This episode is all about Choosing or Changing Brokerages. We discuss the questions you should ask, and what you can expect throughout the process.
For a list of questions to ask please send us an email: jamie@mortgagesbyjamie.com
This episode is all about Choosing or Changing Brokerages. We discuss the questions you should ask, and what you can expect throughout the process.
For a list of questions to ask please send us an email: jamie@mortgagesbyjamie.com
Audio file
03 Choosing or Changing Brokerages.mp3
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.
Hi Jenn, hey Jamie, how you doing?
Good thanks how are?
You good good.
I can't believe it's been a.
Week already.
I know time flies when you're having fun.
I know I'm really excited.
About this one, you'll see a fun one.
Me too, this is this one really key.
I remember this is the one.
That I was searching the most.
For information for when I was getting.
Started because it's kind of the biggest piece you get through your exam.
All you think about next is where am I going to find a brokerage that's going to hire me?
I see a lot of people post.
On there I.
Don't know if I can get a job because I don't have any experience and people worry about these types of things, so we'll cover all that we'll talk about.
Yeah, what to look for.
In a brokerage and how to go through that process?
Yeah, and it's nice 'cause the ball is kind of in your court, you're.
You know allowed to shop for an.
Employer, which is pretty cool.
Yeah, it is really cool.
It's a little bit different.
Where do you think we should start?
Like I I think.
Well, I've been pretty curious how what happened with the Equifax issue that you're dealing with.
You're going to give us a follow up, so how'd that pan out?
Yes, OK, so it panned out really well and I I heard back from them within 24 hours I was so.
Surprised awesome.
Oh, but I.
Will say this because I I went about it two different ways.
The one way was I emailed them to get the form emailed back to me and the other thing that I did was I called them to get the form emailed to me.
When I called the customer service line, they sent me the email right away and I didn't even get off the.
Line until it.
Through whereas the email way I tried it took five business days 'cause I just got that one today, so that's a huge difference.
So if you were in a hurry to.
Get this link.
I recommend calling and I don't know if this is a little sneaky or not, but now I've got an extra link.
And I'm going to.
Save it so if you can.
If you can call and get them to send you a.
Couple of these.
Emails, maybe you can save those links.
For rainy day.
Yeah, and how how long were?
You on hold link with wasn't much of.
Oh no, it was nothing notable.
Oh good OK, great then call yeah.
Yeah no.
But anyways, that's.
Oh, I'm glad you got it resolved, that's great.
Yeah you too.
Well, we're going to help people pick brokerages today and you're the most.
You're the most relevant attendee to this podcast.
Honestly, because you've just done it this summer, so it's.
All very.
Fresh in my mind and you're very relevant to it too.
Because you.
Chose me, I did.
You're a pretty.
Good person to fall in my lap.
If I'm honest, but.
It shows me not really, Jen said yes to the dress except the funny part of that story too.
And I don't know I.
I've told you this Gen, but I even made a note after our interview.
I was like I don't think she wants me.
Like with all of the people who.
I talked to and I think it had a kind of a.
Reverse psychology effect on me 'cause everyone else is like Oh yeah, I will sign you.
Up start tomorrow, duh.
They give all these promises everything.
And Jen was the only one that like.
And then sympatric patient, yeah.
Big sigh.
Yeah, and.
Like I need to win.
Her over like we've gotta.
This is the.
That's so funny.
Yeah, you always want what you can't have, right?
There you go.
Yeah, that's my strategy.
Just check.
But it's a tough thing.
I don't want you.
I mean, we really didn't have a lot of time together.
And of course, you're giving me your best.
I mean, you looked good and you presented well and you were smart and you were on it, but I didn't hear about you.
Kind of in in the whole.
Scheme of things until after.
Whenever someone came to me and they're like I wish Jamie.
Is on my team, so I'm like OK.
I chose wisely.
Uh, yeah, but I'm I'm glad that it worked out, but it's so funny.
'cause yeah, it's true that I called my friend after I've like.
I really like her.
