Fellow mortgage brokers can you please offer some advice please.
I am seriously considering taking the step and joining a mortgage broker firm and to begin in this industry.
I like to work hard and am quite motivated to succeed.
Can you please tell me what the is needed to succeed in this business.
how many hours are you expected to work to be successful. etc
what in the remuneration income?
thanks for any advice
1. Don't.
2. If you do, no matter what anyone promises you, NEVER accept a commission only position.
3. Read the above again, and don't read the following unless you are real keen…….
4. You will likely need your own ABN etc, and have to do some MFAA courses – as you would expect.
5. Thoroughly check out any potential employer – there 'reputation' etc.
6. You will have plenty of pressure to 'find your own' business with most brokers – how long can you survive on a low retainer?
7. If you find someone that will actually look after you long term, and you know what you are doing, and are keen to help others, you may well find it one of thge most rewarding and satisfying careers.All the best – it is a hard yard, but it is win win if it works out well – not much else you can find that gives you money to help people.!
Maybe you can start off part time, keep your day job and ease your way into it.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I thought most mortgage jobs were commission only. What do you think of Aussiehome loans as a provider and employer of training and brokers?
Yes, sadly. The real guts of the matter is why would you work for someone else as 'self employed', self funded, and with no employment security whatsover for commission only, while you build up a pipeline of pending clients and deals, and could get shafted at ANY time with no recourse whatsoever, when you could do it for yourself. I assume you are looking at Aussie as a broker for yourself only, rather than with an exisitng guy? If so, that would make much more sense of the two options. Just check the Aussie website and see how many Aussie brokers there are in your area first though, or that have rights to cover it…..you may get an unpleasant surprise. All the best.
Apparently Aussie have pretty good training, they can also supply leads which would be of assistance to you starting out. On the downside they pay less than if you use most other aggregators and if you leave you lose your trail. What you have to work out is whether you are going to be good at bringing in clients or if you will need assistance with this, if you are a good salesperson, then Aussie is definately not the way to go. However, you should know that only a fairly small percentage of independent brokers do much volume, a large percentage are part time.
Regards
Alistair
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