This post was contributed by Jason Dirkham
Starting an independent business is an exciting challenge, and there is great earning potential out there for independent Mortgage Brokers. To get yourself started on the road to success and entrepreneurial freedom, follow these five simple steps.
- Pre-license classes
To become an independent Mortgage Broker first you must take pre-license classes. You’ll need to complete 20 hours in total. Throughout the pre-license classes you’ll learn about ethics, regulations and laws in relation to mortgages. You should be able to find a course to complete these classes in your local area. It’s vital that you finish all 20 hours of content before you move on to the NML test.
2. National Mortgage License Test
You must pass the National Mortgage License test before you can start working as a mortgage broker. If you’ve completed all 20 hours of classes, you should have all the knowledge you need. In the event that you fail the test, you can seek the opportunity to take the test a second time.
3. Consider experience with a company
You’ll likely be eager to get out there on your own, but it can be a good idea to get a small amount of experience with a company first. Working for a company you can learn the ropes, earn commission, gain confidence and make contacts. Be sure to look out for companies that offer the best commission and perks.
When you’re working as an independent Mortgage Broker you’re going to want a connection or two to get you started. It’s handy to use online networking apps such as LinkedIn, Shapr and LetsLunch. Connections are valuable to get inspired and to lead to exciting new opportunities. It’s especially helpful to find a mentor who has previously been in your position.
4. Create a business plan
If you want to get started as a Mortgage Broker, you’ve got to create a solid business plan. A clear strategy, including your goals and financial planning, is vital for success. If you’re not sure how to begin, check out some of the free business plan templates online.
To learn more as a broker, here are some great resources. It’s up to you to keep up with the latest in your industry, including real estate news, to remain current and knowledgeable. Whether it’s market trends or technology, remaining current will help you to future proof your career.
5. Market yourself independently
As with any entrepreneurial role, marketing is crucial to grow your small business. Get yourself a strong website that’s user friendly, SEO optimized and full of great testimonials. Leverage social media, and create a blog about the latest in your field. You might be an excellent broker, but if you don’t market yourself properly, it’s unlikely that you will get many clients. It’s useful to call upon the help of a digital marketer to help you achieve visibility. Once you’ve learnt the ropes of digital marketing, you will be able to do some of your own marketing, using social media.
This post was contributed by Jason Dirkham
