If you are considering a new career as a mortgage broker, you are probably wondering if there is high earning potential. While the short answer is yes, you should be aware that it is not as cut and dry as that. There are variables to consider, and much of it comes down to the amount of time and work you want to put into this new venture.
According to the Mortgage & Finance Association of Australia, mortgage brokers are currently earning an average of $128,709. Additionally, the odds of acquiring business are strong for brokers in Australia right now, as the representation of broker to individual is one broker for every 1,494 Australians. But when it comes to acquiring this business, it is up to you.
Knowing the field
If you choose to become a mortgage broker, you are likely looking for some flexibility, which is appealing. After all, this is certainly a field that caters to part-time brokers. You should know that this lighter workload will also mean a lower amount of earnings. However, there is also a flip side to that, and if you are willing to put in the extra time, then you will see that profit margin start to grow.
But this flexibility means more than simply part-time or full-time workloads. Regardless of the number of hours you are putting in, you are still likely to be working during irregular times. For example, a potential client might only be able to meet during the evening, or over the weekend. Knowing that there will be hours like this ahead of time will better help you prepare for what is to come.
You have to be realistic about your expectations if you want to have a successful career as a mortgage broker. That being said, it can be rewarding lifestyle if you are able to handle your workload and apply this flexibility to your life.
Building your client base
A big thing to point out is that the first couple of years of breaking into the mortgage brokering business are likely to be the busiest, and it will be difficult to start off with the intention of being a part-time broker. Sure, there is a great deal of learning the ropes in these years, but this is also a time when you will begin to build your client base. And the importance of having a strong base cannot be emphasised enough.
Getting your name out there, building a base and developing a strong reputation for yourself are some of the keys to putting yourself on a path toward high earning potential.
For more information, request an information pack on how to become a mortgage broker.