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How to make a successful start as a self-employed broker
10:44 AM, 2 Nov 2021•4 minute read
A good mentor can make the difference between success and failure, here’s how to find the right one for you.
Similar to most industries, when making a successful start in Mortgage Broking there’s a lot to learn and your understanding of the role you’re stepping into is likely to be limited.
You will have completed the Certificate IV or Diploma in Finance and Mortgage Broking and, unless you have worked for a lender or a broker, your knowledge is likely to be from your own personal experiences with buying your own home or investment property.
When getting started in mortgage broking, you’ll need to make a number of key decisions on who to partner with to ensure you have the confidence to attract, engage and successfully assist clients. A key factor will be the quality of the training and support you’re able to access.
In addition to your aggregator and licensee, your choice of mentor is one of the most important partnerships to provide you with the right training and support.
What is Mentoring?
Mentoring is an industry requirement for the first two years of a new broker’s career and a good mentor can make the difference between success and failure.
The role of a mentor is to help you grow your skills, build confidence, make better decisions and gain perspectives on your career.
Your mentor is a person you can look to for direction, to assist your development, to enable you to become more competent in your role as a mortgage broker and prepare you for growth opportunities in the future.
How do I select a Mentor?
The MFAA and FBAA have identified that mentoring is essential to ensuring our industry is servicing clients in the best possible way. Both industry bodies publish lists of recognised mentors.
The MFAA’s analysis shows that through a successful mentoring program, the mentee's chances of establishing themselves and succeeding as a broker are drastically increased.
Once you’ve selected your aggregation model, they’ll be able to guide you to their preferred mentoring service.
Each aggregator provides brokers with a unique combination of technology, tools, systems and processes. To ensure you’re leveraging these to benefit your business, it’s important that your mentor is familiar with what’s provided.
What is the cost of mentoring?
Each mentoring business will set its own fee structure. A common approach is for the course content to be charged as an establishment or commitment fee and then a monthly fee is charged for the delivery of the coursework and the day to day support over the 24-month term.
The typical cost of mentoring to budget for is approximately $12,000 over the two year duration of the program.
Your mentor fee is potentially one of the most expensive aspects of getting started. As with many services, the price can be a guide to the quality, so if you pay nothing, that’s likely to be what you receive in return.
What can I expect to be included in my mentor program?
Many mentor programs deliver a combination of formal coursework, scheduled contact time and are available to provide support as required.
The Buyers Choice Academy delivers 13 individual modules which are designed to take approximately 2 – 3 hours each. The online delivery is a classroom style which allows mentees the opportunity to interact.
Each Module is designed to be skill building from the outset to ensure you are learning from day one, this in turn boosts your confidence and improves outcomes.
How is mentoring delivered?
Mentoring is primarily delivered remotely, through online services such as Zoom, by phone calls and emails.
Your mentor is likely to provide a predetermined schedule to deliver the formal coursework and regular meetings to discuss your progress and questions.
Everyone begins with their own unique set of skills and knowledge which form the starting point and, together with the structured program, this is supplemented with adhoc advice and guidance as required.
The amount of contact between a mentee and their mentor will be dependent upon the mentee's skill and knowledge level. It generally occurs at a greater frequency in the first 12 months as the mentee is learning their craft and reduces over time as the level of confidence and skills grow.
Key considerations.
When selecting your mentor, consider what’s delivered, how it’s delivered, when it’s delivered and how it fits with your choice of aggregator and licencee.
The confidence which comes from developing the required skills is sure to put your business on the right trajectory to being a success.
To learn more about the Buyers Choice Academy book a chat with our friendly team.
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