But I don't know does.
She like me, yeah, she's just.
Not that into you, Jamie.
I know I was like, well, I guess I'm moving on like you know it went well she's nice.
Maybe we'll we'll talk another time but yeah anyway.
So it's funny.
So were there any right away that you you didn't like that right away, you're just like oh we and we're not going to work together like.
It was a.
Pretty in your experience, those brief zoom meetings visit enough to get a good feel for.
Kind of.
I mean, it was enough for, you know, a full body no for some of them.
I mean just getting back to the beginning of the whole process whenever you're looking for brokerages, I believe there are certain basics that you can expect, especially in this day and age.
So some of those should be website hosting most and I'm sure you'll see this with different brokerages, as though there's a lot of similar.
Websites and.
I use the one that's offered by my brokerage.
I think it's fine, it's updated, it's relevant, and I don't have time to run a personal website.
If you are someone who can run your own personal website and create it and go like all the power to you, I don't.
So I want a really nice generic ish one that I can personalize to myself of.
Course, but that's just.
There you know, kind of.
I'm I'm I'm kind of a turnkey person right?
So just plug and go kind of girl and.
And then I mean, obviously you're going to get an email address with them and marketing support should be huge as well.
You're going to get industry updates.
They should keep you informed and they should have some type of a CRM.
And that's a a client relationship management CRM.
Yes, exactly yes.
And and it's important 'cause that that'll be your direct marketing, so that's the.
The great little personalized birthday card that you get and you're like, oh awesome you remember my birthday Jen and I'm like, yeah I did when I didn't.
You know the CRM does it automatically and and it's fabulous, so so managing the customers and doing you know the monthly newsletter and things like that.
Those are those are pretty.
I think they're pretty standard.
With a lot of brokerages nowadays and it's it's something that you don't necessarily have to pay extra for, so we definitely ask for what's included and and those should be on the list.
Of course, you know when you're starting out, you're thinking a lot about how you're going to.
Get paid though.
It's good to ask questions about splits and if those are going to change throughout the course of your employment there, sometimes you might start out one way and with the possibility to move to different in different directions based on the volume that you do or units and this kind of thing.
So it's important to be clear in asking what the expectations are with that.
Are there going to be desk fees associated with working with with that particular company?
You'd mentioned about having an office in a mall and somewhere else where you might be paying a premium to be there because of the location.
So that those are going to vary from Bonita company in every individual place and then one of the things that I had asked about too is about volume bonuses.
There can be different structures to how you're paid depending on the team that you join, so.
That's a good question to ask as well.
So when it comes to to the.
Splits, I mean that that's definitely what you go in.
I think there's a lot of other questions that are pretty important or equally as important as the split, but.
It yeah it.
Does pay your bills.
But transparency is the hugest thing with that, and the the feeling that in the past it hasn't always been as transparent.
But now I think it's more transparent than ever.
'cause everybody talks and everyone on Facebook and you know, people can compare.
So I mean, the big question is not just what is your split, is it going to be?
On the volume bonus paid to the brokerage, that's really straightforward question.
You shouldn't be misled in the answer, or is it going to be, you know, after the office takes a split and and also to when you're when you're talking about the fees like the desk fees, so so desk fees are are not charged by.
The brokerage house so like like verrico or MCC or any of those that they're not the ones that necessarily charge desk fees.
It's the particular office that does it right because they're showing out some money to support you, so that's why they.
Charge you desk these.
So there is a monthly fee per usually, I believe, per.
Brokerage house, which is, you know, give or take 100 bucks or so and that you're paying that because they're giving you, you know, access to a really sweet app or they're hosting your website and and doing your admin, processing your paychecks, and that so every brokerage will have a month.
Leafy and then.
Yeah, and access to Equifax too.
Yeah, yeah, exactly.
And so again, yeah, part of your deductions off your pay is going to be paying for Equifax inquiries and you pay for that regardless of whether it funds or not.
If you inquire on someone that's that's a cost that's passed down to you, but each office can, like 'cause I could if you came in and used my office.
