How have brokers changed over recent challenging years?

Broker discusses how advisers have developed in recent years

How have brokers changed over recent challenging years?

Market conditions have proved incredibly turbulent over the last few years, creating many obstacles for brokers, but how has the impact of these difficulties affected them as people?

Mortgage Introducer has spoken with one adviser to understand how their approach to the role has developed, and how their attitudes have altered in recent times.

How have brokers changed as people?

Sonya Matharu (pictured), senior mortgage broker at The Mortgage Mum, said that mortgage brokers have become more resilient over the past few years.

“The process of acquiring or refinancing a property has always carried emotional weight, but the market has presented many challenges recently which has made it necessary for brokers to learn to swiftly adjust and persevere, amid the ever-changing market dynamics,” she said.

Matharu added that it could be stressful, especially as, alongside the market changes, brokers must navigate client’s expectations and emotions, whilst showcasing their ability to be steadfast and deliver a more personable approach.

Overall, she said that there can be a lot of different dynamics to juggle, so becoming more understanding of wider concerns has been adopted by many brokers in recent years.

How have brokers’ approaches changed?

Looking to changing approaches, Matharu now focused on balancing empathy without too much attachment, so that she could disconnect and prioritise her own wellbeing.

“With mortgage brokers, empathy is a huge part of our job, after all, we are helping people to achieve dreams, or homes for them to grow into, retire in, or raise families in,” she said.

However, Matharu said the problem with being empathetic was that it was easy to get swept up in other people’s emotions.

“Recently, during a pivotal market shift, I found that I was taking on people’s emotions and it was starting to impact my own wellbeing,” Matharu said.

She had to stop and take stock, putting practices in place to help her prioritise her wellbeing, whilst still being there for the clients.

“It is hard when you care so much, and it took a while to find the right balance, but now I can let things go at the end of each day without bringing the energy of the workday into my personal life,” she added.

Have attitudes changed for the better?

Matharu believed that attitudes of brokers and the wider market have in general changed for the better in the last few years.

“Mortgage brokers used to be, or at least seemed quite aloof, however, I feel like social media has helped shift this,” she said.

The development of social media, Matharu said, has provided a space for people to get to know brokers as people, learn more about the role of an adviser and how property ownership can impact people past just owning a house.

Real work and skill go into sourcing a mortgage for clients, and Matharu believed between social media and recent market events, people are more curious than ever, which has had a huge impact on the attitudes of brokers.

“Now, more brokers are turning to social media to really connect with their clients, which can help as clients get to see a more personal side to them, helping to build trust; and when you are helping somebody with their property, trust is an absolute must,” she added.

How do you believe brokers have changed over the last few years? Let us know in the comment section below.