In this episode, we'll cover the important qualities you need to be a successful Mortgage Agent. Based on a survey of successful agents, we discuss the importance of the top 6 attributes.
From this, we hope that you can learn your strengths and weaknesses in order to help you decide if this is the right path for you. All of these traits can be strengthened and learned, so don't be discouraged if you aren't naturally outstanding in all of these areas. An openness to self-development is all that's really needed!
If you have questions or ideas for the show, please send us an email.
jamie@mortgagesbyjamie.com
In this episode, we'll cover the important qualities you need to be a successful Mortgage Agent. Based on a survey of successful agents, we discuss the importance of the top 6 attributes.
From this, we hope that you can learn your strengths and weaknesses in order to help you decide if this is the right path for you. All of these traits can be strengthened and learned, so don't be discouraged if you aren't naturally outstanding in all of these areas. An openness to self-development is all that's really needed!
If you have questions or ideas for the show, please send us an email.
jamie@mortgagesbyjamie.com
How to be a Mortgage Broker
Episode 1. Is Mortgage Brokering For You?
Transcript
This is how to be a mortgage broker where we investigate the mortgage topics you need to accelerate your business and become an expert in this dynamic industry.
Second, hello and welcome to episode one.
How to know if being a mortgage.
Broker is right for you.
I'm Jamie Ushko
And I'm Jenn Marx.
And so Jamie and I decided that we should dive into the traits that you need to be a successful mortgage broker.
Yeah, 'cause I think a lot of the things will transfer over from, you know your life that you have in all these skills that you already have, but you never know how they're going to, you know, serve you in this in this.
Environment, yeah, exactly so I think having a.
Feel good heart to heart with yourself and thinking about what qualities you have that can help you succeed in this industry or or qualities that you might need to learn or lean into a bit more.
So gendered a survey of top mortgage brokers in the industry right now to find out what they think are the most important.
Qualities that you.
Need in order to make it in this business.
So Jen, what did?
What did you?
Find well, it was interesting 'cause everybody has an opinion, right?
'cause they've all had an experience with with a bank or.
A broker or have been one for many years.
And So what we did is we just pulled out.
You know, a couple of strong qualities that you should absolutely have.
If you're considering doing this as a career and resounding the one that that came out at, the top was confidence.
So, and I mean you don't want blind confidence 'cause you know you can.
You can come across this too much and be off putting if you don't know what you're talking about.
But it is really important that you know your stuff and that you can portray it confidently because.
You're going to run into all these personalities that are going to try and bulldoze you, or tell it like it is, or you'll do a mortgage.
For example, for someone who got a mortgage 20 years ago and they think they know it, you know inside it out and they they just don't even know how much it's changed.
Right?
So confidence is a huge thing.
Anyone who's listening who feels at that.
I mean, you're definitely going to want to want to work on that because you are your business, right?
And and I think if you can come back across confidently, that's that's definitely a good trait to have, and it's essential.
Yeah, and it probably helps too in.
The beginning in the early stages when you might be.
Getting, you know not.
You're not always going to be getting yeses from people, right?
So if you're confident and you know that you know that's OK and you're going to move on to the next person or the.
Next realtor, you know and show them what you've got you.
You do need a little bit of confidence.
And resilience I guess.
It goes hand in hand with confidence 'cause you've got to not just be confident sometimes, but all the time, even when things aren't always going your way, you know.
Yeah, exactly and.
That's a good tip to be able to move on or just express yourself.
Properly to a client and just, you know, nicely strict standard ground.
You can do it.
You can do it nicely, but you need certain things and you just gotta stick with it and they're going to try and talk you out of it.
A lot of people will and just stick with you.
Know what you know and it's definitely it.
It is definitely something that you need.
I mean, I think that kind of leads into the.
So the next one we were talking about was communication too, so that was the number two.
Who was communicating?
And I mean you've done that like quite a few files already.
So how have you found it?
How do you use and draw on it daily?
Oh yeah, communication is so important and it's not good enough to just say I'm a good communicator.
You need to define what that means to you and make it.
Clear to your clients and to your realtor, partners and everyone who you work with.
