Jesse Read, the mind behind Read Finance, highlights key factors driving success in mortgage brokerage: education, client support, and problem-solving skills.
Read started his mortgage brokerage more than two years ago after completing his finance diploma and certificate IV. He made the leap into this career because of his lifelong interest in finance and a desire to have a significant impact on people's lives.
“I wanted to help people in a big way,” he says.
Highlighting a key development in the mortgage industry, Read points out that in September last year, brokers wrote 71.5% of new residential home loans. He sees this as a positive shift, indicating that clients are getting access to a broader range of loan products tailored to their needs.
Read also identifies a critical challenge facing the mortgage industry.
“There’s an oversaturation of mortgage brokers due to low education standards,” he says.
Read has noticed that some brokers can complete their coursework in as little as two weeks, despite lacking prior industry experience, a situation that he believes degrades the quality of service and trust in the industry.
To combat this, Read proposes raising the bar for educational requirements, suggesting, “review and overhaul the requirements for the diploma to ensure that people come out with the skills they need.”
Read’s career has been filled with memorable experiences, particularly the joy of helping first-time buyers.
“Every person excited about purchasing their first or future house leaves a core memory,” he says.
The current economic conditions have also necessitated a more advisory role, with Read noting, “With the cash rate hanging around the 2012 target and the cost of living risen, I find myself coaching more people on how they could afford their home.”
For those aspiring to enter the mortgage advice sector, Read offers practical advice: “Anyone considering becoming a mortgage broker should do serious research on what is required.”
He emphasises the importance of having a viable business plan and the ability to network and communicate effectively.
“If you struggle with communicating, know that it is a skill that can be learned,” he says.
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