than 40% of all licensed agents in Canada.
So what makes a broker successful in this digital age? We decided to analyze the 2020 Canadian Mortgage Award Winners, and see whether we can identify commonalities among the leaders of our industry.
We were thrilled to find out that 12 out of 17 winners have a customized mobile app with us. You would think that this is just a coincidence right? Maybe, but it’s hard to believe that 70% is just a mere coincidence. Because we don’t believe in coincidences, we researched more interesting information about how our lives and behaviour are changing.
COVID-19 Has changed Customer Behavior on Mobile Forever
The COVID-19 pandemic has ultimately changed life as we know it. From gaming to shopping to engaging and connecting with your clients, mobile has become the center stage in our lives.
“The average user spent 27% of their waking hours on Mobile in April 2020 — 20% more from 2019″
All of these new app habits have permanently changed the relationships and interactions between consumers and businesses. Check out the increase in consumer demand and usage of mobile app in 2020:
Per day Spent in Mobile
Growth in Mobile Ads
The Future is Now
Mobile app technology has become more and more popular and necessary in the Mortgage Industry. Custom apps provide seamless and straightforward customer service and increase client loyalty. Also, thanks to technological innovation, customers can engage with your brand at any time.
Final Thoughts (what's next)
Mobile apps are not the future but the present of the real estate and mortgage industry. If you are still apprehensive of this new transition, we want to conclude by mentioning a quote from Charles Darwin:
“It is not the strongest or the most intelligent who will survive but those who can best manage change”