What that means so that they know what to expect from you, and I think having that clarity from the beginning sets that expectation.
And it helps you be more accountable for what you've promised and don't promise what you can't promise.
So if you know that you're going to be able to touch base with the client every day, you let them know at the beginning of the process I'm going to be here for you every day.
I'm going to check-in.
Do you prefer text, email, or phone calls?
And just?
Being very clear about that from the beginning, it helps the process along because it's it's stressful and if clients or Realtors are feeling like they need to call you then you're not communicating very well because.
A good and a good relationship with somebody that you're working with.
They know Jamie is going to call me before 5:00 o'clock today because she does every day, and that's what.
She said that she would do.
So then of course, there's, you know, communicating through.
The systems and.
Processes that you have in place so and making sure that everything is happening at the same time for everybody.
Throughout different parts of the process, which it.
It takes a little bit to.
For me anyway, getting started getting all of that organized in my mind.
And having it organized so it's a little bit more seamless.
I don't know you.
You've taught me a lot about that part of it and helped you know, help me along on making that process a bit easier.
Well, it's interesting 'cause you think you would.
It would be easier, but there are so many channels that you have to prioritize honestly, because you'll have things coming at you through email through lender portals through texts.
And then things come at you nonstop all day.
Once you're actually doing the job.
And so I mean methods are are huge and processes.
And this is, this is how we always communicate.
A pre-approval things like that.
You have to just get and find.
Out what works.
With you and send it out and I I think my business it honestly became so much.
Easier, once I had the same system for everything and once you do that then you can look and go.
Did I send that out?
Did I send that email though?
'cause there's the various stages that you you talk to your clients and you guide them through this.
So yeah, I would say just a system, a repetitive system.
That is you.
You can always improve it, but it's it's essential.
It's schedule.
It it really is.
And sort of making it like the the McDonald's scenario where you're.
You're hoping that every client is going to get the same experience your every realtor partner every.
You know, lawyer?
Partner that you have, you want them to all come come away with having the same experience at the same level of communication.
And and that's what you're saying about your processes being in place.
So each client of yours, we know we could go back and they're getting you know letters at certain times, text messages at certain times, emails, and shown as they go through the process, and that kind of goes into the next thing to which a lot of people brought up in the survey.
Which was empathy and authenticity.
So you're doing these regular emails.
This regular communication, but.
You'll also be.
Able to need to be able to communicate.
You know, sometimes not so good news to people and and you need to be honest, you know and upfront with people.
So you you know an authentic with what you can actually provide for them, what?
What do you think?
About well, the best comment.
I think I have on that is it was last weekend.
Actually I was having coffee with a colleague and and it was interesting.
He's going to be a future guest, but we were talking about empathy and and he said, you know what it is?
Important for sure to be empathetic to someone situation, but also you can't take it home like you.
You didn't get them into this position, it it's unfortunate it.
Sad, you're part of the solution, but a lot of times if you're ever dealing with clients it can be very angry at their situation.
You know, maybe they're going through an awful divorce.
Maybe they had a bankruptcy that they you know no one plans on it, but they didn't plan on having it.
And they're extremely stressed, so it's important to be empathetic, for sure, but you're part of the solution and you can't take it.
Home so you have to have that ability to just not take it on, you know, see it for what it is.
Be warm, be understanding, but also be confident and firm in your response and that you're part of the solution.
And if they're, you know, going to get angry at you or treat you poorly.
You just have to move on because that happens as well, so.
Definitely empty, but you know you have to protect yourself too and it's sometimes you you get people in really poor situations, so just.
Always remember that.
That always comes back to me too.
Is that and once they know that you're part of the solution.
In all honesty, they do warm up to you, you know, and you can just remind them of that.
You know you're here to.
Help yeah for sure and I think when people if you can communicate that you know you're like you were saying that you're part of the solution, but I think being able to understand where they're coming from.
Like you know, I don't understand why I need to give all of these documents and why I have to do this and I have to do that.
And if you can flip that around in a way, so I mean there's two ways you could go come back for that.
You could be defensive and say, well, the lenders loaning you this much money.
Of course they need this documentation.
