Maryland Mortgage Broker and AIME President of Broker Advocacy Brendan McKay joins the podcast to discuss the future of the wholesale channel. From attending local broker events with his mom as a kid to now owning a successful brokerage, Brendan has gained the experience and knowledge necessary to turn the Wholesale Channel into a true community, and he needs your help.
Brendan used to have to turn referrals away. He barely knew the brokers in his town, let alone Broker’s across the country. “The Broker down the street was my competition, but now we know that is far from the truth,” Brendan shares. “Before AIME, if I had a problem with a lender or they did something I didn’t like, they didn’t care, We were a speck, and that was it.” Isolated, stranded on an island, in a vacuum; it’s been described many different ways over the course of many episodes of this podcast. It’s the way things were, but not anymore. “We get so much more from each other by talking and sharing,” Brendan says. With 80% of market share still out there for the taking, “the idea of fighting over that 20% is ludicrous.”
Brendan always knew he wanted to be a part of a community, but he didn’t know how and where to start. He originally tried what he calls the shotgun approach. He tried to spread out and be a part of every chamber of commerce and attend every realtor, lender and financial literacy event he could find. But he quickly found that he had spread himself too thin. Once AIME and Brokers Are Better rolled around, he dove right in.
The more involved you are the better it is. Brendan advises to “go into it with the right reasons, have no expectations, but know it’s going to work out in the end.” Brendan can’t track every conversation he’s had with a fellow Mortgage Broker but he knows that he’s doing more and better business as a result. Involvement doesn’t look the same for every Broker, but Brendan shares many different examples. “Just jump in, post, respond to stuff on the Facebook page, show up to events.” If you do something you’re proud of, share it, no matter how small. Even if it’s just how you calmly and successfully respond to a stressed client, every little bit helps. There are so many ways to succeed in this business. Whether you’re consumer direct or rely on realtors, financial planners, or referrals, share what you do well. “If you only helped one person, it’s incredibly powerful, and that’s what it’s all about.”
And if social media isn’t your thing, there are so many more ways to get involved. Whether it’s participating in the AIME Membership Program (AMP), Ignite Training Program, or any of the new AIME committees (channel development, consumer outreach, government affairs, partnerships, Women’s Mortgage Network, and community committees), you can still leave an impact on this community.
Brendan parts the podcast with some words of wisdom. Have empathy, for your clients, the realtor, and other brokers. Stop trying to win conversations. Find the common ground before you make your point. We all started somewhere, we all have something to learn, and we’re all trying to build a better community.
- History Of The Wholesale Channel (1:43)
- Engaging With The Community (6:50)
- How To Best Engage (14:20)
- Work/Life Balance (20:21)
- AIME Committees (25:15)
- Advice For The Entire Wholesale Channel (35:13)
This episode is sponsored by Class Valuation & Guaranty Home Mortgage.