Is mortgage broking right for me?

If you're looking for a new direction, mortgage broking can be highly rewarding. But it takes certain personal qualities to enjoy long term success. 

At Mortgage Choice we receive plenty of enquiries from all sorts of people – young, old, male and female, all wanting to become a mortgage broker.

While we strongly believe in following personal dreams, it also pays to be realistic. The fact is, it takes a certain kind of person to achieve long term success in mortgage broking, and while it can be a very lucrative career choice, money should never be the driving force.

With this in mind we have identified five key criteria based on over 20 years of experience, that we believe are reliable indicators of whether you could be well-suited to a career in mortgage broking.

1. You are a 'people person'

On the face of it, mortgage broking involves helping customers select the home loan or investment loan that is best suited to their needs.

But this definition doesn't tell the full story.

Buying a home is a long term goal for the majority of Australians. Millions more hope to build their wealth with an investment property.

So from your customers' perspective a mortgage broker is the conduit that helps them achieve personal goals. That's a pretty impressive responsibility, and giving your customers' needs top priority is fundamental to success as a mortgage broker

Bear in mind too, many Mortgage Choice brokers have built their businesses to the point where they employ a team of people - often across multiple offices. You need to be able to bring out the best in your employees while still committing to the needs of your customers.

2. You relish change

Let's not sugar coat this. Australia's lending environment is ever-changing, and a good mortgage broker needs to be able to cope with change – and more importantly, actively embrace change. After all, change creates new opportunities.

3. You already have an extensive network of contacts

In today's competitive market mortgage brokers who can draw on established contacts and a proven network enjoy a real head start.

Generating independent leads takes time. That's not to say it can't be done, but like anyone who makes the leap to owning a small business, you need to consider how you can generate independent leads to produce valuable revenue virtually from day one.  

4. You are highly sales motivated

No small business will succeed for long without keeping a critical eye on sales. The ability to recognise and work on opportunities that add value, secure a 'customer for life' and drive your business forward will underpin your success as a mortgage broker.

5. You accept that you are the key to business success

All successful business people know that one person underpins their success – themselves! As a franchisor, Mortgage Choice provides outstanding support to our franchisees through initial training, mentoring and ongoing support through state and national conferences plus regular training seminars and lead generation. That's on top of the brand recognition that all Mortgage Choice franchisees benefit from.

Nonetheless owning a franchisee involves running your own business, and the success of your venture is directly related to the time, energy and effort you invest in it.

If you are comfortable with a franchise relationship – both the support this offers, and the personal and financial commitment it involves, and you are motivated to be the very best you can be, mortgage broking through a Mortgage Choice franchise could be right for you. Call us today on 1300 650 330 to take the next steps to a rewarding career.