I mean, that's the bare minimum.
Or you could turn around and say, oh.
Gosh, you know.
It's it is.
It's it's quite a lot.
But you know, I'm going to.
I'm going to get this stuff from you right up front because the lenders will need it eventually and I'm just going to try to make it easier for you down the road so we don't need to go back and be, you know, flipping around, looking for different things.
We're going to get that all done straight away.
Get that inconvenience out of the way and you know, remember?
We're on to the next step.
So you can kinda.
Use those difficult situations you know to your advantage right to let them know that you understand that it's a lot or whatever it is that they're going through.
You know, and with the housing prices this year, it's been really hard on people too, 'cause not only have people been hit with, you know, loss of jobs or hours and that kind of thing.
But the cost of housing has gone up, so they're finding that it's hard to find things.
In their price range and yeah, so it's.
It's been all sorts of that, so you need to.
Like you said, learn how to have empathy, but be able to move on and be firm at the same time.
Definitely, and a lot of people just want to be heard, right?
They want to.
They want you to go.
Yeah, I hear you.
It kind of sucks.
Right now it's hard.
Right now, but.
I'm going to help you out.
So I mean just having an open ear and be having the patience and willingness to really hear them 'cause I.
I think I mean.
A lot of brokers are extroverts and we're putting a lot of energy out there.
But to sit.
Back and just listen.
It's huge and they'll appreciate that all the time.
Yeah, I totally agree.
And then the other one we were going to talk about, not next, but it seems fitting to jump to it now as they react and adapt.
Because situations can change and or you can be talking with somebody and everything good.
They've got their pre-approval and then.
Yeah, I mean we plan for it, right?
We plan for a smooth process, but things happen and you gotta, you know, 8:00 o'clock at night.
Whip up on your laptop, change the appraisal to do what you need to do right.
Get things done.
Find a new lawyer.
You really have to just be able to think on your feet, react and adapt to the situation because it's all on you.
This person is trusting you with their future.
It's it's a huge responsibility that you're taking on.
That's important to, I mean you.
Can't just.
You know, fluff it off and I've lost sleep on some files.
Whether it should have or not, I don't.
Know but you know.
You do it.
It's personal.
You'll wake up thinking about these people and you want to make this happen for them.
So it's so important to not be set in your method to set in your methods.
Other ways 'cause you're just going to.
Have to switch it up sometimes.
There or.
Or to know when to pull the plug, right?
'cause you'll be waiting.
On a lender for a long time, and then you just kind of get that feeling OK.
Like you don't want to send it out.
To multiple lenders 'cause you don't want to clog up the pipelines.
But this lender is not coming back to you.
They're not showing any love and you know another one who might be able to do it.
Then you fire it over.
That way, so that that's one case in point where I've had to do it.
Yeah, that's why.
Yeah, why?
You know you just kind of give the countdown, and Nope, this isn't going to happen.
OK, let's go.
We're going this way and we're going to have to get a different appraisal or a market rents letter.
Or you know, you name it.
Yeah, yeah or redo the application.
Maybe we need a cosigner or maybe you know there's all sorts of different like options, but you have to keep your mind open and be able to react calmly in this situation.
So the client you know feels like you've got it under control and.
Now you can make the changes that need to be done and hopefully things are going to when things are going to turn.
Out at the.
End of the day.
So so that goes part.
And parcel 2
With like, well, you've got the next one.
Well, it's kind of funny, so I actually just want to comment on that.
'cause when you're talking about reacting and adapting.
Like think about how much work you put into your file so far and you almost think, well, this does the client know how much they're on their minds.
Do you know?
Do they really know how?
Much behind the scenes and work you're doing 'cause it is a really detailed job.
Hopefully not.
I think that's part of it too, right?
It's like with any of these types of jobs you know you're going to do all this.
A lot of it's going to be thankless, but.
That's what you know.
For a very good reason, because that's why we get paid to take that stress off of the clients mind so they.
You don't have to, you know.
Be really nice to call them up at the end.
Of the night and be like oh you know what I did that.
This I did this and this person said no and I actually had to get another appraisal and like the whole deal fell.
