Mortgage Broking Business
- Thread starter Crido
- Start date
This forum was pretty useful for me as I've ventured into this myself over the past 6-12 months.
From my experience, the total cost can vary wildly depending on your own business model/plan.
You can really start for next to nothing at first. I mean, it could be done for <$5k, and you can avoid upfront aggregation fees by going on a commission split model at first. This model may suit some. Probably for those that have a large upfront network and/or done something similar already.
More realistically, to lay the foundations for medium/long term success, it will take considerably more of a financial + time outlay.
A broker is quite a specialised service. The good ones really know the ins and out of lender policy and the different niches with each.
Professional bodies/Education will set minimum benchmarks for a knowledge base, but after having done it all recently, I don't think that quite cuts it at all.
It took me considerably more both financially and a whole lot of time to learn the gig before actually serving my first handful of clients.
From my experience, the total cost can vary wildly depending on your own business model/plan.
You can really start for next to nothing at first. I mean, it could be done for <$5k, and you can avoid upfront aggregation fees by going on a commission split model at first. This model may suit some. Probably for those that have a large upfront network and/or done something similar already.
More realistically, to lay the foundations for medium/long term success, it will take considerably more of a financial + time outlay.
A broker is quite a specialised service. The good ones really know the ins and out of lender policy and the different niches with each.
Professional bodies/Education will set minimum benchmarks for a knowledge base, but after having done it all recently, I don't think that quite cuts it at all.
It took me considerably more both financially and a whole lot of time to learn the gig before actually serving my first handful of clients.
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It doesn't. Those courses won't teach anyone how to be a good broker - realistically, it's a couple of years on the job training with an excellent mentor coupled with a number of individual traits.
Cheers
Jamie
