Whether you’re taking the first steps into the world of business or want to transition into a new career, becoming a mortgage or finance broker could be one of the most attractive options on the market if you have the right skill set and personality for the role.
After all, what could be better than earning a great salary while also helping people and families find their dream homes? Plus as a career it can give you the flexibility to do the other things you might be looking for in life, more time with your family, more flexible structure to your days and a role that provides a myriad of different chances to meet and get to know new people, places and learning opportunities.
Before helping others start their next chapters in style, though, you need to know whether a mortgage broking career is the right pathway for you.
Along with getting a real view of what a broker does in their day-to-day world, understanding the financial landscape of becoming a broker is vital.
How Much Does A Mortgage Broker Earn?
Research by the Mortgage & Finance Association of Australia shows that the average earnings for mortgage brokers in this country are $142,000. While this figure is a ‘before costs’ value, it shows that there is huge earning potential to be had from this industry.
It’s important to keep in mind that it is highly unlikely that you’ll command those rates in the early days, not least because commissions are likely to play a significant factor until you have the experience to demand set payments.
However, brokers that perform well can climb the ladder at a rapid rate - your ability to build a network and grow a client-base alongside this can be an important part of growing that revenue base at a faster than normal rate.
The best traits for a broker
As discussed above, there are a number of traits that can be make or break for someone entering the mortgage-broking industry. Let’s lay these out here.
A customer-service mindset
Broking is at heart a customer-service industry.
A good broker is an advocate for their clients, both in helping to ensure that the client gets the best deal and also in ensuring that the process, which can be stressful, is managed well and ideally leads to a successful outcome.
Organisation and precision
A good broker is precise and organised. As the client advocate, understanding the process and knowing what documentation, figures and processes are required at every step of the way is incredibly important - the wrong information can quickly kill a deal. On the opposite side of things, knowing what to ask of the client and when and how to advise them is also important - as their advocate it is also the broker’s role to let them know when they are over-extending themselves or providing incorrect or not enough information.
Broking can be a frustrating and sometimes soul-destroying enterprise - for every deal that passes with flying colours and provides an excellent experience for clients, there is another that for various reasons takes longer, is more difficult or complex or just doesn’t pass in the end - leading potentially to unhappy clients and a frustrating outcome.
Brokers need tenacity (and ideally a good sense of humour as well!).
How To Find Mortgage Broker Jobs
Stats from the MFAA show that there is 1 mortgage broker for roughly every 1,500 Australians. It is a huge industry with a lot of opportunities.
One of the first choices you’ll need to make is whether to go it alone or work for someone else. The former removes the ceiling on potential earnings, but the latter is arguably more stable and can be a better way to start into the industry as it allows for both guidance and mentoring opportunities you may not receive as a sole operator.
There are many places to find mortgage broker jobs. However, without being a legal requirement, you’ll need the education to show that you can act on the client’s behalf in style.