To add mortgage broking to your real estate office, you have several options:

1. Becoming a Mortgage Broker: You can become a mortgage broker yourself by completing the necessary educational requirements, such as obtaining a Certificate IV in Finance and Mortgage Broking (FNS40821) and possibly a Diploma of Finance and Mortgage Broking Management. Gaining experience in finance or real estate can also be beneficial.
2. Employing a Mortgage Broker: Hire a qualified mortgage broker to work within your real estate office. This can provide an integrated service for your clients.
3. Partnering with a Broking Company: Form a partnership with an established mortgage broking company. This allows you to offer mortgage broking services without directly employing a broker.
4. Referring to a Mortgage Broker: Establish a referral relationship with a mortgage broker. You can refer your clients to a trusted broker and potentially receive referral fees.

These options can help you expand your services and provide more value to your clients.

Pros and Cons of Each Option

Becoming a Mortgage Broker

• Pros: Full control over the mortgage broking process, potential for higher earnings, direct client relationship.
• Cons: Requires significant time and financial investment in education and licensing, ongoing compliance and regulatory responsibilities.

Employing a Mortgage Broker

• Pros: Integrated service within your office, direct oversight of the broker’s activities, potential for increased client satisfaction.
• Cons: Additional payroll and administrative costs, responsibility for the broker’s compliance and performance.

Partnering with a Broking Company

• Pros: Access to experienced brokers, no need to manage compliance, potential for shared marketing efforts.
• Cons: Less control over the broking process, potential for conflicts of interest, shared revenue.

Referring to a Mortgage Broker

• Pros: Minimal investment and risk, potential for referral fees, ability to focus on core real estate activities.
• Cons: Less control over the client experience, reliance on the broker’s performance, potential for lower client retention.

Other Possible Ways

• Training Existing Staff: Provide training to your existing staff to become knowledgeable about mortgage broking. This can enhance their ability to assist clients with basic mortgage inquiries and refer them to a broker.
• Creating a Joint Venture: Establish a joint venture with a mortgage broking firm. This can provide a more integrated service while sharing the risks and rewards.

For assistance or to discuss your situation  click to contact Mortgage Broker Training or call 1300 136 947