Hi all,
I am about to start up as a finance/mortgage broker, having had a history in financial roles through banking, superannuation, share trading education and funds management with a strong emphasis on sales throughout. I am looking to join an existing group through what appears to be a great offer where I am provided with a lot of support, mentoring, training and development. I will be operating from home and building the business through the leads i get passed from the group I am joining and obviously my own networking and business development activities.
I am curious if any of you on the forum have started up as a finance/mortgage broker in a similar way and would be able to elaborate on how you found doing this, challenges faced, success had, how many loans you wrote in the first year, income received, what your views are on the future of the industry, how long you have now been in the industry and how your business is going now…
Once established what is the average amount of business a finance/mortgage broker can write per annum ( i realise this can vary greatly, i guess any advice on min, max, good years, bad years etc would be helpful…. For those that are in the industry if you could indicate what you are currently writing and how long you have been doing it for that would help! obviously only if you are comfortable in doing so!)
My goal would be to write $10mil in the first year, $15m in the 2nd but be able to build the business where I am writing a minimum of $20m per year once fully established, do you see this as a realistic goal?? Reviewing the commission structure it seems if I can get the business to a point where I am writing at least 1 loan a week on average I can bring in a substantial income (certainly enough to live on whilst having the flexibly to working for myself)
For those of you that are established and operate from home or your own office, how much do you write per year…
What strategies for developing business have you undertaken, how you approached doing so, what you found most effective/least effective…
Anything to focus on and or avoid…
I had never really considered a career in lending but the more i research the more appealing the opportunity seems to be….. provided I give it my all, I know it will be challenging but I can see a really rewarding career for those that are able to make it!
Also if there are any links to websites, forums, posts, articles that anyone would think to be of benefit please post…
Any advice/suggestions would be welcomed.
Thank you in advance
Nick…. The new Guy!
Hi Nick
this must have been what you were requiring the PI insurance for?? I paid around $800 from memory.
Where are you located?
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
Thanks again Terry,
Yes it was, I am based in Canberra, just moved back home from a few years down in Melbourne..
Nick
I am with Terry i think last years premium was about the same.
I am assuming you will be an Authorised Representative so the firm who holds your ACL will be able to give you the premium.
In regards to longevity i have been in the industry both here and the UK for the best part of 23 years and other than 6 months when i initially retired have done nothing else.
I dont receive any leads and never have and all of my business is done thru referal or existing clients.
Last year for the 10 months i was working i wrote $54M being a sole operator without any support staff and should slightly better that this year. I work from home.
Good luck
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thats a great number Richard, thanks for your input! I will be an authorised rep and have since heard back from them regarding estimate costs on PI insurance…..
You must be logged in to reply to this topic. If you don't have an account, you can register here.
