This is a modified excerpt from Volume 1 of Be The Better Broker
When thinking about becoming a Mortgage Broker, a common question is, “Is this the right time in my life?”
The answer to the question, “Are you the right age?” is, “Yes. The right age is whatever age you are today.”
When an aspiring Broker believes their age is a potential obstacle to their success, it is worth visiting all the ways in which their age is actually a true advantage.
At age 25, becoming a Broker could not be a better move. Your cost of living is likely significantly lower than for somebody who’s 45 or 55. The pressure for immediate success is slightly lower. You’re young, energetic and enthusiastic, and you’re no doubt more tech-savvy. You may not own a house of your own, but you also likely aren’t married with two or three kids, a dog, cats and a huge mortgage.
Now, one could argue that the 25-year-old lacks life experience, meaning they’ll be outshone by the 45- or 55-year-old who has more than twice the real-world experience with a few more ups and downs under their belts. And while this may be true, the 25-year-old has the advantage of being significantly more fiscally nimble than the 45-year-old. They can afford to take bigger risks as they move forward.
Factor in the number of first-time buyers in the 25-to-35 bracket and clearly there are advantages to youth. If you are 25, focus on these advantages and build a list of 20 more advantages to print out and leave on your desk. Re-read them and add more each week to boost your confidence.
Whatever your age, and whatever your career, writing out the key advantages that you personally have – because you are you – is a very beneficial exercise.
At age 35, becoming a Broker could not be a better move. You have likely already bought at least one home and have a basic understanding of the mortgage process. It’s possible you’re married, maybe have a child or three. You have likely been through one or two careers. You may have run a business, successfully or unsuccessfully. Either way, you’ve got some life experience.
The human body reaches its peak potential in the early 30s. You’re right in that zone mentally and physically, or at least you could (should) be. Physiologically your peak has not passed, grasp this advantage on a psychological level and run with it, or cycle, swim or lift. You’ve accumulated ten quality years of life experience and wisdom over the 25-year-old. Younger first-time buyers will trust you to guide them through a process you have already experienced firsthand.
Your experience also gives you credibility in the 40-something, 50-something and even 60-something minds. Clients in these demographics view you as being young enough to help them as long as they may need Brokerage services. At 35, you probably have a 25- or 30-year career ahead of you. You can market yourself to people as their mortgage agent for life. Tougher for a 55yr old to do with a 25 yr old client.
Seven years ago, at age 36, I made a very impassioned case (for my own sake) for how this was a wonderful age to make a massive change career-wise. Now at 44, my new passion pitch would have to be for the 45-year-old me, and it could still be done. I am that much wiser and more experienced than my 36 year old self.
A case can be made of massive change, and massive action, at any age.
Sure there is a positive spin to put on youth and energy over (outdated) experience. However there is just as powerful a case to make for 30 years or more of experience, be it life experience or experience specific to the industry.
Experience trumps un-educated energy.
Educated enthusiasm trumps (outdated) experience.
For all age groups, the barrier to entry into the world of Brokering is very low. The barrier is arguably dangerously low, so low it is a bit of a tripping hazard for many. More than that in a future post.
From a time investment perspective, the course itself is typically less than three months. From a cost perspective, allow a thousand or two to get licensed and signed up with a Brokerage. Initial fixed costs are rarely more than a few hundred dollars a month for a Broker starting out. Most of the job can be done from behind a telephone, with the location of the desk somewhat flexible as well.
Age is not an obstacle to success in Brokering.
The #1 obstacle will be overconfidence and a lack of information on the nuts and bolts of the day to day tasks. Something next week’s post will address.
Thank you