I pay rent so I could say yeah, Jamie come in like anytime and you can pay me. You know I don't know $150 rent every month or whatever I choose and then that could be on top of it so.
And again, transparency it should it should be laid out.
OK, yeah.
Yeah, that's that's a really good point, and if you get the feeling that they're somehow you're not getting the.
Full story, you're probably not.
But and then, I guess, since we're talking about splits and stuff, because it always comes back to to where people.
Are like I got.
This great split I'm ninety 1090% yeah 9010 basically.
What is?
100
9010 split you have to think about training too because when you start and I can't emphasize this enough when you start and I'm not saying that I have nothing to gain by saying this right now, but I I thought.
I really could figure out a lot of this on my own.
I thought I'm very resourceful.
I'm a.
Really strong reader.
Whatever I I can investigate, I can look into things like just give me the information, the textbook, the tools, and I'm fine.
I can do this on my own, you know.
I couldn't, I couldn't do it.
It's so much more common and look, yeah, I knew that.
I mean, I.
But you didn't know like you knew, but you didn't know and and then you think.
I knew, but I you know you're.
Right in a much
You get it.
And then you're like.
Oh yeah, you're like, what's insurable?
Again, let's ensure.
The Michael Scott thing.
Is like I knew exactly what to do, but in a much more real sense I had no idea what I was doing.
I I did get I did get a feeling that yeah so.
You can't and and you're not doing yourself any favors because the split on zero is zero and you're not going to.
You're not going to be able to make a sale.
I don't know.
Maybe you can.
Maybe you're a Unicorn and you can do it.
Maybe you know, and maybe.
But yeah, no.
I just couldn't, but.
I agree though.
Yeah, like it's it's worth it.
It's worth paying for good training and education, 'cause you'll be so much more successful.
Yeah, especially with the timing of things to be representing their best interests, you need to know what you're doing to some extent, and you need to be getting advised by somebody that knows.
What they're doing and quickly, most of the time, because in the market today you don't have a month, you know.
It's crazy fast, yeah?
Yeah, you get a call.
Hey, we put an offer in a place you know we need subject removals on Friday.
So good luck.
Yeah, and how many files are from what you've done?
How many were cut and dry?
Easypeasy salaried?
No issues one.
So like 10% has been straightforward and the rest where I need a good rental offset, I need some leniency for credit.
I need a big deal.
You did a private deal.
I think you've done a big deal in a private deal and you just.
Started so everything is Gray area, especially because of what's happening in the world.
There's just been more just one straightforward one, and luckily it was my first one, so I.
Was like, oh, this is this.
Is easy.
Isn't but actually I I I was really.
It was really stressful still, but but only because I was nervous because it's.
Scary, I think if you're not, if you don't have any feelings about doing this the first time.
You're probably a psychopath.
I like that.
So, so the lesson.
I guess the lesson is it if you have good mentorship and good training and someone to really hold your hand through the beginning, it's worth paying more of a split to them, because then you're going to be able to launch quicker.
Yes, all yeah.
Yeah, that's exactly right.
You know it's worth it to be able to help your clients and to get the the the things done so.
Well, and that's another question to ask is.
So so you can go through.
The whole dollars and cents of things.
But what is?
What is the team or the mentor or the office going to be offering me?
Are you gonna be able to?
Do I get half an hour of your time every week to ask you question?
Do you do one on one zooms, like I do with our team? You know we have an hour where we have face to FaceTime and we all are on that call.
It's a very relaxed environment.
It's open and you can ask the silliest question.
You you want.
You know so that So what are they going to give you?
Yes, that's important too.
Or are they just going to talk to you once you get a file?
And they're like OK, go get go get some files.
Come see me when you're ready with live deals.
Yeah that yeah, that's that's a really good point, what what?
And you can even ask, what if they say, Oh yeah, we have plenty of training.
OK, you know, do you have a training schedule or something that I could look at?
Specifically, right, yeah?
And another thing I did too.
