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Damien Warren, director of Adelaide-based brokerage Mortgage & Lease, gives his top tips on what to do and what not to do for brokers diversifying into asset finance.
DO:
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- Find a good mentor when your first starting out.
- Not be afraid of asset finance. Inevitably, one transaction will go wrong at some time (usually your first). It happens to best of us. Use it and learn from it.
- Ask questions if you’re not sure. Most BDMs are approachable and come back to you quickly on the loan structure or scenarios, and other brokers who are more experienced in leasing are always good for a sounding board as well. I’m always happy to discuss a scenario with a colleague if it helps them out.
- Not be afraid to outsource on more complex deals if you’re not confident in the transaction. You keep ownership of the client and are still able to earn an income from the deal.
- Get accredited through an aggregator that has your best interests at heart and specialises in leasing aggregation (there are ones out there – I use one myself and it is separate to my mortgage aggregator).
- Make sure you get the best income structure and delivery rate that you can – you win more deals and make more money.
- Enjoy it.
DON'T:
