It’s hard to be positive when catching up on the news at the moment. In fact, you could watch the news from sunrise to the late night bulletin, and see nothing but doom and gloom.
It’s a time of change and huge uncertainty for the finance industry, there’s no denying that. Every day, a new ‘horror story’ emerges out of the Royal Commission, and as a mortgage professional it can be hard to ignore all of that negativity and stay the course.
Whether you work in the industry or not, the reality of life is that we all face negative situations from time to time. Here’s my advice for overcoming your fears and side-stepping overwhelming negativity in challenging times:
1.Make the decision to rise above
At Classic Finance, we’re making a proactive effort to rise above the noise. It’s a very difficult time, with a lot of negativity and uncertainty in the market. Having to motivate my team, my mentees and myself can be very tricky. But as someone who is building a business based on ethics, proper compliance, quality and streamlined processes, I believe that my business is in a good position to weather any storm.
Yes, the lending guidelines may be tighter than ever, but reputable brokers who have cultivated a broad range of relationships will be able to keep helping and serving clients – regardless of what is happening in the broader industry.
2.Focus on the positives
It is especially hard right now for new broker start-ups who have just taken a leap of faith and jumped into the industry the last 12-18 months. My mortgage mentees are wracked with fear, asking me: “What are we going to do? Is the industry going to die?!”
My answer? No, the industry is not going to die. Because the fact remains that 54% of loans are written through the broker channel. We are the banks’ largest distribution channel and we make a lot of money for them, whilst also doing a lot of the ‘heavy lifting’ for them through the loan application process.
3.Look for ‘green shoots’
In times of adversity, we’re actually asking the question: what are the opportunities here? We’re not just going to roll over and die. We’ve survived difficult times before – I’m looking at you, GFC – and we will survive again.
So, when market conditions or external influences prove challenging, my strategy is always to focus on the upside… What can we do differently? How can we rise to this challenge and continue to innovate? When these periods arise, it’s all about assessing what you do, how you do it, and how you can do it better. It is a real test of resilience to ask yourself: in all of this adversity, what’s the opportunity?
At the end of the day, no business big or small is immune from regulatory, environment or external changes. These are things that you have NO control over.
So, if you can’t control those things, what can you put in place to minimise your risk and ensure you remain relevant?
Keep in mind that housing is still a basic human mean. People will still build homes, and develop, and sell. People move. They migrate. They get married, get divorced, upgrade, downgrade, make a “seachange”.
The lifecycle of a client doesn’t change, simply because it’s harder for them to get a loan.
Stay focused on your vision, keep delivering exceptional service, and you will ride out this storm.
After all – this too shall pass. It’s the customer-led businesses that are focused on innovation and opportunities who will still be standing afterwards.