I am often asked if Mortgage Brokering is a stressful career.
No is my first thought, as I tend to avoid letting stress ball up inside me. I sleep pretty well, and am fairly healthy.
Although to be fair perhaps I should go with a Yes, as a Broker often finds themselves surrounded by stressed parties at every turn. This can rub off on us if we are not careful. From the client, the clients Realtor, the vendors Realtor, over to the underwriter, to the appraiser, and back to the solicitors staff. The increased transaction volumes of the past few months, combined with the extreme challenge in getting many files approved due to tight guidelines, mixed with rate-hike deadlines have all conspired to put every person involved in the processing of a transaction into a state of permanent frenzy.
No doubt there have been challenges in this industry since its inception, and some may be constant, while others may fade only to be replaced by new ones.
It is fair to say that today is not representative of an ‘easy’ time to be in this business.
Considering that the Broker, a.k.a. ‘the face’ of the deal is often the clients sole liaison to many of these other people who have sway over the approval, this is not a role without some pressure. And when the others behind the scenes are overloaded, stressed, or unreasonable, one must be cautious to filter this anxiety out of the communication with the client.
Currently we deal with;
- Continuously changing Lender guidelines
- Government imposed legislation requiring more, more and still more documents from clients.
- Extreme Lender volumes.
- Media misdirection (i.e. Macleans with their ‘Bubble 2012’, and then a year later ‘Bubble 2013’ ‘articles’. **Watch for Bubble 2014 soon)
- The clients Family, friends, co-workers, etc. misdirection.
- …the list goes on.
All we can do in the face of all of these various challenges is manage the expectations of our clients from the start. Perhaps more importantly we must always keep a focus on management of our own expectations as well, this helps us to temper our tone, our predictions, promises, and general outlook.
If we can keep ourselves calm and rational, it is far simpler for the client to remain in that same state with us.
Stay Cool! 🙂