No rhyme or rule to buying a mortgage broking business

24 March 2010

Upon profiling its 2009 franchise start-ups, Australia’s largest independently-owned mortgage broker found a diverse collection of owners with widely varied career backgrounds.

Mortgage Choice spokesperson Kristy Sheppard said, “The analysis discovered 32% of our new franchisees had a lending background. A lack of financial services experience did not stop the remainder from choosing a mortgage broking franchise, as the relevant skills are taught during our induction course and ongoing professional development program.”

“Of all new Mortgage Choice franchise owners 47% moved directly across from a role that was unrelated to banking or finance. 68% had experience with sales/customer service and 93% had an education level higher than the HSC.

“We are also on the lookout for people who have management experience or were previously business owners. 71% fell into this category.”

Mortgage Choice has placed people from all kinds of employment backgrounds into franchises and watched them thrive, proving there is no set profile for the ideal mortgage broker. High quality customer service skills are crucial to a broker’s success; these can come naturally or be taught.

In terms of gender spilt, there was a significant drop in new female franchisees, to 14% from 35% in the 2005/2006 analysis.

Ms Sheppard said, “The decrease in new female franchise owners is surprising given the flexibility that owning a mortgage broking business can provide.”

The youngest Mortgage Choice franchisee in 2009 was 25 years of age and the oldest was 65 years, with the average age 46 years.

Call 13 MORTGAGE or visit www.mortgagechoice.com.au/franchising.

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