Apart, but I sent it.
To a different.
Lender and you know this is the last thing you want.
And he lost sleep on it.
To do and.
I was stressing when I took my kids.
And I know McDonald's 'cause I couldn't cook.
Sit down like.
Exactly, I know.
You name it.
Yeah, so back on track.
Sorry, I kind of digressed there.
But so the next one I know that we were going.
To mention which?
Is super important and something you do really.
Really, really well as a broker.
Is resourcefulness and research because.
Yeah, like I love that mentoring you always.
Went out and.
Found the answer yourself first if you can.
Right?
And I mean, if you could tell all the new people out there, how many lender manuals you're going to be reviewing?
How many like how much?
You read in.
A day, yeah, yeah, like how many pages is that TD manual?
No our.
Team well, thanks for saying.
That I do really love the research part.
This job and I do happen to know that the TD broker Information Kit is 127 pages, so it's a yeah it's a ton of reading.
It's a lot of research you have to love that part of it.
You have to be resourceful.
I love that part of it, but I'm lucky because I have you and you give me so much direction to go in.
So I'm not just like swimming in a sea of the broker information, kids, I kind of have I have you to give me guidance on or straight up just.
Told me where to go.
Told me where to.
You have to.
You have.
Go but but but yeah, yeah.
I've done that, I'd say try here, here, and here, but you still have to go in and go OK.
What does this lender?
Need what you know, yeah.
Need what?
What forms do I have to fill?
It is a research, almost like a research position.
It is totally like a research position, that's why that's what I love about this job, because yeah, you're exactly right.
And then there's.
And then there's still going to be a few within those ones.
Like let's say you find a few lenders that will do what you're looking for that have that.
That that special.
Ability, and then you're going.
To be looking still researching the.
Rates and finding out what kind of documentation they're.
Going to need.
Credit score all that kind of thing.
What the minimum down payment is going to be and it could.
It could vary from from lender to lender and then you know.
Being resourceful in, you know, talking to the bmes or talking to other people on.
Your team like oh, have you worked?
With this lender.
How long was it turn around time because you know, we've this is a tight deadline so you know of these two, which won't be quicker.
And yeah, it's super fun.
The research side of it, and you do a little bit of research.
You're a little bit of a detective too with the clients, right?
You're sussing out.
You know their employment, what their income is, what what you're going to kind of need from them, based on their based on what they say, right?
Oh, OK, you've you've been getting some extra money.
Let's let's look at two years and maybe we can average it out.
It'll be, we'll get a.
Little bit more out of your income that way.
Uhm, so yeah, just things like that.
I don't know what.
What are some other ways like that you can.
Think of because you're super resource.
Full, I can't think of anything.
Any problem that you haven't been able to solve yet, honestly.
That's hilarious, thank you.
I just think I.
I mean, I've been.
Doing it for.
So long, so yeah, the nuts and bolts.
Of it are pretty easy.
But I I honestly just go in.
And I mean one of the key things I do is is go in.
And just read all the lenders guidelines.
Not that I'm that lame.
I mean, I don't.
Do it on.
A Saturday night, but you know.
You you do get to know them.
Individually and I find you know they're great at updating emails, so you have to read those emails even though like you'll, you'll be getting hundreds in your inbox.
Like that's another thing you're just initiated with info.
Sort of sort through.
It is important, but it really is because I mean when it comes down to it, when it gets really busy, you know you'll say, oh, someone might think I could just call the lender and.
Ask them if.
It works well.
It works.
Yeah, it's so busy and they might not get back to you for half a day and we need some.
Yeah, underbead ask it.
It's true.
You have to submit it, right?
You have to get it off.
And you want to save you want to save those.
I don't know.
This is house.
This is what I kind of think about it.
Yeah, I I want to try to figure out as much as I can.
From everyone else before I get there, I.
I mean, I'm hoping that I have those kinds of yeah.
Big time yeah I I agree.
Big time yeah, I agree.
So then when the BDM or I talked to you know the the manager or the the the business development manager for that lender, I want them to know like oh, Jamie is calling like she's got a foul she's submitting and she has a legitimate question.
