Any advice from self employed mortgage brokers?

Dan_Collins_2

el_capitan wrote: »

thanks so much for all the advice, from what you have all said i think i'm best to wait at least another year and see how i am doing then. Still sure that working for myself is what i want to do though, which is encouraging it think.

Thank you again, and any more advice on the topic would be greatly appreciated.

Some good posts for you there el Capitan, you wont get that anywhere!

Remember think about what you are doing, it looks like common sense but in the heat of battle it is easy to !!!! things up and make the wrong move!

If you go to a broker and work under there title you will have to give away a split, remember they are after your split and take the bravado that some brokers will give you! I fell for it when I was a bit wet behind the ears, I had to go back to a lender and start over! Not good but I learnt a lot from that cheating t@@@!

Anyhow good luck

el_capitan_2

I Know what you mean Dan_Collins, I'm currently working for another broker on a commission only basis, giving away a % of the proc fees.

I like the freedom i have, as apposed to being chained to a desk 9-5, but like you mentioned, i was promised the earth when i joined. Granted, the market has been slow, but i've been getting nowhere near the amount of leads promised.

I certainly wont be making that mistake again!

With regard to your first comment, your right about not getting the advice anywhere. I posted a couple of times on another, very well known, site 18 months ago. I was just getting into the industry, but noone wanted to help.

def. glad i came here.

NeilQuinn

Been there, done it & worn the t-shirt in most of the scenarios that have already been mentioned.

Employed by an insurance company & based in an estate agents. Quite a cosy existence with customers provided (as long as it was a proactive agency), basic salary, car + commission. With the death of the endowment though, the insurance company decided to close this division & I joined a national IFA and managed to take the Estate Agent with me......now working on a self-employed basis.

Whoever said make sure you've got some capital behind you......damned good advice. I found out the hard way.

I've since worked for local brokerages, splitting income 50/50 & suffered through lack of leads but I've also been able to build up a decent & loyal client bank. I now rent an office from a broker who's decided to retire & pay him a small income each month for the privelege of his client back and high street name & premises/equipment.

The secret is, to keep in touch with your existing clients, either by letter or phone call & they'll look after you with referrals.

richev

sorry everybody
but what is a AR

Many thanks

dunstonh

appointed representative.

Dan_Collins_2

Loads of good advice here for you so i will keep it simple.

The hard part of this job is getting bums on seats, if you feel 100% that you can do that then go for it. You also need some money in the bank, 6-12 months. In this market I would sya 12.

I did not and it nearly cost me!

Good luck and hard work cna get you anything!

minimike2

Echoing above comments really...

As a first S/E role going it alone would be adviseable IMO.

Get in with an established firm where leads will be provided and you split the commission. Make sure you get things like stationary and admin provided too - that way all you have to do is go and see the client then take your share of the commission. You may have to see twice as many clients to earn the money, but it give you the time to perhaps see three times as many clients as you would have, so in theory it would be a win-win for you and the company. You would also want to look at re-negotiating your split after the first year.

Just make sure that you agree the number of leads you will get and find out where they come from so you know what the quality is going to be like. Even better, try and agree "Sat Appointments" rather than leads, then you know that the client is already booked in and ready to be seen, not just a number to call.

After, say, 3-5 years you should have a client bank big enough to go and set up as your own AR (but make sure if you have to sign a contract that the clients are YOURS and not the companies).


Dont forget your data protection register too.....and if you work on the above basis you do not need your own CCL, you can work under the companies (although best practice would be to get your own anyway)