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Franchise launches new broker mentoring program

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Julia Corderoy | 18 Dec 2014, 08:21 AM Agree 0
A broker franchise has launched a new, free-of-charge mentoring program for new recruits, existing brokers and franchisees
  • Coast Broker | 18 Dec 2014, 12:05 PM Agree 0
    You would want to receive something for the amount of commission Aussie take out of Lenders Commission.
  • CharlieX | 21 Jan 2015, 10:36 AM Agree 0
    Does anyone know the split that franchisors, including aussie's, take from their franchisees? some inside info please?
  • nihal bhat | 16 Feb 2015, 04:41 PM Agree 0
    am thinking of starting in industry. any recos which one to start with?
  • Michael Kent | 17 Feb 2015, 08:45 AM Agree 0
    I have been through the Aussie training module and I give it an 8/10. I knew nothing about home loans and within 2 weeks I was out seeing clients which IMO is a tad too soon as I really had no idea about complex structures.

    I left Aussie due to the lack of quality leads and the problem is if you stay there too long and build up a healthy trail commission you can kiss it goodbye if you leave.

    In a way they hold you by ransom. I knew a lot of quality brokers who didn't like being there but were going to lose around $50k trail if they left.
  • nihal bhat | 17 Feb 2015, 09:20 AM Agree 0
    hi michael kent. that is not good news re- aussie. i thought being the largest broker they would have established referral networks re - quality leads, like real estate agents?

    what would u recommend instead, should i try something like loan market where they have established real estate leads, i am prepared to sacrifice commission, as without leads, this job is not viable.
  • Michael Kent | 17 Feb 2015, 05:27 PM Agree 0
    Nihal - I strongly suggest starting your own business and look at aggregating through Connective as they charge you a flat monthly fee (around $1000pm) as opposed to taking a huge chunk of your commissions.

    BUILD REFERRERS IMMEDIATELY! It is up to you to do this. Even if you joined an Aussie style business they would expect you to do this but they will take a massive part of your commission even if they are your leads. Any trail you build is gone if you leave.

    Apart from training and a platform to lodge deals they don't really provide you much. The problem I had with the leads was when I there they had this stupid theme "At Aussie we'll save you". So all these people who had been declined by a major bank then went to Aussie to be saved!

    The lead volume also went from a solid 20 a month to 2 or 3 a month as they had to feed the newer brokers and after 6mths they expect you to have your own leads coming in.

    Don't get me wrong, the Aussie branding and awareness is excellent. The overall deal I think isn't that flash.

    Do the maths on making 100% of the commission if you can write and settle $1mil a week based on .66% upfront and .2% trail and trust me you can get to that level with hard work and being good at building solid relationships.
  • nihal bhat | 19 Feb 2015, 01:38 PM Agree 0
    thanks a lot for your comments and i have decided to just go independent route and start diploma first.
  • Ben Florence | 20 Feb 2015, 04:14 PM Agree 0
    Thanks for your comments Michael, I had decided to go with Connective and your comments confirm that I am doing the right thing.

    Nihal, Connective were actually able to put me in touch with a couple of mentors who actually use their software system as well. Certainly worth chatting to them.
  • CharlieX | 20 Feb 2015, 09:57 PM Agree 0
    any aggregator does less than 1k per month?

    and any mentor available?
    what does the mentor charge?
  • Ben Florence | 23 Feb 2015, 07:49 AM Agree 0
    Hi CharlieX. Not sure about too many others but Connective have a variable plan at $120/mth and the mentor I spoke with is going to charge $400/mth. Connective will then take up to 20% of your upfront and 5% of your trail depending on the volume you write. No lock in contract, so move to the $720/mth plan or another aggregator whenever you like.
  • CharlieX | 23 Feb 2015, 09:14 AM Agree 0
    Thanks Ben,
    if I start with the lowest fee program and its commission splits, then later on move to a new progam, does the splits in the previous option moves to the new program?

    for example, if I start with paying $120 per month program which has a 80/20 splits for both upfront and trail for me and the aggregator, then say 12 months down the road I move to the $1000 per month program which has 100/100 for me, then does all the loans I have written in the previous program move to the 100/100 for me?
  • Ben Florence | 23 Feb 2015, 12:15 PM Agree 0
    Yes CharlieX they do. Connective seem to be really transparent compared to some of the other aggregators I have looked at. Certainly be worth having a look through their website.
  • CharlieX | 24 Feb 2015, 07:56 AM Agree 0
    okay, will be meeting with connective. let's hope something works out.

    Any reference on vow, vision, choice, or other aggregators?
  • Seasoned Broker | 24 Feb 2015, 09:28 AM Agree 0
    Hi all, I have been a broker and mentor for 18 years and I am with eChoice aggregator. I am paid 100/100 and the software and broker support is fantastic and eChoice fee is far lower than that of Connective, before joining eChoice I checked other aggregators that was also offering 100/100 and found eChoice's software platform very user friendly and importantly their fee structure is very reasonable. Call eChoice BDM to discuss or contact me happy to meet up, eChoice can also provide qualified leads free of charge for newbies to kick start your business.
  • CharlieX | 24 Feb 2015, 11:13 AM Agree 0
    seasoned broker, can you elaborate more? I'm interested in the experiences of the users. can you PM me?

    I'm interviewing a number of aggregators, franchises, and branding groups. I want to minimise the number of changes from supplier to supplier once I'm deep in the industry. I want to focus on the works, but I need to know whether the supports of the supplier is sufficient for me.
  • nihal bhat | 24 Feb 2015, 04:29 PM Agree 0
    charlieX please email any of your findings to my email
    thanks for your help. need further investigation before committing funds to this venture. i am put off by how competitive this industry is in general, and the large numbers of new mortgage brokers who fail.
  • New home broker | 25 Feb 2015, 09:41 AM Agree 0
    Simonds Homes who use brokers that aggregate through Finsure offer regular leads and will provide mentoring as part of the standard comm split. The broker owns the trail book too regardless of how long you stay with them too. Good team environment and plenty of support.
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