About something about how she's going to construct, you know.
Yes, yes.
Put it in and make it easier for the.
Under writer, that kind of thing.
That's huge Jamie 'cause honestly, that that's who I pay attention to.
It's the people who rarely call me.
It's not that it's everyone but.
You know when when?
When you're called, often about silly little things that are easy to find, it's it's difficult to put in that you know emphasis and effort.
Whenever they do call for a real file.
So I'm I'm in your in your court for that too, because I'll always try and just figure it out on your own.
So when you call they answer your phone because I've had.
I've had brokers say that oh so and so never answers their phone and I'm thinking they answer it for me.
So maybe I'm doing something right, because yeah, you you want to cover substance or multiple questions at one time like don't just call for this or that it's it's like whenever.
So when we were first starting mentoring, remember and I said, compile your questions into one email or one phone conversation and we talked like probably for weeks every day on my drive home because Yep.
It was like OK, what questions did you have today and then you would call me and then we'd you know, hammer it out in the 20 minutes it took me to drive home and it was fantastic.
So to be concise, when you do.
Get someone with.
A lot of knowledge on the phone don't just ask one little thing you know, definitely as you're as you're accumulating all this knowledge.
You know?
Uhm, you know?
Ask a bunch at the same time.
And then also another point that I would make too is just start your own your own.
Again, this has to do with your process, but start your own.
Either by now I have a binder, I have like a really old fashioned way that I I learned from Terra.
It was a binder for and foreach divider.
I have each lender in there and so I'm constantly writing down notes so it's kind of like my Bible.
My lender Bible, but it's super quick.
I could just flip.
Do it.
You know I, I don't love reading, you know on on the computer all day so I I wouldn't like it if it was a Word document or this or that like I like just flipping.
Yeah, I'm not saying.
OK, there's my writing that to that.
So all the key points from the lenders.
That I find I use often and some.
That I find I use often and.
Times don't remember like rental offsets and that it's in a binder which is really important and that kind of leads into the next point, hey?
Yeah, that's a good point.
Yeah, that which one that the organization.
That's right there.
And yeah, I think we have to hit the.
And yeah, I.
Yeah, hit the point home with that.
'cause that was a resounding popular response.
Hey it was.
It's so true and it really is a whole different level of organization.
If you're going to be successful in this job like and I mean organizing not just the files that you have, how you?
You know temp your templates, how you communicate everything has to be organized, but it, but it's more than that too.
You've got to organize.
Your day, you're self-employed now you're not working for anyone.
There's no one over your shoulder saying like get to it like you've got to do this.
This and this today, that's up to you.
So if you can be organized about what you're going to do at different time points of the day, who you're going to call what you're going to accomplish, I think that's so so important on top of just keeping everything straight, yeah?
100%. You're absolutely right, I think, but organizing if you can organize your world that's not involved in the business too, it helps you with the business.
Like you know, simple things.
You shopping for the week, getting pick up and drop off.
Figured out things like that that you don't think.
Well, because when you said you're self employed, I don't know if people you know starting this business realizes you never get to.
Put the closed sign up.
You never get to walk away.
I've I've been in Mexico at an all inclusive resort and I was, you know, working from you, know, eight in the morning till noon and then I would go down to the pool and have fun with my kids and my family and it's just.
'cause that was the bare minimum was four hours.
I had to put in in the day.
Just to, you know, keep my files afloat and they.
Even had some.
People helping me and I mean that's just one one experience that I've had personal.
But you you're always on, so just be prepared to to run your own ship, you're.
Just beep.
Running your own company.
Yeah, yeah.
It's massive, no, absolutely, and the file thing too.
I mean, you're going to have people sometimes sending you files you know by text message by accident or PDFs, one page at a time.
Some jpegs.
I've I've even had like. Yeah Jpegs and they've sent 181 JPEG part of it. It's a little bit to the computer skills to like you're gonna learn.
How to organize yourself?
How to organize your computer and and get those computer skills nailed down because you're going to be using something to open.
Up these files.
Like I know, Jenna and I use Adobe, but there's a few other ones that a lot of different people use on our team.
