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These deals drag on endlessly. The clients are demanding, with completely unrealistic expectations. They suck up all your time. They distract you from higher-quality clients. They have a massive impact on your sanity.
And when the deal finally closes, the commission you receive from the lender hardly justifies the effort.
Let me introduce you to someone.
Meet Joe – the broker who got stuck
Joe is drowning. Every morning, he wakes up to a flood of emails from desperate clients with low credit scores, incomplete paperwork, and unrealistic expectations.
By midday, he’s fielding calls from borrowers who treat him like a free financial adviser rather than a mortgage broker.
By evening, he’s knee-deep in complex, low-value applications that drag on for months, only to fall apart at the final hurdle because the lender won’t buy his clients’ story.
Don’t get me wrong. Joe works hard. And he’s good at what he does. But despite his long hours, his commission statements don’t reflect his effort.
Worse still, he barely has time to chase the lucrative, high-quality deals that could transform his business.
The impact of low-quality deals on your sanity (and your wallet)
Let’s be honest: not all deals are created equal.
Brokers like Joe spend endless hours trying to piece together subpar applications, negotiating with reluctant lenders and chasing clients who go silent at the eleventh hour.
These low-value deals come with high stress and minimal reward. Over time, the impact adds up.
Income stagnates. Motivation dips. Maybe you start questioning whether the mortgage game is worth the hassle.
3 ways to escape the low-quality ‘deal trap’
Here’s how you can break free from the trap in three ways:
1. Reposition your marketing as an elite broker
If you’re attracting low-quality leads, it might be time to reassess your own branding and marketing, which might be the culprit.
Elite brokers don’t market themselves as the go-to solution for every borrower.
They position themselves as specialists who handle premium clients and complex, high-value deals.
How can you do that? Refine your messaging.
Highlight your expertise in high-net-worth clients, commercial lending, or specialised loan products.
Focus on channels where quality clients are searching for brokers, not just the bargain hunters.
2. Don’t be afraid to ‘fire’ the time-wasters
Gone are the days of the mantra, “The customer is always right”.
Not every client deserves your time.
If someone is dragging their feet, constantly changing their loan requirements, or refusing to follow your advice, it might be time to cut them loose.
Set clear boundaries. Let clients know upfront what you expect in terms of responsiveness and documentation.
If a deal looks like a waste of time from the start, trust your gut and walk away. It is okay to say “no”.
And to stop yourself from getting in that mess in the first place, screen potential clients before you commit too much time to them.
3. Outsource your smaller deals (so you can focus on the big fish)
You don’t have to handle every deal personally.
If a small or complex deal isn’t worth your time but still has some value, consider outsourcing it to a specialist.
If a deal falls outside your expertise, refer it to another broker who specialises in that niche.
There are also many non-bank lenders that can administer a loan for you.
Don’t be like Joe
Joe’s mistake isn’t working hard.
Joe’s mistake is working hard on the wrong deals.
If you haven’t already, use this article as a “kick” to reposition your brand, cut out time-wasters, and outsource the small stuff.
You do this and you’ll build a thriving brokerage focused on high-value clients and maximum profitability.
Go get ‘em, tiger.
Gee Taggar is the managing director of Archer Wealth.