"Oil Brokerage is a lifestyle more than a job, so you have to enjoy it."
There's no one formula for trading success, but there are a few common denominators and certain inalienable traits, abilities and strengths that seem to resonate in those exhibiting consistent success.
Here are 7 of the most important:
This might seem flabby, but if you’re meant to be a broker, you know what I mean.
There is no alternative for the love of what you do. For if the passion of facilitating the deal and the brainstorming for the acceptable procedure aren’t quite right yet; If you don’t love making those phone calls, denying yourself of some luxuries and the act of putting up workable procedures, none of the rest of this really means anything.
#2: An attitude of Service
This has to be your primary focus. In this business, there are lots of risks that can be avoided. Most buyers and sellers know about this but to avoid or minimize them to bearable limits they don’t know. This is where you intervene as a broker.
As soon as transaction is initiated, though, the buyer and seller become the focus, professional brokers work from an attitude of serving their clients. Serving them with truthful, beautiful platform (procedure), yes! But also with a language that meets their needs, language that clarifies rather than prettifies.
Agents, brokers or facilitators all live in service to clients. No matter how clever or perfectly poetic we may find a phrase, if it doesn’t serve the clients, it's worthless.
If you got it you have to flaunt it. It has always stricken us as odd that many of the most capable brokers are also some of the most insecure.
But it doesn’t need to be that way. Confidence comes from putting the work in, to become a genuinely authoritative expert. It comes from research, craftsmanship, and seeing the difference you make to your client. Serious crafts people are humble and proud at the same time.
The pride and confidence come from hours of consistency and can-do spirit — the kind of work that expands your abilities and challenges you to grow. The humility comes from the knowledge that a true pro is always improving, expanding, and refining.
Many brokers imagine that if you have access to contact of some buyers or sellers, you’re qualified to work as a professional broker. Not so!
Great and successful brokers are not only brokers but also strategists. They stand out amid the sea of quack brokers, to motivate buying and selling behavior, and to help the client make the journey from interested client to loyal customer.
And for brokers who are serious about professionalism, you have to get an experienced broker to train you about the craft of professional brokerage. (The “art” is up to your talent and abilities).
You may be a burgeoning broker and strategist, but if you can’t get yourself the butt-in-chair time and denial needed to close a deal, you won’t get where you want to go.
To a great degree, discipline is a set of habits that can be cultivated. As a broker, you can string together rituals, create the right work environment, and adopt the behaviors of productive brokers.
You also need to throw in a set of habits that will ensure that you meet your deadlines, keep clients updated.
If you care enough, you’ll do it. The habits can be difficult to put into place, but fortunately, once they’re in place, they tend to keep you on the right track. (That’s the difference between habits and will power).
#6: The willingness to become a marketer
If you want to make a living as a broker, the fastest, most enjoyable way to do that is to look for buyers that buy in small quantities and seller that can also supply the same.
It’s interesting, it’s lucrative, it’s very much in demand, and it will get you researching and investigating in as many contacts as you can.
You might think that this kind of transaction will not fetch you much. Far from it, sealing one or two of such deals in a month means a lot of cash and experience which will call on your skills as a passionate successful independent facilitator.
A well-qualified broker needs all the necessary skills combined + solid marketing strategy.
You also, of course, need to get comfortable with marketing yourself. If this doesn’t come naturally to you, don’t let that worry you. It doesn’t come naturally to a lot of good brokers. But it’s something that’s well within your ability to learn.
One of the tough things about living as a professional broker is that the path you walk is one you make yourself.
There’s no one to tell you which direction to go, no one to give you sign posts along the way, no one to outline your day for you and tell you where you need to be and when.
That’s also one of the dynamic and fantastic things about living as a professional broker. But sometimes Fantastic also means Difficult.
Brokerage is a lonely business. And it can be just a little lonelier when you don’t have colleagues to bounce questions off of, or to share your gripes and triumphs with.
So, if you have any questions or concerns about oil trading and what works and doesn’t, you can contact us.
~Eastern Union Energy