I would find other agents that started at that place and I called and I found them and I asked them how things were going and how their training.
I love that I absolutely love that and don't.
Was going yeah.
Yeah, I I.
Just take one person.
'cause you might get the one that isn't happy.
Gobble couple if you're really considering an office?
Sure, yeah.
Yeah, and I've had ones where they said they don't answer my questions and they they were just trying to recruit.
You're gonna get hold in all sorts of directions there are.
Recruiters for for all the the major companies that that that's their job to recruit agents and.
Will that's usually meet with initially, right?
Yeah, exactly so.
So I I did do that.
I I met with a number of recruiters and then.
After that I started.
Just talking about other other people, because personally for me K not all recruiters in general.
But let's say I had one experience with a recruiter where they.
Booked me in for a really short amount of time.
I didn't have time to ask any of my questions and at the end of the 15 minutes and she was rushed.
They were rush and then at the end they said oh I've got.
I know the perfect person for you.
We're going to put you right with this person.
They're they're the best fit for you for sure.
And I she hadn't asked me one question about myself, not one.
So I thought, how in the world do you think that I'm going to be a good fit for this person?
You don't.
You barely even know my name.
You know it.
Just I felt like I was just.
The number on a list and they had a number of.
Brokerages that they were supposed to send people to, like, oh, we're sending three to two, yeah.
You're next in line and do you?
Think it would have been.
A good fit?
Or was it someone like visiting your province?
Was it someone you?
Yeah no, because I'm in BC and the person they'd recommended was in Ontario.
That's a.
And yeah, yeah, pretty big difference.
Big difference, yeah.
And and when I said that, I would like I'm actually in BC.
They said, oh that's OK.
You can do your first five deals with this person and then we can.
We can find you something closer to where you are.
After and and that's when I really knew that that that this whole thing had nothing to do.
It wasn't personalized, yeah?
With me so it's.
No, it's it's not, and I don't know that any of them are.
So if you're talking to a recruiter, it might be a good way for you to.
You know, maybe get some questions in depending on how they schedule their time.
It might be a good way for you to get some suggestions.
Of people you can call if they say I've got one person for you, then say I'd like to have three.
There are options.
Lunch buffs of really good tip.
Ask for a few ideas or brokerage offices.
That you can call.
Yeah, you can just be upfront and say like you know what I'm actually I'm going to be interviewing with quite a few places already, so if you have more than.
One suggestion that.
Might help me end up with this confidence.
Find a good fit and then you can pick.
Up the phone and call them yourself.
And just see how that vibe is.
Yeah, 'cause, I mean it's so it's a.
It is a really unique experience because you're trying to gauge that person.
But also, like with our interview, I was trying to gauge you as well and there's only so much that you can get out of that 45 minute talk.
'cause I think it was.
About 45 minutes or so that we we chatted with each other, and.
And so you're, you're gauging.
As much as you can, but some of it is up to luck.
And I mean in my experience I've been with all the major brokerage houses I started.
With 1234 I've been with now and they've all or have given me different experiences for sure.
But the underlying impression I got was not necessarily if I was happy or sad, or fulfilled or not, with the brokerage house, but it was.
It was the individual offices that made the difference.
When I had a manager that was supporting me.
Talking to me.
It didn't necessarily matter who the bigger house was like, but it was that that individual office and that manager that he answered my calls and he helped me walk through things so that that made the difference for me.
And really, I think that's that's almost above all.
I mean that the support is huge.
You need to get paid on time.
But like I said, there's all those kind of basic expectations you have of brokerages by now.
'cause they're they're professional corporations, they've they've been doing this for a long time, and they should run a pretty good show.
But it's the individual offices that I think that make this huge.
I totally agree.
It does, and one thing to that I can say to that is I can't imagine a scenario where I could where I felt embarrassed to come to you with question like you've never made me feel like any of my questions have been stupid or dumb or whatever, or even if I've asked them more than once.
You've been, you know what I mean and I.
Like this job would be really really hard without that.
Because what else are you going to do and.
