CeMAP Courses

Qual123

Hi all, I am looking to sit my CeMAP exams as soon as i can, I have looked at a 2 week course with a company called NM Squared based in Swindon. It will cost £795 plus VAT. Has anyone used this company before?
I have been offered a job with a friend of mine who owns an estate agents there is already a huge client list and all the future work for the estate agents will be given to me. He has offered me a basic of 35k and with commision he expects me to be around 65-70k, does this sound too good to be true or is this realistic? all your comments would be helpful.

dunstonh

He has offered me a basic of 35k and with commision he expects me to be around 65-70k, does this sound too good to be true or is this realistic?

Its about 3 times more than the average. I dont think it sounds right.

Is the basic of £35k with 10-20% of the commission earned or does the basic have to be paid for out of commissions first before you see any improvement over the 35k. An accountants firm near us expects its advisers to earn £100k of income for the firm to justify a £30k basic. Only if they earn in excess of £100k does that 30k go up.

The friend who is recruiting you is going to incur costs just for you being on the books. There is no way he is going to pay you £35k without some snagg. Im only going to guess you are only getting 10% commission or the basic has to be offset.

Qual123

Thanks for the reply, I know its asking a alot, but could i send you the offer he has made by IM, it would really help me for someone like yourself to look at it as im sure you would understand it better than i have?

[Deleted User]

Estate agent mortgage advisors dont get paid very much at all, so I agree with dunston.

Only exceptions really might be the poshest of posh estate agents in london if all your clients are millionaires, even then I dont think youd get such a high salary in your 1st year as they would want to see how you went.

dunstonh

The owner adviser may earn that but his employers wont. You can either post the details here, PM or email (my email is in my profile - click on my name to see that).

Qual123

thanks, here's what the letters says

i am willing to offer you a basic salary of £35,000 per annum which would give you the comfort of the net pay that you require for your standard of living, for this i would target you to achieve a paid on commission amount of £1,250 per week over a 48 week period net of any money paid away to the estate agent of any introducer that requires a fee. on any paid commission in excess of the terms above i would pay you 50% of that amount twice a year in the form of a bonus. at the end of your first year i can review your progress and we can discuss the pay structure. below is an example of how the pay structure would work and the potential earnings available to you.

average paid net commission of £2,500 per week.

target £1,250 for week, excess £1,250 per week x 24 weeks= £30,000 x 50%= £15,000 bonus

I think you can see that if you were to achieve the figures on the above example over a 48 week period it would add a further £30,000 to you salary increasing your yearly earnings to a gross of £65,000, there would be no limit to the amount you could earn.



Does this sound realistic? the letter also says that there is a very healthy client base in place and i will be purely selling product and wont be required to find new work.


your comments please.

payless

looks good
I used to work on 40% with no guarantees in a similiar role

HOWEVER

net of any money paid away to the estate agent of any introducer that requires a fee.

Me wonders if target and bonus will not be based on 100% commision... rather a smaller percentage after introduction...

that said still good basic for this type of roll

What happens if you don't meet target!

Its hard work for a new starter to the industry- even with warm leads, as you need to show clients you know what you are doing to convert enquiries to sales

MortgageMamma

Good luck if you take the role, you could do a lot worse for you first job,

MM

dunstonh

Seems like a good package for a new individual. However, the basic you have to justify seems high for a mortgage adviser. YOu also need to know how much of the commission you generate goes towards target.

i.e. is it after network and firm deduction or before?

Qual123

i think the first £1,250 per week covers the basic, does that sound right?

homer_j_3

are u charging a fee? or will you be fee free because what hasnt been calculated is how easy that magic paid on figure - remember, its not written its paid on so for the first 3-6 months it will take you a while to pay anything on.

I think you have done very well for your first job and I hope that you do well.

I think that if you can write 3 mortgages per week and write some protection business that sticks, you will be just fine as that is about the industry standard. How many people you have to see to get those 3 is a diff question as its how good you convert.