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The move from corporate to client-centred careers allows brokers to deliver tailored customer experiences, own their business and enjoy personal growth.
While working in banking is a great way to learn about the home loan industry, the role often comes with limitations. Bank lenders only have access to their products and solutions, which can make it challenging to meet every client’s needs. There can also be limitations in terms of career development and caps on earning potential.
For all these reasons, there’s a growing trend of bankers reinventing themselves as mortgage brokers. For those prepared to put in the hard work, becoming a broker can be an incredibly fulfilling and lucrative career path.
One of these former bankers is Mortgage Choice franchise owner Daniel Liao. After spending the first decade of his career in banking and lending roles at ANZ and Bank of Queensland, in January 2020 Daniel decided that it was finally time to step out on his own.
“It was something that had been on my mind for a while – I saw it as an evolutionary process,” Daniel said. “I wanted to work with more flexibility so I could service more people. The greatest fulfilment is being able to deliver a ‘yes’ to someone who has heard ‘no’ for so long.”
Make the most of your first year
The first year of owning a business is always a steep learning curve, with a lot of decisions about how to position the business, what you want to achieve, and the type of lifestyle you want to create.
This can be a daunting experience on your own. But if you join Mortgage Choice, you’re paired with a dedicated onboarding manager to make this process far easier and more enjoyable. They’ll help you put together your roadmap for success, so you know what your goals are and how you’re tracking towards them.
Daniel also leaned heavily on other brokers in the Mortgage Choice network to get himself up-to-speed as quickly as possible.
“When you’re a banker, you really only understand one bank’s niche,” he said. “So the goal of your first year as a broker is to try and understand as many niches as possible. The other brokers were so welcoming. They were more than happy to provide their time and answer all my questions. The best thing is being able to speak to someone who knows which bank is going to take on your client and can provide you with the solution straight off the bat.”
Use all the support available to you
One of the benefits of joining a franchise network is tapping into a wealth of expertise and resources to build the knowledge and skills you need to run a successful business. Comprehensive support also means you can focus your attention on growing your business while receiving assistance in specialist areas like IT, marketing and administration.
Daniel said, “Building relationships is my favourite part of what I do, but I needed support with other things at the back end. The reason I chose a franchise model is because I know my strengths and where my time is best spent.”
The Mortgage Choice marketing team will help you set up local marketing campaigns to build your profile within your community, as well as assisting with your website and social media. You’ll also have exclusive access to the realestate.com.au audience, helping you connect with highly-engaged property seekers and attract quality leads.
Even though Mortgage Choice provides all the tools to grow a successful business, you still need to be prepared to put in the work. In Daniel’s case, it took a lot of dedication and perseverance to boost his profile and get clients in the door.
“Your commitment level has to be higher than in banking,” Daniel explained. “Coming into this requires a lot of discipline, persistence and consistency in what you do. But if you back yourself, you can reap the benefits of your hard work.”
Enjoy financial and personal success
One of the reasons why over 1000 Brokers across more than 750 Franchises more than 1,000 brokers choose to be part of the Mortgage Choice network is the financial rewards. Mortgage Choice outperforms the market for upfront payments, trail commission and average loan book balance.
In 2022, Daniel’s gross income was a significant increase from his former banking salary. And in addition to the financial rewards, he is also building a valuable asset and has seen positive impacts across his personal and professional life.
“Becoming a franchise owner has not just helped me grow my career; it has also allowed me to mature and gain a deeper understanding about what’s important to me,” he said. “I’m very happy with the commitment I made, and I’ve never looked back.”
For 30 years Mortgage Choice has been at the forefront of Australia’s mortgage broking industry, and this hasn’t changed under new ownership as part of REA Group, a leading global digital business specialising in property. With a network of over 1,000 brokers and more than 750 franchises nationally, Mortgage Choice remains one of Australia’s most trusted and recognised brands, with over 95% brand confidence1 among consumers. Mortgage Choice is passionate about helping people afford the things that are important to them, whether that’s buying a home, buying a new car or starting a business.
[1] 2021 Honeycomb REA Service Offering positioning research.
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