Becoming a broker (to the brokers here)

youngmoney_2

Hi guys and girls,

I'm currently studying for my CeMap 1 in a training process for a certain company that just won 'best regional broker' in What mortgage magazine.

I've got my exam coming up on the first of June and have almost finished my revision notes. From what I've heard, there are not a huge number of people who pass the CeMap 1 first time, so for those that have, I just wondered if you had any hints or tips that might help me through!

This doesnt completely belong on this board but as I might be handing out tips in the future, I thought it a good place to start!

MortgageMamma

Drink red bull, prop you your eyes open with match sticks and read it until you can memorise every page.

Ive not done it as I was exempt but I've heard that its VERY boring!

MM

dunstonh

..and ignore awards. They mean nothing. Every year the same group of companies vote for each other so they can update the award date on their letterhead. Most small local firms wipe the floor with larger firms but you wont see many awards going to the small firms.

"the what mortgage winners name" is currently expanding its national field sales force to cope with increased demand for its face-to-face mortgage service.

Dont be fooled by what prospective employers tell you. Especially if you are paying fees or covering costs. If they say you will get 10 leads a week, that really means 3. If the conversion rate is 50%, that really means 20%. Salesforces are grotty places to work for but if you can get contacts and make a go of it with a salesforce you stand a good chance of being able to make the jump to self employed broker later on. You wont want to work for a salesforce any longer than you have to.

That sounds negative but its best to assume much lower than what you are told as most new advisers dont last two years and leave the industry as they cannot make a living from it. Usually it's the ones that have been promised everything that lose out the most as they had too high expectations.

JoeK_3

dunstonh, you sound like you're from the old school of keep throwing s**t at the wall and some of it will stick.

Are you talking from experience?
Is this recent?

We have advisers that have been with us for over 5 years, would they still be with us if all that was true!

JoeK

MortgageMamma

Got to admit I have to agree with Dunstonh to an extent. I've had two positions in this industry previous to now and have been ripped off big time in each one. Trust nobody and don't be sucked in by promises of riches untold by these companies, I'm currently suing one for unpaid earnings, breach of contract and loss of earnings. I nearly made myself ill worrying I was so badly treated

In your shoes I would suggest looking for a reputable firm that does not promise the earth and big itself up, or go work in a bank or estate agents until you get a couple of year experience

JoeK_3

Tread carefully OP!

All the best in your CeMAP 1 exams.

If you need any help, it may pay you to attend a CeMAP training course.

Joek

dunstonh

JoeK wrote: »

dunstonh, you sound like you're from the old school of keep throwing s**t at the wall and some of it will stick.

That's nice. What bit didnt you like?

Are you talking from experience?
Is this recent?

There are plenty of salesforces out there who you wouldnt want to go near. There have been discussions on this board about some of them. Plus the industry has always had the sales managers give better-than-reality information to new recruits. Especially those on bonuses based on recruitment.

As for retention. The less than half sticking with the role appeared in one of the papers last year. That is no surprise as retention of staff in salesforces is pretty grim.

We have advisers that have been with us for over 5 years, would they still be with us if all that was true!

And many of the advisers I know have been doing it for donkeys years as well. Doesnt mean it doesnt happen. I remember in my tied agent days that you always had a core of advisers that rarely moved around but you would see new ones come in and then go again. Usually leaving financially worse off then when they started. That continues today at seminars were you see the same old faces but the new ones that you met before have more often than not either moved on to another role or company or left altogether.

It is a notoriously hard industry to get into without some form of client bank or footfall. Many new people just dont realise that.

Get it right and you can make a very good living out of it. Get it wrong and it can cost you a lot of money and wasted years and a lot of stress.

Cute_'n'_Quirky

What you forget is that a paid employed position in the Mortgage Industry is very difficult to find.

It is all well and good saying that you need to work for a Company so that you are protected in the early years, etc.
Whilst that may be true if you are in London, it is most certainly not true of the rest of the country.

Ask any of the prospective trainee mortgage advisers to find this out.

JoeK_3

My mortgage advisers have a very simple business plan that is both achievable and fair.

Write 2 cases per week, earn £1,000 from each one.

Would you say that was achievable?

JoeK

Cute_'n'_Quirky

I agree wholeheartedly with you Joe.

In business you get out what you put in. Hard work is rewarded.

There is such apathy in the mortgage industry, usually amongst the older advisers, that it becomes vitriolic.
Their attitude is so anti the industry that there is no wonder they cannot keep the new ones. I am not only speaking of the advisers on mse.

The standard rate for failure in ANY new business is two-thirds, always has been, simply because folks don't realise what jolly hard work it is being self-employed and having total control. Some folks are not cut out for the dedication required to make a business venture work.

For folks like myself it makes no difference at all - I have been self-employed 24 years come June. The only problem for me is that I can see how sloppy other business practices are compared to mine - I have always run a very tight ship.

The Mortgage Company I am involved with are skating on very thin ice at the moment where business practices are concerned. I was young when I started in business but mine was never as sloppy as theirs, even going back 23 years.

spiritual

bewareand spot the dodgy people. I had someone callme up andask if they could have mortgage if their visa to stay in uk has run out!!!