Believe it or not, I've heard people tell me that I've heard broker to say, you know, he made me feel really stupid for asking this question and that breaks my heart.
Yeah, it it does me too because you're all you're trying to do is help and and he can't.
I've never had to hesitate for a moment to pick up the phone to talk to you and.
Ask you a question so.
Good boy, then you shouldn't, and it's yeah, it's not like I would ever make you feel silly or hold the information tight to kind of make you feel dumb like you're.
I think that's important.
You're changing from a science profession to a finance profession.
That's a pretty big change.
Yeah it is.
It's huge so I do.
I I I would I super appreciate that but and I think that that must have been a feeling that I got from talking to.
You then that I felt.
Like I could come to you.
So think about that.
Like a nurturing feeling, I hope yeah, and you can get that from an interview for sure.
Too, yeah.
Yeah yeah.
You can and.
If someone genuinely went stop 'cause honestly, I'll tell you from a mentor side of things and from like an office side of things like I never signed up to be a mentor for the money ever.
Even though you know I, I do make a good split off the people that I.
Help it's it's just the fulfilling act of helping people.
Is is the primary reason 'cause we have so much information to share.
But all it is is compensating me for time lost on my own business.
It's not like it's a business plan where I'm going to make money off of new people.
That's not my ammo at all, it's just, well, you know.
Obviously if I'm taking this many calls a week and.
And allocating this many hours a week to the team, then I get need to be compensated for what I'm not doing in my business.
So that's that's the from I see from all the mentors I know and I know.
Quite a few.
That's the the main calling to it for us.
Yes, just you know, just compensating for our time and so we're free to help you guys.
Yeah yeah, and and truth be told like I've had the thought throughout this process where I'm like, I'm thankful that it is what it because I would.
It wouldn't feel right to.
Me anyways, if with all.
The support and all that how the help that I get it.
It would feel weird.
It would be awkward if I if there was no compensation for that 'cause then it I would feel like.
A burden.
And now I just really.
Did come and stay at my brand new House on Vancouver Island and went floating down the river and we drank some wine so there's there are perks too.
Oh my God, yeah.
There's so many perks.
Yeah, no.
That's what I'm saying.
It's it's definitely been worth it for me and I haven't looked back on that at all.
So yeah, when you're when you're talking about these things when you're having the discussions when you're having the interviews really get a feeling it on.
If you drive with this person, that's going to be, you know, your mentor and and find out what their availability is.
Don't be afraid to ask questions, especially in the interview, because that's where you're going to find out.
I mean, ask a stupid question and see how they respond.
Yeah, yeah for sure.
And I I mean another thing too that we.
Haven't really talked about yet.
Is honestly I think, I think the hugest thing when you're when you're thinking about doing this business and picking brokerages is the autonomy of it.
Like are you able to manage your own business?
Or does every file that you submit go up through someone elses name and are they on the CRM and how much do you get to keep and and kind of?
You know self manage of your own client.
I mean, we all know that it's really important for you to have your own email address, so if you do change your code, is your client still want to be emailing you to the brokerage email address they want to be emailing?
For me it's jen@jenmar-k.com and that can go anywhere, so it's always going to come to me if something.
Happens where I.
Decide to change so it's huge that.
That you can retain your clients and what happens if you leave?
Are you able to take your database?
You know 'cause when, when I've changed brokerages I did need permission from the other brokerage to release my database.
I mean, you always usually have a copy.
You download a copy of your own and you have your own, but there's a really easy way to do it and to transfer it over.
And if they were to say no, it would have cost me a lot of time and hours and retyping it.
In into the new program.
So yeah, just just the full ability to manage your own people in your own business, because it is your business after all.
Yeah, and Speaking of that too, are you going?
Maybe when you get started, you're are you going to be submitting your own files or are you going to be completely submitting under somebody else, and if so?
For how long?
If if you do an interview and they say OK, you're going to be using this email address.
It's my email address.
Everything goes under me like you're never going to be directly talking to a business development manager or anyone at the branches.
