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Professional associations should stay away from pricing, says mentor

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Australian Broker | 12 Jun 2014, 08:23 AM Agree 0
New brokers need to have their wits about them when engaging a mentor, but professional associations should not get involved in pricing, believes an experienced mentor. Plus, FBAA's Peter White defends his decision to speak up
  • Tracie Palmer | 12 Jun 2014, 09:38 AM Agree 0
    I must agree with Terese here. I also run a very professional Mortgage Broker Mentoring business. You cannot expect to to take the time of a very successful and busy broker and then not pay for that time. Their knowledge and experience is invaluable. We charge a modest upfront fee and ongoing monthly fee for a full training program that focussed on teaching a new person 'how to be a mortgage broker' and how to build relationships that get you leads.
    I agree there are other brokers out there who charge a fee but do not deliver any value and I find that to be very unfortunate for unsuspecting new mentees. My advise is to do your research and find a mentor who has credibility and one who offers the availability to call whenever you need them.
  • Coast Broker | 12 Jun 2014, 09:45 AM Agree 0
    Free Advertising for Alpha Broker. Upto $18,000 is a lot for someone new starting in an industry that is commission based. Also Therese says that she provides intense everyday mentoring however she is based in Melbourne. So how can intense everyday mentoring be provided and work without a face to face connection. Sorry but I cannot see how that would work effectively if you lived outside of Melbourne.
  • TomTom | 12 Jun 2014, 09:46 AM Agree 0
    Ironically, we were very impressed with Therese O’Neill, of Alpha Broker. However, multiple phone messages and emails left did not evoke a response. She lost business to mentor some brokers in our office. Disappointing.
  • James Veigli - Broker Profits Vault | 12 Jun 2014, 11:21 AM Agree 0
    Get a grip!

    $18,000 over two years is only around $175 per week.

    Anyone thinking they can enter a new profession and have one-on-one mentoring without cost (either upfront or via deduction of income earned) is joking themselves.

    There are plenty of uni degrees and MBA's for $30k+ that won't get you a job or make you any real money. If I were a newbie, I'd pay the $18k with a smile on my face.

    Similarly, if they think $175 per week is too steep... in an industry where ONE deal each week earns around $1,500... they are also joking themselves (and to be blunt, if you're not writing at least one deal per week working full-time... what are you doing all week!?)

    I'm not even a broker mentor technically, but this article annoys me, because there are plenty of broker franchise groups charging well over $18k, plus taking a large % of upfront + trail for life, yet they receive no mention.

    If anyone baulks at the thought of paying $18k or more for expert mentoring, to give them a shot in an industry where six and seven figure incomes are possible, they should quit whinging and go and get a JOB... and settle for an average income for the rest of their life.

    Keep up the good work mentors!

    - James

    A note for transparency: I am NOT a broker mentor and do not have any interest in mentoring new entrants. My consulting fee is $4,400 per month and I have no places available. You get what you pay for.
  • Coast Broker | 12 Jun 2014, 12:28 PM Agree 0
    James I think the issue is that it is not one on one face to face mentoring even though some say they provide intense daily mentoring however as I said how can someone provide one on one intense daily mentoring when the mentee is in a different state and or city.
  • James Veigli - Broker Profits Vault | 12 Jun 2014, 01:06 PM Agree 0
    Coast Broker - easy, it's called the telephone and the internet.

    When I started as a broker in 2005, my mentor was interstate - and I was on the phone / email / skype to him daily. It worked.

    If someone can't get the learning they need over the phone, email, skype... with an occasional face-to-face (maybe initially or once a quarter), they probably won't succeed in this industry anyway.

    As another note, my $4,400 monthly fee does NOT include face-to-face meetings. It's just not required.
  • Coast Broker | 12 Jun 2014, 03:34 PM Agree 0
    Sorry James I was not have a go at your Mentoring Methods. I think that there are other ways that we can mentor people and sorry I think your comment about if a Mentee does not get from email, phone and Skype is a bit harsh. Your tone sounds more like you are wanting to protect and justify your methods and fees.
  • RYMM | 13 Jun 2014, 09:15 PM Agree 0
    I do not have an issue with the cost however i do have an issue with the quality of mentoring i see. Ad hoc phone, email, skype is not adequate. There are customers at the end of the transaction and they need to have a quality experience - for the benefit of our sector!
    On another note how can a mentor shadow a broker to appointments if they are not in the same state??
  • Colette Garnaut | 15 Jun 2014, 03:26 PM Agree 0
    Well said James!

    Well structured mentoring doesn't require daily face to face meetings. Workbooks, templates, phone, email, Skype, as well as some face to face time cater to the individual needs of mentees, which is a similar mode of delivery to that which enables Universities to successfully deliver degrees via distance education, and multi nationals to successfully operate across borders.
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