How to Become a Successful Broker

Building relationships is the key to becoming a successful broker.

A career as a broker can be financially rewarding, if you achieve the appropriate level of success. As a broker, you serve as an intermediary between buyers and sellers. To be successful, you must cultivate relationships. If a buyer or seller has a good experience with you, he will not only use you again, but also recommend your services to others. Always maintain professionalism and stay with your deals through completion.

Instructions

1. Choose your desired area of brokerage. You can be a real estate broker, a stockbroker, a commodities broker or a number of others. This first step will determine your educational and licensing path.

2. Acquire an education in your field. For example, a real estate broker must be familiar with real estate sales, financing and procedures. A stockbroker must be familiar with the stock market and its workings. Without this knowledge, it will be difficult to achieve success.

3. Apply for appropriate state and federal licenses. For example, a commodities broker must be licensed by the National Futures Association and pass the Series 3 examination. A real estate broker just needs a license to do business in his state.

4. Build contacts through networking. Most regional chambers of commerce hold regular events for business people to attend and meet others. Attend as many of these as possible to build your network.

5. Follow all of your deals through to conclusion. You are a liaison between the buyer and seller. You must maintain constant contact to ensure both sides are content and the deal is moving along smoothly. Your persistence and diligence will earn you a reputation as a broker who brings in and closes quality deals.

6. Build off early success and expand gradually. Do not take on more deals than you can handle at once. If you do, your performance will suffer, along with your reputation. Maintaining a strong reputation is the key to your success as a broker.

References

• Mortgage News Daily: Become a Mortgage Broker
• "Washington Post"; The Habits of Good Brokers; Jack Guttentag; April 12, 2008
• The Mortgage Professor; What Makes a Good Mortgage Broker?; Jack M. Guttentag