Are you a mortgage broker who believes you have no work to delegate to a virtual assistant? Think again!
In this industry, time is your most valuable asset. And if you’re used to wearing all the hats in your business, these low-value tasks will eventually catch up and consume your whole day, leaving little to no room for growth.
But why exactly do mortgage brokers refuse to let go of admin tasks that could free up so much of their time for things they love, and grow their business in the long run? Here are the top misconceptions mortgage brokers believe when it comes to getting a VA, and how doing the exact opposite can streamline your business and be 80% productive at work by doing less.
Limited knowledge of virtual assistants
If this is your first time working with a virtual assistant, or if you already have one but are not sure which tasks to delegate, chances are you’re still quite unsure about what exactly a virtual assistant does. A virtual assistant helps with all the tedious, admin tasks essential to keep your business running, but could be delegated to another expert so you could have the freedom to focus on the bigger picture in your business.
Think of having a VA as your secret weapon – with more time at your disposal, you’ll stay one step ahead of your competitors who struggle to find time to acquire new clients, grow their business, and even take personal time off. And even with just one assistant by your side, you can make all the difference!
And if you’re worried about your license being put at risk when outsourcing to a freelancer, consider partnering with an ISO-certified agency where you can find highly-trained virtual assistants.
A common belief is that hiring a freelancer or a virtual assistant might be more expensive with all the extra time and effort you have to spend in training and hand-holding, but that’s not actually the case.
While this could be true when hiring a regular freelancer, hiring a virtual assistant from an outsourcing agency will save you from all the headaches when it comes to managing their training, and even payroll. You won’t have to go out of your way to keep track of your VA’s progress since they will have Team Leaders and Quality Analysts to ensure they are performing their jobs effectively. On top of that, a workforce and IT team will be readily available to assist with any technical issues or emergencies that may arise.
Fear of change and dependency
Do you feel that your virtual assistant may eventually take control of your whole business or is resistant to the idea of a change in your workflow? Or do you think that getting a virtual assistant might be irrelevant since you can do every single task, and you feel like it’s hard to find one that could match your skills and expertise?
You are not alone. In fact, this is a common concern among mortgage brokers and business owners about hiring an admin assistant for the first time. You may not realise it yet, but wearing all the hats could lead you to a life of stress and burnout over time. Imagine coming every day to work tired and losing all the passion you once had for your work. Add that to the fact that you’re depriving yourself of the time to enjoy the things you love outside work and spend quality time with your loved ones, all because you chose to take control of the entire loan process by yourself. You wouldn’t want to see that as your future, would you?
This is exactly why virtual assistants exist – to take the extra workload off your hands and focus on what truly matters in your life and business. By hiring one, you could delegate the admin tasks that come with loan processing so you could grow your business and achieve a work-life balance without all the headaches of doing all the work by yourself.
And with this year’s financial year coming to an end, here are some of the tasks you may consider delegating to your VA:
- Gathering leads: entering details in CRM, checking credit reports, and compliance
- Pre-submission: preparing application documents, following up with clients, organising files
- Submission: Data entry (AOL), income analysis, updating service calculator, living expense analysis
- Post-submission: following up with lenders, tracking applications, updating clients about the loan status, reviewing mortgage documents
- Settlement and post-settlement: updating the settled status to clients, closing files in CRM, settling commissions
While it may seem like there’s not enough work to delegate to a VA, the reality is that VAs can offer invaluable support and contribute to the success of your mortgage brokerage business in more ways than you might think.
Moreover, VAs play a crucial role in streamlining operations and enhancing productivity with the help of rising AI technologies. They can help automate repetitive processes, create efficient systems, and implement effective lead-generation strategies. Outside of loan processing, they can still help with digital marketing or social media management so you could target a wider audience and attract more clients.
Don’t be a victim of the common myths surrounding virtual assistants – or you might miss out on the greatest opportunity to grow your business and live your life at the same time. If you’re ready to unlock the growth potential of your mortgage brokerage, reach out to us today and discover how skilled VAs can help!