The Evolution of a Mortgage Broker – Part 3 Business Owner
You are now 3 – 5 years into being a mortgage broker, you have got yourself some consistency in your business and with your referral partners. New issues arise, you have too many leads! “It’s a good issue to have” everyone keeps telling you, but you don’t feel like it is! You are worried about letting down your business partners because you are so busy, sometimes the leads sit on your desk for too long and by the time you get to it the opportunity has passed you by. As a one-man-band you decide now is the time to expand so that you can continue to support your referral relationships. You are settling around $40 million a year and have a reasonable trail coming in to help support the business during its expansion phase. You now have a PA who you quite happily pay $50k a year in salary (don’t forget all the other costs that come with employment, payroll tax, superannuation, holiday, sick pay etc etc), you rent a small office space for $18,000 a year with room for you to see clients and space for your PA.
You realise that this growth has come at a cost, expenses are growing rapidly, you are not seeing as many clients as you are spending time dealing with landlord issues, training staff, dealing with HR, payroll etc. This was all meant to help you to expand the business, but in reality it has slowed you down, added more cost and the business has retracted.
RateOne brokers have the option of working from our office HQ where we have a hot desk policy allowing you to drop in and use the facilities as you please. We even have the option when your business starts to demand more to house your PA there. After years of training PA’s, we have built a library of training videos and knowledge that will assist you get the PA up to speed as quickly as possible, coupled with working alongside other broker PA’s and in an environment where you can ask anyone a question, your PA should have little impact when you first take that jump, allowing you to sustain and continue to grow your business.
Now you have more support from a PA, time to think about protecting your business from reliance on just you to write loans for your business partners. What happens if you were ill or wanted to take some time away on holiday? A loan writer under your guidance means that even in your absence, clients are being seen and recommendations are given.
I have already been through many of the other benefits of being part of the RateOne family in previous blogs, a robust and efficient back office, the Co-Op style culture, the training, coaching and support delivered by a team of directors each with over 15 years of broking experience, plus an operations manager that has built our back office from scratch, an internal BDM and strong support from our aggregator BDM …so I won’t mention it again, but needless to say, if you are at this business owner phase and find that you are still working more hours than you thought you would, paying out more expenses, unsure how to recruit and support PA’s and loan writers, then maybe you should give me a call to see what the opportunity is to take your business to the next level with RateOne.
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