When you’re starting a career as a mortgage broker, there are a few top factors you should look for as you decide which company to work for. Your company will be able to provide important tools to help you succeed. Ensure that you’re putting your best foot forward, and building a strong network by evaluating these 5 factors before choosing your new employer!
If you’re new to the business, training is a factor you should definitely be considering. Whether it means looking for a particular mentor, a team to join, or just a company with a strong training program, you’ll want to have some guidance when you first get on the job. Good training will help you learn how to get leads, explain products to borrowers, and ensure your clients have a good experience from pre-approval to closing.
Marketing yourself, building your brand, and getting leads is vital as you build your client list. Personal marketing can be very expensive if you are building a brand on your own. A good mortgage lender will be able to provide marketing materials, lead generation strategies, and a customer relationship manager to keep in touch with clients. As you’re evaluating potential companies, be sure to review the types of lead generation they can offer, and how they can help you organize and prioritize leads.
When you’re first starting out it is very important to align yourself with a company that will allow you to meet the needs of your clients. Each mortgage lender will have different product specialties, and different pricing abilities. Be sure to evaluate different companies based on what they will be able to offer your clients. For example: if you work in a community that has a lot of fixer-uppers, you may want to look for a company that has a good renovation product. If you work in a community that has a lot of military personnel and veterans, it is a good idea to work for a company that will help you close VA loans. If you can make your clients happy and meet their needs, you’re more likely to be successful!
From managers to underwriters and from HR to Marketing, the people who make up a company will have a huge impact on your success. You may not be able to evaluate every team member as you look at companies, but you can take a look at the company culture overall. Look at sites like glassdoor.com to see how current employees feel about the company, and ask other members of your network what they know about the company’s operations. Hearing these first-hand accounts can give you a good understanding about whether or not you would fit in with the team.
While this is not quite as important as the other factors as you’re starting out and your brand, it is definitely something to review before choosing an employer! Be sure to look at more than just the commission split when you evaluate compensation packages. Additional benefits like healthcare and a 401(k) match are incredibly valuable, and should be considered. Commission split is also important. However, you can always re-negotiate your split as you build your client list, close more loans, and start bringing in your own leads.