Mentoring is increasingly vital for the industry, both for new-to-industry brokers and established leaders as Rod Edge of the MFAA and Toby Giordano of Australian Credit and Finance explain.
Video transcript below:
Rod Edge, Head – Professional Standards, MFAA
Rod Edge: Certainly mentoring is widely being recognised as one of the most powerful and effective ways of development. So mentoring for MFAA and that’s not just the new entrants but that’s for existing and experienced brokers, is critical for our industry.
Reporter: Mentoring is increasingly vital for the ageing industry. So what makes a great mentor? Rod Edge of the MFAA says it’s a combination of factors.
Rod Edge: Certainly experience, we have seen that you need to be an experienced broker to become a good and even great mentor. But it’s not just experience, you got to have passion, you got to have energy, commitment I think is a huge word and is a, and is something that’s a good or a great mentor needs to have. Mentoring takes time. Mentoring is certainly not a coffee conversation once a month with your new entrant. Mentoring requires you to allocate a huge amount of time, requires you to take on a great deal of responsibility and because you are providing that journey for a new entrant to our industry, you are providing the two year journey and that two year journey is going to provide them everything that they need to succeed.
Reporter: So the challenge for mentors is finding the time and passion. What is the challenge for mentees? Toby Giordano recently emerged from the MFAA two year program explains.
Toby Giordano, Senior Mortgage Expert, Australian Credit and Finance
Toby Giordano: The biggest challenge is you know, not making income maybe for the first three months, as you are obviously growing your business before you actually get paid. You’ve got to, you know pay, find the client, broker the deal and you might not get paid for 3 or 4 months. Surviving I suppose in that early period till money started coming in was a big challenge.
Well another challenge I suppose would be, you know going into the industry blind, not knowing what was involved, not knowing how to structure a deal and how to put the deal together, but obviously the benefit of having a mentor there by my side, walk me through the process, especially for the first you know 5 or 10 deals, after that I suppose I got a good understanding of what was involved.
In terms of some of the positives, I was fortunate enough to have deals with work on, you know straightaway, have some good contacts which referred me some business, so being able to work on real deals straightaway really helped in terms of starting to get some runs on the board.
Reporter: According to Edge, age doesn’t matter in the mentor mentee relationship. The thing that matters to the MFAA is quality.
Rod Edge: I mean if you look at successful business people in other industries, most successful business people have a mentor and that mentor doesn’t necessarily mean it has to be, a mentor that is older in age. It is a mentor depending on what are the areas that you want to develop in. So with mentoring, I think it’s key to ensure that both mentor and mentee have a clear goals and objectives in terms of what they are going to establish and support each other through.
Now if you are an older broker and you are requiring mentoring around some of the social media aspects that play a part in business today, well then I don’t believe that age matters. I think the mentor and the mentee relationship and it is a deep relationship that the two people have is all dependent on what the goals and objectives are that the mentee requires.
Now I guess at the end of the day what MFAA truly believe with regard to mentoring is that we need to set a minimum standard in mentoring, because mentoring is certainly one of the elements that new entrants look at before they join an industry. And if we can go out between the two people sitting outside of our industry and provide them the framework and, that MFAA and entrance into MFAA do go through a framework of mentoring, well I think then we are in a better position to attract that new talent.