New to industry, seeking mentoring.....opportunity within

Hi guys and girls,

I'm new in to the brokering industry, I have some asset finance and lending experience in commercial and resi.

Looking to meet the relevant 2 years of mentoring requirements as stipulated by industry bodies, seeking a flat fee model, as an earning I'm not looking to split (without cap)

It would be great to find a like minded individual who I can build a long standing working relationship with for potential referral opportunities.

I'm mid 30's with family, financially secure and looking to have my wife work with me (processing) in the medium term (busy raising my little monsters right now)

I'm in Melbourne, where are you? what can you offer? why should we work together? can you teach me? can I teach you?

I have a wealth of marketing and sales knowledge, I know how to generate leads and market very effectively.

Did you say contra?

I'll bring the leads you bring the mentoring?

I look forward to hearing from you......

James

 

Hi and welcome aboard

I can't speak for everyone but good brokers aren't bending over backwards to mentor - the time/costs/energy generally outweigh any financial benefit. It's done more so as a method of "giving back" so I wouldn't expect them to sell themselves to you (I don't mean to sound rude).

Cheers

Jamie

 

I agree with Jamie - but I like your style. Marketing is super important and most likely an area many brokers could benefit from.

 

All feedback appreciated

The key in any business is knowing your strengths, would you agree?
Reading between the lines I see you catergorise yourself as a "good broker", is that correct?
Would it be fair to assume that you consider your time valuable?


If you managed to answer "Yes" to all of the above (and we both know you did) consider yourself qualified to understand a little more about how I can bring value to your business, perhaps I can create the leads and client contacts that you need to achieve the next level, two more questions, a statement first if I may, if you're the smartest person in the room, you're in the wrong room.

Do you believe that your business is exactly where you want it to be? you're not seeking new clients or to grow in either consistency or volume?

I have a lot to learn and a lot to teach, your skills for mine?

 

Hi Jess,

I now wish I had contacted you 24 hours ago as I considered (now I'm concerned this appears contrived), I checked out your site, your Linkedin and did a little more searching, you have an approach to industry that I really like, the reason i didn't reach out was the that your Linkedin account implies you've been broking three and half years and both the MFAA and FBAA require mentors to have four years experience, I am aware you're in WA and I'm in VIC but as the rather new saying goes "what's 3,500ks between a mentor and her mentee" you have skype right?

I have read a number of your comments on this forum and respect your opinion, I have also successfully deduced that you're a smart cookie! and have a broad knowledge of the overall finance landscape.

How close are you to ticking off the four years?
Is it time to give back? (pay it forward)
Can I bring a new learning experience and more value?

I look forward to your reply.

 

@Bluespot how would you go about generating leads?

For a broker it's probably the defining skill set. There's plenty of bad brokers who are successful because their good at marketing and there's good brokers that can't get clients. It also requires a different style of marketing to many other industries. I've known plenty of failed brokers that had booming business elsewhere and thought they understood marketing.

I've done quite a bit of mentoring and I agree with Jamie. It costs the mentor a lot of time and money. Whilst you certainly should engage a mentor who's successful, don't expect it to be done based on information exchange as successful brokers already understand their marketing. I think you'll find most want some sort of financial remuneration.

 

Ha - Flattery will get you everywhere I can't mentor you but happy to chat if need be.

 

If you are serious about having a mentor, first work out what remuneration you are prepared to offer them. Then approach MFAA or FBAA and they can recommend a mentor for you. The brokers who have been around for over 4 years may not see the value you bring in potentially increasing lead generation activity.
There are a lot of broker jobs now on offer that provide a base plus comms plus trail. Perhaps that is a way to get in the door. When I started, I was part of a franchise so mentoring was readily available. When the time is up to no longer require a mentor, you may then wish to go out on your own.

 

To clarify to all, I do not think I am god's gift to marketing but I am a genuine new to industry broker with some very transferable skills that realises sometimes other outcomes outweigh a cash offer, however, should the right mentor seek an all cash agreement I'm cool with that!!

