So the next question becomes "Who is the best mortgage broker on SS?"
That's easy. Rolf Schaefer. He retired recently.
Becoming a Mortgage Broker?
- Thread starter Moneyman_85
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That's easy. Rolf Schaefer. He retired recently.
So the next question becomes "Who is the best mortgage broker on SS?"
The annual best broker of SS awards...
I would suggest anyone starting out to just do the quickest and cheapest course available as they are all pretty much useless in terms of learning stuff which is needed. You just need a course for the licencing requirements.
That's easy. Rolf Schaefer. He retired recently.
How recently? I havent seen/heard from him in a long time.
Spoke with him yesty.
He is doing fine on cruises and the stuff that self funded retirees do
Nice exit to emulate.
he isnt entirely out of the broking world and still acts as a consultant and mentor
ta
rolf
what did he do with existing book / clients?
they are very very well looked after.
Youd have to ask Rolfie Senior that question
ta
rolf
Hahaha quality line Brady. Yep, I've had a couple clients turn(ing) into brokers recently. I also get PMs from trainee brokers every so often (I know 4 SS regulars training now), so i'd suspect there'll be more and more over the next 12 months.
Its largely a reflection of the industry having very little barriers to entry. During a hot market, there'll be plenty that jump into the industry.
Personally I think being a good investor assists in being a good broker, so its not a bad path to follow.
Cheers,
Redom
I wouldnt want to set up shop for myself, just thinking of working to get experience. Used to work in RE on the rentals but too may people turned up acting as if they were buying places.
Also wasnt much in training provided seeing how the PM was meant to be the sales person too
So if the property market hype dies down will we see more people jumping to be stockbrokers?
Also wasnt much in training provided seeing how the PM was meant to be the sales person too
So if the property market hype dies down will we see more people jumping to be stockbrokers?
Its very dificult to get a salaried position mortgage broking. There just arent many going around. Some of the volume builders have finance companies that employ people, otherwise its pretty thin on the ground.
Its pretty tough getting a commission only 'job' as well.
If your serious about wanting to be a broker, you need to have 6 to 12 months living expenses ready plus a fair bit to put into the business to start with.
A cheaper way to go might be joining a franchise such as Aussie or mortgage choice where some of the training is subsidised and they give you some leads. However they take a cut of the remuneration....
Its pretty tough getting a commission only 'job' as well.
If your serious about wanting to be a broker, you need to have 6 to 12 months living expenses ready plus a fair bit to put into the business to start with.
A cheaper way to go might be joining a franchise such as Aussie or mortgage choice where some of the training is subsidised and they give you some leads. However they take a cut of the remuneration....
Don't do that!
Tobe and I were at the same intake with Mortgage Choice in 2003. Out of about 20 people Tobe and I are the only ones still in the business I believe. Most dropped out in first 18 months.
Knowing what I know now I think the best option would be to start as a commission only loan writer under a quality independent broker or two then go from there.
What sort of commission split are Mortgage Choice taking?
It would be about 0.45% I would think. But if you are not writing much you get paid less like 0.3%. The killer is the trail is based on a running average of your monthly settlements. If you write $ 4 mil or $5 mil + a month (most don't get anywhere near this) on average you would get maybe 0.09% pa trail. If you write not much even with a big book you get peanuts. This may have changed since I left in 2010 but I don't think so.
So lots of incentives to keep writing loans and cant take the trail with you or wind down approaching retirement..
So lots of incentives to keep writing loans and cant take the trail with you or wind down approaching retirement..
So most people here just did the training then started their own business?
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Most brokers here either had prior relevant experience to setting up their own business (working for someone else or in a bank), or they found a good mentor to help them get started.
If you don't have at least 2 years prior experience, a mentor is a pre-requisite for the MFAA or FBAA and most aggregators.
Hope you're well.
I am also aspiring to begin as a mortgage broker some time this year.
Having read this thread and another labelled "what makes a good mortgage broker" I've read plenty of information I didn't otherwise think of.
To begin with a franchise model has been my plan all along. Just to generate referrals then to split and become an independent after 12-18 months - what is your opinion of this approach?
I will be new to the finance industry - I've done some unsecured lending in a call center but never mortgages.
Please advise!
Ta
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Not saying it can't work. I'm example I suppose of it working! But coming from a different background and knowing what I know now I would recommend a loan writer role with a succesful group of independent brokers first then go out on your own.
There is lots of ways to skin a cat. Just wouldn't outlay $40k for a franchise as a start up new to industry .
There is lots of ways to skin a cat. Just wouldn't outlay $40k for a franchise as a start up new to industry .
Agreed - that could work well but be prepared to relinquish your trail when/if
you do leave as I can't see many companies letting you take it with you.
Cheers
Jamie
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