Because everything is pooled under one person or however the structure is, it's important to ask the questions about how that works.
So so definitely ask, am I going?
To be set.
Up with the lenders myself, or am I going to be submitting under some?
The else, and if So what are the what are the details of?
That yeah, because it's important.
Can can you pick up the phone and contact that lender directly with the question you have.
'cause that's we learn right is asking on your own or what are the steps there for sure.
Good to know about that.
It's good to know I don't know.
I never asked anything about volume of the team.
I never considered.
How that would?
Affect and yeah so so another thing to keep in mind is access to lenders 'cause it's not all the same.
It's not uniform so specifically ask you know are are you signed up with all the lenders?
Do I have access to other lenders or even more so?
Are there some lenders that you don't have access to 'cause they'll know?
Yeah, that's a good point.
Some that you don't have access to or how can you ask how many would that make sense?
Or even preferred lenders too.
Like you know, early voting 'cause a lot of them have a top three that they like to use or commit to and and you know even that can bring you to compensation.
So why do they want to submit to?
For example, pick EM cap, right end caps, great lender.
What why do you always pick EM cap?
Why am I always sending my files?
Tap tap or you get empty out points?
OK, that's great.
Do I get em cap points or does the office get EM cap points?
And if the office gets them cap points, is it for throwing us a wicked Christmas party or you know what, what?
Is it used for?
These are all valid questions.
Right, because there's a lot of lenders that don't load points right at first.
M cap.
Manulife yeah man plans for growth.
Are they yes?
Hang on.
Are they planning on hiring 100 new brokers this year? Like is that part of their growth plan 'cause you might want to? You might not get as much attention.
Or you might get more if they're looking at expanding, they might have regular meetings, right?
'cause some brokerages have, you know, a meeting for all the new brokers every week.
That's led by mentors.
Mm-hmm Yep, could be could be, but that's something to know.
Do they have?
Plans for your growth or their growth.
Yeah, I I did think about.
That in training too.
'cause training goes in hand in hand with the growth right?
So how often do we get a lender?
To come in and talk to our team.
Oh, in contracts we didn't talk about contracts.
Yes, so I mean, I think you should have all of your questions.
Answered before you sign a contract.
And it's yeah, and I say that from experience 'cause I've signed them before and then after found out about.
Stuff that I hadn't even thought about.
Hmm interesting yeah 'cause you've been through the process of leaving places so you've ended up just kind of like with insurance policies you don't really check what is covered until.
Right?
You need to.
Make a claim.
You're like, oh, shoot, am I?
Covered for that?
Well, that's why this.
Podcast is really relevant, so I think we have tackled pretty much.
Question that you can ask that.
Yeah, things to look out for.
I guess when you are reading through your contract, you probably want to make sure that there's no weird clauses in there about that.
They can sue you if you leave or.
Retain your clients if you leave.
Yeah non compete clauses saying they can't be a mortgage broker.
Apparently there are contracts out there with this kind of.
An interesting oh this and another interesting one is that.
So somewhere in the contract, it says that you've got to take training courses that you pay for when you sign on.
So if they do have training, ask if there's a fee associated with it for sure.
Oh, that's good to know. And then the time too. 'cause they want a commitment from you 'cause they're going to commit time and energy to you. So is it a one year commitment? A2 year commitment? Is it longer?
You know, if you're really unhappy, can you leave after a?
Year and a half or no.
Yeah, and is there clawback of?
Your volume bonuses or anything like.
That if you do leave.
Before your contract ends and how much notice do you have to give before the?
End of your contract.
That's another thing to consider.
Try to, yeah.
And will commissions be held back if you give your notice?
Will they say OK, we're not paying you like?
I don't think legally they can, but.
I believe volume bonus anytime I've changed, I've lost my William bonus on files that hadn't funded yet, so something to keep in.
Mega yeah, I've heard some wacky stories out there with different people going through different stuff when they're leaving that don't seem fair, especially when it comes to the compensation aspect.
So just make sure you read through everything.
