There’s no doubt that the mortgage industry is in a state of relative turbulence with the Royal Commission, house pricing correction and upcoming Federal election impacting market sentiment.
Throughout such times, it’s common to feel unpleasantly exposed to the broader landscape that can affect us directly, however, is largely beyond our control.
Conversely, we encourage the market to focus on what is in their control and actively focus on building personal and professional resilience as a core skill to help buffer, and evolve, their business.
The essence of resilience is adaptation. At its core adaptation equates to change, and change is polarising, tending to provoke two primary responses: to resist or to embrace. The upside of the latter approach is that embracing change, and the corresponding challenges, is often a catalyst for improved performance.
Consider the following ways to help build resilience:
1. Remember that a challenge isn’t a crisis: You can’t change the market, but you can change how you interpret and respond to events. Minimise catastrophic thinking by considering worst-case, best-case and most likely outcomes.
2. Be shrewd and accept change: Focus on what you can alter to reduce expenditure and enhance efficiencies. Consider an internal audit to assess resources and overheads. Consider alternate solutions, such as outsourcing support requirements offshore, implementing/updating your CRM system and operating from a cloud-based platform. Liaising with an accountant throughout the process can be an invaluable investment.
3. Actively foster strong relationships: Seek support from family, friends and community to boost personal resilience, and apply the same philosophy professionally. Extend your reach through supporting and collaborating with brokers that complement your offering. For instance, if you primarily write residential loans, consider aligning with a brokerage that’s dominant in commercial loans or asset finance.
4. Get goal-oriented: Set realistic goals and outline the steps required to accomplish the tasks set. Keep in mind that everyone’s morale gets a supercharge when each achievement is viewed as a win.
5. Be decisive: Act on adverse situations and identify the opportunity. Question what can be done differently to buffer your business and enhance growth in the current climate.
6. Home in on your strengths: Identify your strengths and weaknesses and skew your business (and collaborations) accordingly.
7. Curb your impulses: Keep a calm mind and resist the urge to be impacted by strong feelings or impulses.
8. Be optimistic: View setbacks as temporary, local and changeable.
9. Unite: The upside of adversity is often unification and the industry is doing a marvellous job in demonstrating a strong, unified front. Have a voice, stay connected and be an active part of
the broking community. At a practical level, invest in market commentary, be present on LinkedIn, attend industry events and foster relationships with other like-minded brokers.
10. Give back: Start giving! Giving makes us happy, evokes gratitude and helps maintain perspective. Giving also promotes co-operation and social connection, which is central to good mental and physical health.
We encourage the market to utilise the Christmas period to take stock of their personal and professional resilience levels and consider how to maximise their position in 2019.