Umm so yeah, organizing that kind of thing, your file naming, whatever platform that you're using to submit.
Your files, if its velocity.
Or file logics, or expert whatever.
You choose to do.
Choose media federal.
Media federal.
That's going to be a bit of a learn.
A learning curve?
Yeah, thanks Venmo too.
Yeah, yeah, and it's.
It it is, you're you're basically.
Sunk before you even start.
If your computer skills aren't strong, 'cause 'cause?
Even if someone were coming along and saying, oh, they're not that strong.
I mean luckily it's in our day-to-day life too.
So most people have a pretty good grasp on it, but it can be.
It can take a long time if you're struggling with certain things.
You know, and so yeah, if you can become proficient just like you know if you're waiting for.
If people are listening right now and they've passed the test and they're waiting for their license to start doing some.
YouTube, Adobe Tips and tricks.
You know 'cause you use that nonstop all day.
'cause I even use it for signing, right?
So yeah.
Yeah, and Excel too like there's so many little Excel Youtubers and Tik Tokers that help you.
Do that 'cause it.
With the shortcuts, yeah.
With the shortcuts.
Yeah yeah.
'cause in the beginning if you don't have a CRM yet and you're not sure you're still like investigating what you're going.
To do excel is.
A good you know you gotta track it somehow and.
Excel is the most basic freeway.
To do that in the beginning, so.
Yeah, just those kinds of things too.
Once you've chosen your brokerage and you've signed all your paperwork to get all that stuff processed so you don't want to delay in that part of it.
If you're looking to get going right away.
Yeah, definitely 'cause there's.
There's the delay of people interviewing their brokerages and signing up.
And then there's the added delay.
Once you do your paperwork, it gets sent to the brokerage brokerage to be processed, and then there's the governing body of your province that needs to approve it and get your get your actual license and then you can get going so you have various stages.
Sure, and I mean it's exciting that a lot of people have changed occurs during COVID, but it's definitely clogged.
The pipes in a lot of industries and ours is one of them.
Miss fun included.
Yeah, for sure.
Big time.
There's like there's.
So many and you can see why right it there's so many benefits to this career like you can work from home if you choose.
You can work in an.
Office if that's better for you.
The thing that I really.
Like about it is.
That in Latin previous jobs that I've had, you know.
I'm always paid the same rate the same time.
Everything is the same.
It didn't matter how much effort I put in, and I love that with this job you.
You get back what you put in.
You have you have some freedom.
That's what I'm trying to say.
You've got some freedom with your day, how you structure your day.
Like I know Jenn, when you started this you were a new mom, right?
Yeah, yeah no it was.
It was definitely a part time thing in the beginning and I had, you know a 3 year old and a 6 year old so it was something that I I took on.
On the side.
But I I really love that you said that you get what effort you put in because that that really is the true entrepreneurial spirit.
And that that's what I had.
And I thought, well.
If if someone going to pay me to be away from my boys who I love more than anything in the world.
It better be good.
You know, and I also had that background so I was.
I was really lucky that I I you know, I came from a bank and I don't care.
I could put this to use and and you really gotta figure out your why, so it's great if you have that entrepreneurial drive it it's you know some have it, some don't.
You know some just are, you know, definitely salaried people.
Others are, well, you know, I really want to put more effort in and then you get compensated accord.
Only so if you have that that drive it's.
Fantastic, but you have.
To figure out why 'cause that'll fizzle too.
You know, if your if your whole MO is just to make money that that's not going to last.
Oh yeah.
You know if it's if it's to help out people.
If it's freedom, if it's this, that and the other then then it's something that'll just keep you going on and on and on.
'cause I'm over a decade.
In doing this, right?
So that's another reason why I'm really excited to do.
The podcast 'cause it is something different, you know, to talk about and share.
But yeah, you know in the beginning you kind of get in there for compensation for for.
Being taken away from me, loved ones 'cause I would just love to be with them all.
The time, and then there's the.
Satisfaction of the job, which is fantastic.
And that's also great at giving you feedback like when you come home and you've done a really hard deal and you got it done and someone else couldn't do it.
Or the client had given up.
