Why a new broker should face all challenges head-on

by Ksenia Stepanova08 Feb 2019

Jamie Sanderson of The Lending Pad has spent 14 years in financial services, and recently made the leap from one of New Zealand’s largest banks into the world of mortgage broking.

Sanderson spoke to NZ Adviser about being a newcomer to the industry, his secrets to success and how the mortgage broking industry has developed over the past few years.

How do you think the mortgage broking industry has changed over the last two years?
I think the number of clients now using mortgage advisers rather than going direct to their lenders has risen significantly. This has put the large lenders on watch that they have to remain competitive in the market, as loyalty to one organisation is becoming a thing of the past.

What do you enjoy the most about your job?
I’m passionate about helping people be smart with their money and ensuring their home loan is structured well to support them. You’ve got a home loan for a long time, so you may as well have it work for you!

What has been the secret to your professional success?
Having worked for a large NZ bank most of my career, where I was fortunate to have a national management role. For me it came down to never turning down an opportunity and believing that if you have the right mindset for a job, the rest will follow!

What is the key to overcoming the challenges you face as a mortgage broker?
Don’t let challenges get you down. See a challenge as a goal to overcome it and when you overcome it, recognise how you did that so that you learn for next time.

What is your best strategy for generating leads?

I’m a big believer in social media, the power of a friend’s referral can start you on the right footing with your client from the get go. Then when you’ve done a good job, not being afraid to ask that client to refer me to their friends and family.

What was your most memorable client experience this past twelve months?
I worked with a client who 10 years ago started renting rather than buying. 10 years on they thought that they had no chance of purchasing a house, and that they were priced out of the Auckland market. I sat down with them and showed them that it was achievable to own a property for them and their family, with the great work they had been doing building their KiwiSaver.

What do you think of the impending changes in the regulatory landscape? How will this shape the future of the industry?
I think the changes will bring about more transparency between the lender, the broker and the client. Transparency is a good thing, having worked in the UK several years ago when it went through a similar regulatory change. It certainly built trust from the clients’ side even further, and underlined that the client is at the centre of what we do.

Outside of being a broker, what are your favourite hobbies?
I find it hard to sit still…so I enjoy keeping fit through boxing and HIIT workouts. Or a stroll on the beach with the dog.

If you were the Prime Minister for a day, what would you do?
Tough one…probably try test out as many Prime Ministerial perks as possible. There must be some, right?!

If you could offer one piece of advice to someone starting a career as a mortgage broker, what would that be?
Being new to the industry myself, I think the best advice I could give from my years of working for a large bank would be to listen. Listen to what your client is telling you not only in the interim, but what they are telling you about where they want to be in 5 – 10 years’ time. By listening now, you will set them up for the future.

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