How to foster the next generation of brokers

by Julia Corderoy24 Nov 2014
It is no secret that the broking industry is an ageing one and that a real challenge the future livelihood of the industry faces is attracting and developing the next generation of brokers. So how do we do it?

Tommy Lim, founder and director of SF Capital, represents the next generation of brokers, and he told Australian Broker that there are three important things that the industry should be investing in to foster young talent.

“Firstly, I think our industry associations should be offering more opportunities for brokers to network with other industry groups and ‘likeminded’ professionals outside of mortgage or finance broking – such as accountants and lawyers. The biggest challenge I have faced as a young broker is building my initial client and referral base. I relied on getting in contact with old high school and university networks, church networks and previous professional networks. I was basically just going through my phone book and calling people, it was really hard. 

SF Capital got their accreditations in May last year, but it wasn’t until September that Lim settled his first loan – and got his first pay cheque. Lim says being able to network with other similar industries could help young brokers build business relationships and referral partners. However, when it comes to technical knowledge and best practice, he would like to learn from the best.

“Secondly, I think industry associations or aggregators should hold master classes with the very best brokers in the industry on credit workshops, compliance and best practice. They do hold webinars and classes run by themselves or lenders, but I also want to be learning from brokers who have had all the experience and seen the good, the bad and the ugly.

“Thirdly, I think the industry should have more opportunity for informal networking with experienced mentors. For example, the MFAA or FBAA could choose 20 experienced brokers who are open to mentoring and choose 20 new to industry brokers and organise drinks where we can chat and exchange business cards in a more relaxed environment,” he told Australian Broker.

 

COMMENTS

  • by charlie 17/01/2015 9:28:59 AM

    yep, more interactions within the industry and outside the industry would help. more optional education and more courses, and more info would help brokers

  • by CharlieX 21/01/2015 12:20:36 AM

    In order for the industry to grow, make the industry more efficient, get rid of gatekeepers, and so on. Compare America's mortgage industry and Australia's mortgage industry, Australia's mortgage industry has all these unnecessary added costs from gatekeepers, including MFAA, CIO, and so on who are non-government organizations but act like government regulators. It's just too many layers of people who put themselves in positions to get kickbacks and trying to police the industry, but they don't have the authority, so they come up with their own marketing tactics to exist. the requirement that you must be a member of MFAA and CIO in order to be in the mortgage industry or for lenders to even deal with you is anti-competitive? this then makes the role of the government agency ASIC insignificant? As a professional engineer in America, my membership fee to the profession's national organization is less than half of the membership for MFAA. and what exactly is the membership fee with CIO, because it seems the more you make then the more it takes from you. Whatever happens to transparency? if the government agency has the authority to licence the industry then it must be the only one to regulate the industry. peer-to-peer regulation will become "if you scratch my back, I will scratch your back" or that most will not bite the hands that feed them. Industry organisations are good, but they need to be similar to the universities' role, such as for education, mentoring, and social activities. they must not become the gatekeepers for those going into the industry and those in the industry.

  • by king clive 16/06/2015 9:06:31 AM

    Broking houses need to pay a salary to young brokers and stop conning them with false promises of buckets of great leads.
    The big real estate franchises try to con brokers into joining them when all they offer are lists of punters who went to open to inspections.One agent mate said he had a young fellow doing this for 3 months from his office and had one deal.
    I think its disgraceful!
    Brokers need to put some time and serious hurt money into this area.If you cant afford the hurt money you cant afford a employee.