Yeah, cover yourself.
Yeah, if you have a friend, that's a lawyer or now it's a good time to make a friend with a lawyer because you're getting into this business.
Hold on.
Not because you're going to get sued, but because your clients will need lawyers.
That's what I meant.
Maybe reach out to a lawyer if things look a little strange.
I can't say I did, but.
Maybe I should have, I don't know.
So far so good.
That's another thing I wanted to talk about, so.
You know how we had said?
That you know there are.
Kind of basic expectations.
If you do contact people in the actual work at that office that you're thinking about working for, ask them how quickly they get paid because you know if you.
If they have their own internal admin, it can take quite a long time.
I've heard of people being.
Paid by actual checks so.
So it comes in the individual office and then they were cut checks or there's that takes time, right?
Or does the brokerage have a really well run admin and you're paid from head office?
Or is like head office paying the office and then paying you?
So that's really good because you know you can go a long time without.
Getting paid the switching over process.
How old is that?
Work, so say somebody is listening.
They've already chosen a brokerage and they've regretted it for whatever reason or they think they'd be a better.
Fit somewhere else so.
How do you go about?
Switching brokerages, if you're in that situation.
It's pretty easy, so if you're not dealing with a contractor or like a contractual obligation that is keeping you there, it's quite easy to switch you just, you know, have a conversation.
With your designated individual and just tell them that you're wanting to move on and it's you have to just simply change your license so you pay a fee to change your license over so well.
Again, we'll just pick two people.
So if you're going.
From MCC to MA for example, and you're switching over its.
You just get signed up with the other brokerage.
You give notice to the the former one and then your license simply transfers over to the new designated individual.
So it's it's quite seamless.
Is there any amount of time where you can't practice?
Yes, there is.
People might not realize that, and actually the most popular time in the year to transfer over is January 'cause I I transferred over in January, the last time.
And so I was all set up and I got my paperwork done and then I gave my notice and then I sent my paperwork.
And it was.
Like I had, I think it was seven business days, 7 to 10 business days where I couldn't do broker activity because yeah yeah, it's so weird.
Hey, it's it.
Was the strangest thing just to kind of sit there and wait for it to come through?
And I mean anything that came in.
I sent it to someone I know to take care of, so it's fine.
It's not like it's turn away business.
You know, I just sent them off to brokers that I knew, but it was, yeah.
It was interesting.
So when you're yeah until your license is transferred over, so you're checking it every day, like when you were licensed, right?
You're checking it every day and you're like, OK, I'm I'm in business again and this.
Set up fees.
I mean you have to do new business cards, right?
You have to you can work in the background on the computer side of things and changing things over you know as soon as you're up and running, you can set up your website and all that, but you do need to order new business cards.
I got new photos just 'cause to update it.
And you have to get your new Google business address and things such as that.
But it's it's pretty similar.
Seamless, yeah?
It's pretty easy.
So do we have what's our?
Golden Nugget going to be for this week.
So our take away I think, which is really important when choosing a brokerage is the main the main question and thing I would plan for is just to have autonomy to run your business the way you see fit, because ultimately it's your business and if you were to leave, do you get to keep your clients and to have your own email?
Address and how independent can you be within this company?
Because yes, you're still part of the bigger picture and you're still representing them well.
But you know this is this is your business and your livelihood.
So it's really important that you can maintain your.
Don't you know what you value and your business and your own clients so to?
Speak, yeah, that's great advice.
It's so important and you might not even think of it when you're getting into this.
I didn't no my first couple. Email addresses were at the brokerage.com and I was.
Like stupid stupid.
Left 'cause all my emails went there.
Or they were hosted by the brokerage.
So my email.
Account just got shut off when I left.
You know, so I'm speaking from experience.
Oh ****
Now it's Janet.
Denmark.com, and that's always going to be there no matter what.
I do, even if I become an interior decorator.
It's not exactly, and the way your your.
Logo is now.
You could go either way, uh, because it's so pretty.
I just thought of something the bank.
