After starting a brokerage from scratch in a regional area as a first-time business owner, Amanda Gleeson says she discovered the importance of professional development.
“Being a successful broker and a successful business owner are two different things,” said Amanda, from MoneyQuest Orange in NSW, who started broking after working at a big bank for over 10 years.
“12 months into starting my business, I realised I needed professional development and the support of various experienced professionals.”
“You don’t know what you don’t know, and there was a lot to learn from a business perspective, such as how to manage staff, cashflow, compliance and recruitment.”
Amanda, who celebrated three years of self-employment earlier this year, said she initially reached out to a fellow local mortgage broker who was very supportive and open to sharing his knowledge and processes. She also engaged an experienced accountant to assist with business operations and payroll.
Switching aggregators to one that aligned with her business development and education priorities and goals also offered Amanda opportunities to acquire the skill set she was looking for. Amanda says her MoneyQuest family are there for her any time she reaches out for assistance and support.
While working as a mortgage broker in a regional area has presented some challenges in terms of how frequently she can attend face-to-face conferences and other professional development opportunities, it does have its benefits according to Amanda.
One of the great things about broking in a regional area, she says, is having access to a local referral network.
“Generally speaking, regional communities are incredibly supportive, so there is an opportunity to leverage local relationships to spread your web as far as possible.”
“COVID-19 prompted a shift towards online meetings, so regional brokers can now service clients all over Australia,” Amanda said.
The average deal size is typically smaller in regional areas, so according to Amanda it is important to be aware of this and seek out additional opportunities where possible.
“If you are working with a client on a land loan, be sure to offer your services for the construction loan too. Treat each transaction as an opportunity to deliver exceptional service, regardless of the transaction size. Every client is important, and you never know who they may refer you to,” she advises.
Buyers looking to secure rural land is also a niche market Amanda says regional brokers can tap into.
“If you have an understanding of the security properties available, as well as the lenders that accept this type of security, regional brokers are in a position to offer solutions,” she said.
For Amanda, the decision to move into the mortgage broking space was driven by her desire to have the ability to offer her clients more choice, to nurture and manage her own client relationships and have greater flexibility.
“When I left the banking world I had almost 14 years of home finance experience under my belt, so I was eager to continue using this skill set in some way. I also wanted to remain full time, but with the ability to choose my own hours around my family commitments,” said Amanda.
“It was important to me to be able to balance my career aspirations with raising my four children, so starting my own mortgage broking business seemed like the perfect solution.”
Mortgage broking has meant Amanda is in a position to help people realise their dreams, something she says she loves.
“It’s incredibly empowering and satisfying watching property journeys unfold and sharing in a client’s joy when they turn their hard work and hard-earned money into something tangible.”
“I also enjoy being part of an industry that allows you to grow and operate a successful business. Within three years my business has grown from one staff member – me – to a team of three which was not in my business plan at all.”
“However due to the support I have received and the strength of our industry, MoneyQuest Orange has grown quickly. This has given me a great deal of confidence and I hope that in 10 years’ time I can look back and say ‘wow, I created that’.”
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