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Three tips to a successful mortgage broking career transition

buyers choice brokers and support team buyers choice brokers and support team
Brett Mansfield, CEO 7 minute read

Promoted by Buyers Choice

Getting started in mortgage broking whilst continuing with a salaried job to maintain your income is an attractive option for many new starters.

It can take months of mortgage broking to build a pipeline of business and enjoy that first commission payment. Many new brokers don’t have access to the capital required to support their business start-up and maintain their lifestyle costs without a secondary form of income.

At Buyers Choice, we’ve been assisting new brokers to take a career transition pathway and many have built award-winning mortgage broking businesses which may never have happened if this option wasn’t available to them.

Following a career transition pathway isn’t without its own unique challenges. Here are three tips to make your transition as smooth as possible.

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Tip 1 – Tell your boss

You will need to be upfront about your plans with your employer, it’s a respectful approach to take and in order to be successful you will need them in your corner.

You’ll need to take time away from your job for training purposes and are likely to require greater flexibility as your mortgage broking business grows.

You’re effectively giving your employer a long notice period. In our experience, most employers are supportive of a good employee and they could even become a strong source of referrals.

Your employer will have some concerns with your ongoing focus on doing a good job and not becoming distracted by wanting to work on your mortgage broking business when working.

There’s also a risk of burn-out as mortgage broking demands more of your time. It takes a lot of energy to build a new business and the impact is compounded by working in a job and also balancing your home life.

We recommend that prior to a meeting with your boss, prepare your business plan which includes how you will manage these concerns.

Tip 2 – Perception and Confidence

Managing perception is an important consideration, as a professional mortgage broker you’re advising clients on what is likely to be their biggest debt and most expensive asset. Your clients may hold concerns that as a new business and part-time operator, you may not be able to deliver them the right advice.

Historically there was not much in the way of education or training required to be a mortgage broker. Today we’re a regulated industry that requires all brokers to hold minimum educational qualifications and to be mentored for two years.

Buyers Choice brokers are members of a national network that assists thousands of customers with over $2bn in finance every year. They’re well trained and surrounded by multiple sources of guidance including the full Buyers Choice team, professional mentoring and a national network of professional brokers.

Tip 3 – Managing your time

Building a business whilst working creates time pressure across all aspects of your life. You run the risk that your enthusiasm for your job or your business may start to decline and you may face time pressures on the home front as your growing business takes priority over family time. It’s important to manage this before it becomes a burden.

Here are some practical time management techniques to consider:

  • Understand what’s important and allocate time within each day for each priority
  • Maintain a full focus on the job at hand by turning off distractions
  • Be aware of how much time is needed to effectively execute actions and allocate the right amount of time to each activity
  • Don’t beat yourself up if you don’t stick to the routine, ensure you have regular breaks to stay fresh

As individuals only have a certain amount of capacity, it’s important to utilise others in your business. A common approach is to start outsourcing activities such as data entry, loan processing and marketing.

Outsourcing can save you time, reduce your costs and introduce new expertise into your business. When considering outsourcing it’s important to be clear on how this service will fit within your process and you need to be comfortable with the security of the provider.

Your aggregator will be able to provide you with guidance on these services.

Will a career transition work for me?

There are many considerations when making this decision and no one person will have all the answers. Speak to multiple people including us here at Buyers Choice, explore your options, continually evaluate and tweak your plans to find the best options for your unique circumstances.

When people think of starting a business the most natural fear is fear of failure. This fear can be mitigated by conducting the right research and preparing to succeed.

If you’d like to explore how to make your career transition work, book a confidential chat with our team.

Three tips to a successful mortgage broking career transition
buyers choice brokers and support team
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