Like there's there's nothing.
Better than that, it's awesome.
It's it's really rewarding.
It can be so so rewarding for sure.
For sure.
Yeah, I know, like when they're crying and they're so happy you got it done.
You know, there's.
It's it's unbelievable so that that reward is is so huge.
But you have to really, yeah, like like take it, take a deep look at like for those people who are looking getting into it is like what's your reason why you know 'cause it always usually starts with money, but it it's got to be something different, right?
Yeah, because.
Yeah, and and.
Got that fever.
There could be some serious challenges you know financially to this career as well.
Like of course there are so many people that are very successful and they make plenty enough to support themselves and their family and much beyond that.
But there's no doubt that there's a large amount.
Of agents who.
Aren't that successful that have that really struggle, especially in the beginning?
And and you know, the struggle is real because you're not.
Nobody is paying you unless you're, you know with somebody, you have a partner in crime in life who you know.
Has a has a a regular salary?
Salary coming in that can help cover your expenses.
Or maybe you're you know, living at home or rent free or.
Something like that.
But you know that that takes a little.
Bit of the pressure off.
A little bit, but you definitely have to budget and be prepared for the fact that even if you know you get your license, you get signed up and you're officially a broker and mortgage agent rather and you.
You you sign up your.
First client on your first day and they start shopping for a house and you know and they buy a house within a couple of weeks and then that's going to close in a month and a half.
You know you're still that's your first paycheck coming in at two months from the date that you started.
And that's if you, that's if you get somebody right away, so.
And it's important to know we're not paid.
Like Realtors, we don't get paid on the day it closes 'cause.
Yeah, that's true.
My money has.
To all go through your brokerage so everyone out there, you can never take commissions directly.
From a client.
That is a.
Huge Nono and so as it flows through then there's the payroll and it takes time right?
'cause the the lender doesn't send it right away.
Yeah it does.
They send it usually usually week.
Yeah yeah yeah yeah.
It's having I've noticed that too now with different lenders.
You know they're coming in a month after closing some of.
Them, yeah, well, it's it, it shouldn't.
Be that long, your volume bonus.
Your volume bonus been easily come in.
Wait wait wait, why? Yeah?
Am I going on Jamie?
With maybe it's 'cause I didn't make compliance.
That's it.
That is, that's why you're getting paid late, my dear.
Might be my fault.
Yeah I had.
Failure to submit compliance issues in in the beginning but.
I'm past that now, but yeah, so like there, there are challenges and I'm just trying to kind of way level out the pros.
Obviously with this job with with some of the cons, so that if somebody is out there and they're kind of considering it, you're you're going to think through all of this stuff 1st and just know that.
And I think most people if you're even listening to this.
Here you're doing that research and advanced.
You probably are going to do better than most people anyways, who haven't even gone to the trouble of discovering whether or not this is going to work for them first.
I think there's something to that.
There's so much.
So much.
Yeah, it's so much easier to overcome an obstacle that you're.
Prepared for yeah.
You know, so case in point with you you quit your job like it was.
I'm so proud of you.
You quit your day job and you had to prepare for that.
You know you know, you know.
I did, yeah.
You and your hubby like sat down OK what are we going to do?
What are we going to cut back what?
Have we got in savings?
What's our cushion?
What's our goals and?
You know, if.
Ah yes.
You just say I want to.
Be a broker and quit.
I know, so yeah, that could be our.
Nugget for this week but.
Yes, I love it I.
Love it plan sign plan.
So yeah, 'cause you need to get your finances in order before you do anything like the you can be working right up until the point that you write your exam.
Like take an afternoon off, take a vacation day, go write your exam.
You can study in the evenings, that's fine, don't quit.
Your job after you write the exam, don't even quit it.
After you get the result back that you've passed 'cause.
You still need to.
Uhm, submit everything.
That's my 2 brokerage, yeah?
That's my 2 brokerage.
Yeah, yeah it takes it took I think 6 weeks.
From the time that I got my exam results and I'm and I chose a brokerage within a week.
Yeah, and that's a process, so you had to kind of work undercover for a.
Of getting my exam results.
While she was, yeah yeah, I remember you.
