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Industry failing new brokers

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Australian Broker | 16 Aug 2011, 06:00 AM Agree 0
Aggregators need new approaches to recruiting new brokers to the industry, and a 'large turnover' of potential broker talent shows the industry is often failing new entrants
  • mortgageandlease | 16 Aug 2011, 11:07 AM Agree 0
    How about sell new entrants the real facts, like the majority of brokers struggle to make more then $70K p.a gross and they will have to work hours other then 9 to 5 and weekends and even once they have a deal settled, they have to wait for baited breath that it lasts at least 18 months or risk having the income ripped back off them.

    If a lot of first time brokers realised what was involved in this industry and that it is not all diamonds and champagne, they would probably not enter it in the first instance.
  • Silent majority | 16 Aug 2011, 12:56 PM Agree 0
    Mortgage and Lease - you are spot on. In seeing the major banks have 95% of the broking options and encouraging people into their own establishments by approach or online the broker who makes a suitable income for the time spent has become extinct!!!!! No wonder a flood of talent has returned to the banks and BDM roles. Why not wait for every fortnight to be paid and have all the resources, funds and clients provided, compared to a broker. We are like retailers, the good times have gone and survival is an achievement.....What were the figures between Dec to March this year - one in four brokers have left the market and one out of three did one loan!!! Not sustainable......
  • mortgageandlease | 16 Aug 2011, 02:16 PM Agree 0
    I was the one in three that didn't do a loan, but not withstanding that, I am lucky I had several good long standing lease clients that were gearing up and that helped fill the gap, but not sustainable long term.
  • Broker | 16 Aug 2011, 03:56 PM Agree 0
    Anyone seriously thinking of entering at thia time this industry needs their head read!!
  • WhistleBlower | 16 Aug 2011, 10:32 PM Agree 0
    Spot on fellas.

    In fact, calling it an industry is one huge stretch to begin with.

    An industry has complexity, depth, talent in the pipeline coming from effective pre-industry vocational educational portals (eg Universities, superannuation, leave, 9 to 5 hours, career progression, role diversity, and employee engagement in developing additional skills/training and management-progression.

    Acting as either a broker or mortgage-manager is one very lonely pursuit, where you plough away for years, with crossed fingers and a smile while everyone bags your level of skill, ethics and where the funders/banks/aggregators and BDMs manufacture an environment where you think you have input, but in reality you are the lowest rung on a ladder that just feeds (Ultimately) some banking executives annual bonus and golden parachute.

    Yep, not only does anyone considering entering this "Industry" need their head read, but those of us who stuck around need some serious intervention and pharmacological medication.

    Industry, what industry?
  • Broker | 17 Aug 2011, 01:47 PM Agree 0
    If making 200K plus per annum out of this “non-existent industry”, puts me on the lowest rung on the ladder, then that's just fine with me!
  • mortgageandlease | 17 Aug 2011, 03:17 PM Agree 0
    "Broker" $200K p.a, your an exception, not a rule. 90% of New entrants probably wont make this level ever.
  • WhistleBlower | 17 Aug 2011, 05:33 PM Agree 0
    To Broker:

    Read the whole passage... it's not a crack at you, it's a factual statement about the construction of an industry, as in the component parts that combine and come to be termed 'industry'.

    And mate, I agree with mortgageandlease, you are definitely in the top EARNING percentile, well done; it's an absolute credit to you and I hope everything continues to build for you.

    My satire has nothing to do with you, but rather speaks to the broader elements that engage and develop pipeline talent, new-entrants, role-progression blah blah blah... as it related to the topic raised at the top of this page.

    Essentially what I'm saying is, this "industry-vocation" is going backwards, I'm agreeing with the author.

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