24 Aug

Choosing the right brokerage for you


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      Ok so you decided to become a mortgage agent.  You researched on line and found out that you can earn your license in no less than 2 weeks.  You have ordered your course, read the material.. sort of… really you just sort of skimmed it and took the practice tests.  You only need to get 60% to pass so you figure this is a slam dunk.  You write the test.  You pass.  You know this because a week after the test you received this email that told you so… And now you are ready to place mortgages. 

     The only question remains…..How do you get started?  Many Franchises have different ideas and ideologies the question is how do they match with yours?  We believe that in order to find the right brokerage for you each agent should be able to answer 3 simple questions about their business and in turn the brokerage should be able to answer 3 questions that will satisfy you.

We think that every new agent should start with a few good ideas.

  1. They should know their market.  This can be researched on line.  Reviewing the reports offered by all 3 insurers and knowing what type of business you will be focusing on will have a drastic impact on starting your business
  2. Every new agent should have a database.  Write this down or organize this in a program such as Access, Act or even Outlook.  You need to know who you are going to contact and how to get this started.
  3. Have a goal.  Know what you expect of yourself and your business.  You now work for yourself so have expectations.  No-one is going to tell you what to do every day so you better know yourself.

      That’s what we think that agents should have but how do you choose a brokerage?  Is it just about splits?  We don’t believe that this is the only thing that matters.  Before you sign on the dotted line you should consider these 3 things and be happy with the answers.

  1. How long has the brokerage or at the very least the principle broker been in business? This should give you a good idea of the kind of support you will be able to expect.
  2. What is the brokerages reputation?  Among peers?  Among Lenders? Within their own Franchise?  Ask the Business Development Managers, their information is available on line.  Call some brokers/agents listed on their website.  This extra work done early will save you a very costly move later.
  3. What kind of support are they offering?  Remember the split means nothing if there is no training and no support.  A smaller percentage of more deals placed is a whole lot more rewarding then a little more of no deals placed.  Know what you are getting into ahead of time.

      You are embarking on a new career.  This is a great opportunity to make sure you are getting what you need and being prepared ahead of time will have a huge impact on your overall success.  

                                      Happy Lending!!!