How to Choose the Right Mortgage Brokerage to Work for (Part 2)
Last article, I had spoke about some points that we had to focus on, when we choose the right mortgage brokerage to work for, when we are new to the industry. Specifically, we discuss about the 1. Office Culture and whether it is suitable for yourself 2. The variety of lenders your brokerage offers and 3. The technologies that they provide
We will continue this time, and wrap up the rest of the points.
Training
For a New Agent, another very very important factor is Training. What kind of training the brokerage provide, whether is monthly meeting, group meeting, 1 on 1 or mentorship. These are all vital to your success.
Fee & Split
Another important factor, though not as important for a new agent, is the fee and the split. Some brokerage charge a desk fee, admin fee etc etc. But whatever fee they charge, I feel the average fee for the year would be close to the income for 1 deal. So if you are planning to do at least 1 deal in the year, that should cover your annual fee.
For Split, there are many different income splitting method. Some brokerage will take a higher split at the beginning and then lower it, and the logic behind it is because in the early stage, they need more time to train you. For me, the split is not very important early on because you are not doing 200 deals and making $500,000 income that year so the split difference is not huge. However, once you are a Mortgage Superstar, the split will become more important.
Branding
Lastly, branding does play a role in the selection of brokerage. Although in recent years, personal branding is very popular. However, the firm that you align, does affect the image of you also. Working for IBM, Apple, Google vs working for some no-name tech company is different.
So there you have it. Part 1 and Part 2 of my series on How to Choose the Right Mortgage Brokerage to Work for. Hope you like it.
You can watch my Youtube Channel which teach New Mortgage Agent how to make more money faster would be at www.youtube.com/calvinchan and my other social connection is on the description of the youtube channel. My website is www.mortgagehackercanada.com and I have a whole suite of educational tools such as a digital course, a Live Workshop and a book that will suit your learning style, no matter whether you are learn by visual, reading or interactive. Hope to see you all.
Sincerely,
Calvin Chan
Professor C