People sometimes ask.
Should I go work at the bank or should I be a broker one year starting?
Oh, so you can get your.
License and then go get a job at the bank.
Yeah, people get nervous.
They're like I don't want to.
I might not want to do it like what if I don't do really well?
Well, I.
No work.
I and I don't know specifics on that, but I I have heard that you get a nice cushy salary for about the first six months that you work at a bank until you're up and running.
And then you're on Commission.
So if you're looking for a softer landing, I mean it is a set income right in the beginning.
However, I believe you you earn quite a bit less working for the bank because they anticipate you having more volume 'cause.
They're supposed to be getting leads from in.
The branch right and it doesn't guarantee just because you work at the bank.
It doesn't mean that you're going to be getting leads fed links.
Fed fed leaves, yeah.
Yeah, you still need to.
That's my understanding anyways.
Is that it's the same as brokering in the sense that you've got to get your own clients, you just get paid a little less.
Per file.
He might different is it?
The I mean perks of it benefits might be you actually get benefits.
Maybe that you know some 'cause you are a bank employee, so not all broke.
Oh yeah.
We didn't talk about that.
Not all brokerages offer benefits and are they partially covered or do you have to pay for them like I got dental in windowed and needed braces?
Oh, that's a good point.
You know, right away I I got that and I got it.
Through the brokerage.
But yeah, it it was something that I added on after the fact.
So at the bank you may have those perks, but if you look at I mean our team as an example, they're full of extinct.
Yeah there are, yeah right.
Brokers like full like adding me like 8 or 10, even ex bank mortgage brokers, so maybe it's good for a certain time in your career, right?
It's starting out.
It could be awesome training I I really don't know.
I can't speak to it and then maybe switching over independent after is a good one so I I would talk to people and.
See their experience.
Talk to people and I think the flip side of that is that.
Being a broker first, you get to know about all the different products and stuff that are available now.
If I if I did want to go work at a bank for whatever reason, I would know like, oh, I really like this bank.
They seem to be able to beat me sometimes, like they do things that I can't do, so maybe I want to work there.
Whereas you don't know if you're just starting out, you wouldn't know that BMO has a better military special.
Than any other bank.
Yeah, or relocation?
Yeah exactly yeah.
Well I don't you think you could probably do it in your sleep though if it's one set of rules and guidelines like that's what I think about working at the bank.
I honestly think memorizing one set of ruling guidelines would be amazing.
It would be pretty sweet.
Yeah, it would be pretty.
Because we have so many.
Flying at us all the time.
I'd know that people will ask that question.
A lot of people want to like.
Kind of they.
They want the security.
Because, you know, going off on your own and we talked about that preparing for for those things when you start, but.
I don't know.
Like you said, we've got a lot of people on the team who works in the bank specialist.
I know people who have gone.
The other way that it that were brokers that.
Ended up working at the branch.
Yeah, so sometimes.
It does make.
Sense, yeah, maternity.
Leave I don't know like there's there's benefits there versus you know, I you were like people.
Are able to.
To work from home and still have the kids at home anyway.
There's all those things, what are?
We gonna talk about next week, Jamie.
Next week we're going to talk about what you're going to do now while you're waiting to.
Do because you've chosen your brokerage, you found the best brokerage for you, but now you've got to wait 6 to 8 weeks to get your license.
What do you do now?
You don't want to lose the momentum.
That's right.
You've got some momentum building.
You're excited.
These are the times to really like.
Dig deep and and get going so we're going to talk about what to do while you.
Are waiting what to expect while you're expecting.
Broke freestyle
There you go.
To give birth to your new broker business.
Exactly, OK, cool.
That'll be a good one look.
Forward to it.
Yeah, talk to you soon.
OK bye.
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 me at mortgages by jamie.com.
Second, your island cracker is.
You can find me Jamie on the daily brokering out of Kamloops, BC.
Jen Marks is based out of Vancouver.
Where her career?
Thriving as she's raising her family, enjoying the beauty of the nature that surrounds.
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