You're like I still got my day job and then you got to do like the moon walk out of the office.
Once he finally quit.
Once you were licensed and.
It was so awesome, yeah?
'cause you can't do.
Any brokerage activity brokering activity during that time while you're waiting for your license, you know not post anything.
You cannot start your fees.
Page you cannot do anything until you have that license.
Yeah, you can attend your webinars and be a part of your team and start reading stuff.
That's that's also.
If you're you know if you're if you're mentorship or your broker, you know gives you the stuff.
I know you.
I know you and I were talking throughout that whole six week period like probably.
We we have a list.
Remember, well, actually you might have triggered the list 'cause I think there were a lot of people who are ready to go and we just didn't know.
Oh yeah.
But now we have a list that we can send people just to say, hey, this is what you can.
New now that your license is in process, but you can't launch any of it like you can work on your Facebook page, but you just can't publish it.
Just can't publish it, yeah exactly.
Yeah, exactly.
That's one example.
So yeah, there is some things you can do.
Kind of Incognito, but nothing, nothing out there, nothing public.
You can just basically prepare for it, but I love that you got your house in order.
'cause another thing we did too.
Is you know you can refinance.
You can buy that car.
You need to go see clients.
You can get everything done before you quit your job because you know once you're self-employed you have couple of years under the belt to get a mortgage.
So if you need if you want to refinance your home.
If you want to get that in your roof or whatever you need to.
You know that is a great golden nugget for for this podcast.
Golden nugget fur.
Is let's get your.
Yeah it is.
Home in order.
Get your affairs in order.
For sure, yeah, and I I think another piece of advice that I've heard before too is that goes along with the refinancing and stuff is, you know, if if you it's good to have at least six months of expenses saved up.
So whatever your contribution to your household.
Monthly needs is budgetary wise.
Make sure you have six months of that set aside.
You're going to need at least that because it's not free.
Being in this job too I.
Mean you can do it.
On the cheap for sure, like I know, a lot of people are just, you know, doing lots of social media stuff or calling friends and family.
They're making connections with people that way, or like buying a lunch here or there for somebody and that kind of thing.
But I mean, if you're going to do any and I wouldn't suggest doing any like heavy advertising and we'll talk about that too.
In the beginning, especially 'cause it's going to be expensive.
But yeah, you've got to have.
Your expenses set aside.
Do your refinance at your house.
Maybe get some lines of credit them because as everyone knows, it's when you.
When you need money, that's when it's hard to get money.
And when you don't need it, that's when they're giving it out.
So if you're getting any.
Offers like that for.
The free I don't know that's what I would say.
I know I've got my husband and I.
We've got our lines.
The credit they're at zero, but they're there in case we need them, because if something were to happen now and we needed them, I wouldn't be able to get one probably being.
New in this job so.
Yeah, you don't want to cover all your bases there with your finances.
Definitely yeah no. I agree 100%. I think it's great to to end on just to to get things in order.
And I mean, hopefully we provided a little bit of a glimpse into what you're what you need to do well in this job.
It's a great job, but there are certain skills that just help.
Help it become so much easier for sure.
If you've got four or five.
Of these skills, naturally, then you're laughing, and if you don't, then that's OK too.
Just you know, 'cause all of these things you can.
You can learn and and work on yourself.
Just know that it's a big part of it.
Yeah, exactly, and if we still have not scared you away.
A good thing is that we're going to dive into the application process on our next episode.
Yes, so next week we're going.
To go over.
The exam getting licensed and interviewing brokerages and what to expect during.
The next part of the.
Process, so hopefully we'll see you then.
Next week, yeah?
See you soon.
Thank you for listening to how to be a mortgage broker podcast. If you have suggestions for upcoming episodes or would like to be featured on the show, please email Jamie at mortgages by jamie.com. That's J.
MIE.
At mortgagesbyjamie.com you can find me Jamie on the daily brokering out of Kamloops, BC. Jenn Marks is based out of Vancouver Island where her career is thriving as she's raising her family, enjoying the beauty of the nature that surrounds her. There. If you like the podcast please click subscribe and rate US on.
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