Can someone in the know please give me some idea of what a good broker can expect to earn in his or her first year?
Also, what sort of money do really good, self-employed brokers earn?
Finally, with the internet and other media full of comparisons of mortgages, is there a rosy future for mortgage brokers?
Cheers!
2006-09-24 07:04:10 · 3 answers · asked by thegodfather 2 in Business & Finance ➔ Careers & Employment
As a former mortgage banker who dealt with mortgage brokers, I think I can help you.
In Canada, a first year mortgage broker can expect to earn $20K to $50K depending on the area. A more experienced broker can earn several hundred thousand dollars a year.
Some factors to consider.
1. Your market - In Canada, brokers are paid by the banks, not the clients, and the payout is based on the size of the mortgage. Therefore the larger the mortgage, the larger the payout
2. Your ability to schmooze - a good mortgage broker knows the best real estate agents and gets to know them well. A good mortgage broker will direct pre-approved clients to certain real estate agents and in return, the real estate agent will direct potential homebuyers to the broker. It's a symbiotic relationship.
3. Ability to get along with lenders - There are many degrees of trustability among mortgage brokers. Some brokers are slimeballs who will lie, steal, cheat to get a mortgage - lenders discover this and blackball brokers. Other brokers are extremely honest, and lenders will crawl over one another to get your business.
I think there will always be room for a mortgage brokers. A lender will always have information that the media and online sites don't have.
2006-09-25 05:17:47 · answer #1 · answered by cyrenaica 6 · 0⤊ 0⤋
It really depend on many factors starting from top -
1. Leads- if you have good lead source you are will make more
2. Variety of mortgage products to fit the need of unique borrowers- You will come across borrowers with best credit all the way to bad credit. if you happen to work for mortgage company with variety of programs you are bound to make more.
3.Pricing- I cannot stress how important pricing is both back end and front end
5. Identify opportunity- One mans trash is another man treasure, some borrower have not be offered approval due to mortgage broker not identifying where they can place the borrower to get approved.
6. Knowledge is the Power- You need to understand all programs available by investors so that you don't waste your precious time.
7. Understand how to sale- this is the hardest of all and will be important if you will like to make a six figure salary
Cycle of sales- Pre planning, Rapport, Discover, solution, Objection and closing
8. Like any every other career in order to succeed you need the following guidelines- Commitment, Hard work, Discipline, Consistency, Persistence and Love for what you do(your case love you mortgage career)
Bonus
Increase your pride and professionalism by
-Motiving yourself and others
-Practise good listening skill
-Consistenly present good proffesional image
- Last but not least Practise good manner
So self-employed brokers earning depend on above factors and also location
If you develop your own empire and grow you will have robost future as mortgage brokers? - what you see is competion getting tight due to internet just as many industries.
Wishing the best to be a succesful mortgage broker
http://www.mortgage-calculator.us.com
2006-09-27 06:04:59 · answer #2 · answered by Anonymous · 1⤊ 0⤋
PASS
2006-09-25 08:05:08 · answer #3 · answered by angel 3 · 0⤊ 1⤋