Hi Peter,
Thanks for your comments, my lead generation models vary considerable dependent upon the type of interaction I am seeking, click consideration, depth of data, exchange and expectation, I can certainly deliver the desired outcome to ANY business, (yes I know i can make a living doing that but I don't want to contract in to those services any longer, I am proven in this area and I have a desire to move in to the financial and real estate sector) to clarify, I am only looking for the best, I don't want to "learn" from someone who can't better me as a person, also, I never said I expected a pure contra agreement, on the same consideration would you expect a queue of clients on a contra arrangement? perhaps the deal would requirement remuneration my way? (there is a facetious tone here) consider if you will the performance of your business without clients or simply not enough.

And it f there's no need but a want to put myself around peers held in high esteem?

Thanks beachgurl, all comments appreciated.
I haven't work for an "employer" for 15 years and I don't see me starting now, captain of my own destiny and all that kind of thing!!
I'm happy to agreed suitable outcomes with the right mentor, I will be starting out on day one in my own business.

 

One of the people who wrote the MFAAs original 'certified mentor program' is Therese O'Neil at Alpha Broker. She runs a highly structured two mentoring course for new brokers.
Alphabroker Mentoring - Proven Mortgage Broker Mentor

 

I'm not quite sure what to make of the photo on the website!

I don't think I've ever made that kind of face at work - except maybe the time I accidentally sent a male client the kiss emoji instead of a smiley face - I may have had a face like that that time.

 

Welcome. I'm a broker based in Melbourne.

Let go of your preconceptions around income.

If you can survive the first 24 months without selling a kidney, your a successful broker.

Get a salaried position working for someone else. Work for a franchise or similar and split 50% upfront no trail.

It'll be all the sweeter in the third year.

 

Hi Tobe,

As previously I appreciate all comments but from the point of view of having succesfully started operated and exited business I would never work for anyone else, I don't succumb to the suggestion that the first 24 months of new business are survival and I believe salaries place undervalued price tags on people or overpay the lazy, I'm sorry but that's my opinion, I am, certainly not saying you're not entitled to yours.

As for giving away the trails, I'm a strong believer in passive income and holding a book for value, there is no chance I am leaving that for anyone!

Thanks

 

It's fine to not believe that the first few years are about survival, but make sure you're prepared for it. You'll want to have a decent cash buffer - I'd say a years worth of living expenses at a minimum - so you aren't stressing during the start-up months. Even if you write 10 loans your first month, you won't get paid for them for a couple of months so be wise.

A strong sense of your own ability is a good thing, and I don't blame you for not wanting to work for someone else but be prepared for a decent learning curve and a lag in income.

 

Do some numbers.

If you can settle $1mil per month in your first year, that's $78,000 upfront and $18,000 trail. Maybe you pay a mentor $1,000 per month?
$84,000 total.

If you work payg it's $50,000 plus maybe $15,000 bonus/upfront comm.
$65,000 total.

If you work for someone as franchise/self employed/mentor and they take 20%
$67,000 total.

Now the second two options give you a much better structure/learning. Usually an office to share, other brokers as well as the mentor to run things past. These options are also incentivised for you to do more business, so you will most likely be speaking to more potential clients, trying out new marketing techniques etc. of course working from home in your pyjamas also has its advantages.

Actually, you won't settle anything for the first 3 to 6 months while you finalise accreditations. Many purchases are 3 months, and you get paid the following month. Don't get me started with pre approvals. Even refinances take at least a month to process and another month till you get paid. Spending the first year working for or with someone else isn't the end of the world. It'll give you a much better grounding in the industry.

 

My start up will coincide with a winding down of other interests with about 6 months overlap I guess that would have been relevant to mention previously, I actually have 4 clients lined up already awaiting me starting up and the value is a tad over $2M, my expectation is to average 1 loan/$450K per week for the first six months, from there I will have a strong platform to actually work full time from.

Please do keep the comments/opinions/feedback coming, i glean from every bit of it.

Thanks all.

 

That's quite a lot of volume to hit the ground running with - I hope you do average that, but bear in mind that this is not most brokers experience. To write almost $2M/mth off the bat would be very impressive.

 

Submitting 1 loan a week means meeting 3 or 4 potential clients. Getting 4 people to make the time to meet you means speaking to probably 6 or 8 people?

I'm impressed with your marketing skills. I'm sure you will find a mentor. It may not be the split or remuneration you think you want, but all the best with it. If the marketing is as good as all that you might find your business to be coaching brokers on marketing rather than actually writing any loans. Maybe just farming out your leads and taking a referral commission, or similar.

 

Michael Xia - Australia's no.1 new mortgage broker

They must be doing something right.