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BFCSA: $1 billion mortgage worth per annum? Using compulsory Lender engineered SERVICE CALCULATOR?

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Hungry and dynamic: Young brokerage takes off

    Australian Broker News
by Calida Smylie | 03 Apr 2014
A fledgling Sydney brokerage is crediting its team of young mortgage brokers for its record home loan applications lodged in March.

Shore Financial was established just a year ago and lodged $100 million home loan applications last month, beating its previous record of $63 million and well on the way to achieving the company goal of $150 million by December.

Managing director Alex Nochar credits his fresh and enthusiastic team – the average age is a youthful 26 – for the company’s success.

“We’ve got young brokers who have no preconceived ideas about the industry and we can teach them how to do it well. They’re hungry, dynamic, bright, intelligent people from different backgrounds and I think it makes a difference. They’re able to generate inquiries with enthusiasm and professionalism.”

Nochar has been in the broking industry for just five years although has worked in the financial services industry for around 14 years, and says his staff is made up from diverse backgrounds like investment banking, sales or even straight from university.

To support the new entrants, Shore Financial has developed a robust training and mentoring programme that develops potential while retaining a strong trusted value proposition, he said.

“When we get someone new in from a different industry obviously there’s a huge amount to learn. We all work in the same open office environment, so they are around people doing the job every day. We get them to do the back office first for around six months, where they work with a senior broker and understand the back process as well as the front end.

“So they get a really holistic view of broking in general. That in itself means they fast-track their training very quickly – not only doing the processing but getting to understand how to generate referrals. They also come with us when we do presentations to new referral partners so they get a really good understanding of how the industry works.”

Shore Financial pays the new entrants a salary to keep them afloat while they are doing their training, diploma and accreditation.

Capturing potential brokers in their twenties is they key, said Nochar, as it is before people get embedded in a career yet know what they want out of a job and lifestyle.

“It’s a great opportunity to jump into something like mortgage broking which offers so many benefits… If I knew back then what I knew today I would have got into broking a lot earlier – it’s a fantastic industry.”

Nochar believes brokerages that are reluctant to employ inexperienced new brokers are potentially missing out on a great opportunity.

“When you’ve got someone new and hungry to the industry it’s very exciting, and I think for anyone getting into the industry now the income potential is absolutely fantastic.

“Younger brokers will support your business as long as they’re paid in the correct manner and looked after, and part of a good culture and team. It gives your company a lot of longevity as they develop and grow in their career path.”

Shore Financial, which plans to go nationwide, may be just a spring chicken but its director and staff knows to learn from the experts.

“We have good relationships with a lot of the top brokers because we believe if someone is doing something well then we want to understand what it is and adopt that if it improves the way we do things,” said Nochar.

“There are so many different business models out there [and] we often have other people in from successful brokerages to talk about how they got there. It’s all about learning and improving.”


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  • doyla66
    doyla66 Friday, 04 April 2014

    Sound like tricks of the trade are being passed on to the gullible young to me. Maybe I am old fashioned and old in body but I would have little faith in a performing parrot who thinks he or she is God's gift to the finance industry although it couldn't be any worse than the Lenders and their untrained staff rubbing their hands together, grinning with glee when they have performed their dirty tricks and manipulated loan applications to their advantage.

  • doyla66
    doyla66 Friday, 04 April 2014

    So who are they selling all those mortgages to? If SMSF funds they had better watch for they are NOT covered re compensation if anything goes wrong unlike APRA regulated funds which are according to Greg Tanzer. It's exactly as I was told in 2001 - new rules and regulations - no longer interested in anybody aged 40+ wiith good quals and experience in finance and IT - just all the bright new bunnies to train as risk takers - pay them heaps - entice with big bonuses - burn them out - chuck on the slag heap by the time they turned 40! Looks like here we go again!

  • doyla66
    doyla66 Friday, 04 April 2014

    Guess a jobs a job these days Organza. Public opinion of Finance Brokers is like years ago when we classified all Car sales personal, Insurance Brokers and Banks into the one evil profession. Beware of the shysters!!!

  • doyla66
    doyla66 Saturday, 05 April 2014

    Definition of a JOB as per how jobs used to be in our day Nanna JOB is Just Over Broke. Too much competition from foreign interests prepared to work for a song you quickly discover if lucky enough to get an interview! Same applies to all our Uni. graduates who now have to compete with foreign students able now to apply for any graduate job going AND work here for 4 years during which time they gain citizenship and move over their entire family under the family reunion scheme and why not - no social security as we know it in most countries so that is why the coffers are being bled dry as Canada has finally woken up to by putting a stop to it. Can't blame our bright young people from doing as they do for they have no real choice other than turn into a shyster if they want to exist and feed themselves.

  • doyla66
    doyla66 Saturday, 05 April 2014

    I actually cannot remember ever having to scrounge for employment. I know there was always some competition in the work market but certainly never had a problem with employment. The Olden Days as my grand kids would say. Yeh, not quite the horse and cart stuff but the 64 bright yellow mini heading for work flat out each day. Don't think I would get away with it now. !!!!

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