How to Make a Career Change With a Mortgage Franchise
Elliott Fudge, writer
Published at 06/07/2021, Updated on 04/05/2022 , Reading time: 5 min
Deciding it’s the right time for a career change can be a daunting feeling. But making the right choice can be highly rewarding. If you’re looking to take a new step with a mortgage franchise, here’s what you need to know.
If you’re thinking about making a career change, you’re not alone. A recent study by Aviva found that three in five employees in the UK are considering making a career change because of Covid.
While making a career change can seem a difficult thing to do, the rewards can be immense, particularly if you’re looking to change careers by starting up a franchise. As part of a franchise, you’ll benefit from additional income security, tried-and-tested training, and extensive support networks to help you as you go.
Plus, working as part of a mortgage franchise, you’ll be operating in one of the busiest and profitable sectors in the country. If that’s got your attention, here’s three other advantages to working in the mortgage sector.
Why open a franchise in the mortgage sector?
Operating as a franchisee in the mortgage sector, you’ll be a part of a busy and exciting industry. Here’s four other advantages to working in the mortgage sector:
You’ll have a secure income: By working in the property and mortgage sectors, you’ll be working in a recession-resilient industry. In fact, many agencies and mortgage brokers have been seeing record levels of demand in recent months, so you won’t need to worry about having a future-proof income.
You’ll be a part of a trusted brand: Setting up an independent business in the mortgage sector can be difficult. As a newcomer to the sector, you won’t have the experience, contacts or support to call upon that some of your competitors might. But, as part of an established franchise, you’ll immediately be part of a trusted and experienced business with a valued reputation and plenty of support behind you.
You’ll have lots of job satisfaction: One of the most common reasons for wanting to change careers is the lack of job satisfaction in someone’s role. By working as a mortgage broker, you’ll have a very satisfying role. You’ll be helping people finance their dream homes, allowing them to look forward to an exciting future.
You’ll have plenty of flexibility: You’ll have the flexibility to choose how you work, and who you work with. Many mortgage franchises will allow you to work from your home or in an office. As you’ll be running your own business, you’ll be free to choose how you work.
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4 things you will need to make a career change with a mortgage franchise
If the mortgage sector sounds right for you, you may have found the ideal area for your new career. So, here’s four things you’ll need to get started.
1. Specialist training
As you kick off your career, there will have to be a small adjustment period while you get used to your new way of working, and the specific way your franchisor likes to work. Thankfully, the overwhelming majority of franchises in this sector will be on hand to offer you extensive training from the off.
Depending on your past experience, you may be more or less used to certain types of technology. As a mortgage broker, you’ll likely need to be familiar with types of business marketing, sales advice and techniques, and processing and case tracking software.
2. An organised way of working
You may already have some experience working in sales, but processing mortgage and remortgaging transactions can be a multi-stage process. As a result, processing these sales can take longer than you may already be used to.
When you’re working in the mortgage sector, preparation is key. Being organised ahead of schedule will allow you to process sales in a timely fashion, provide accurate updates and notices to your clients on their mortgages, send, receive and sign legal documents and contracts on time, and stay on top of legal updates.
Having an organised way of working means you’ll be able to keep your business running as it should. This will also help you keep to your franchise agreement.
3. Accreditation
Most mortgage franchises aren’t just looking for potential franchisees with previous experience or relevant qualifications. Although having some qualifications might make you a more attractive franchisee, it’s not essential. Any franchise worth investing in will make sure you have access to a robust training programme and are able to achieve any essential qualifications, such as CeMAP before starting your business.
Again, while it’s not essential you have your own certification to become a franchisee, you’ll be working in a very competitive industry. Having proven qualifications may allow you to stay up to date with best practices for your industry and show customers you’re someone they can trust.
4. Ambition
All franchisors are on the lookout for ambitious potential franchisees who want to take their franchises forward. But if you’re going to be working in a highly competitive sector like the mortgage world, you’re going to be competing against other franchises and independent businesses for customers.
For that reason, it’s vital you’re ambitious in your aims for your business. You’ll need to want to grow and expand your customer base in order to prove you’ve got what it takes to run a mortgage business and that you can offer a service your competitors can’t.
The mortgage industry can be tricky to get started in, but with the right qualities and preparation, you’ll be in a great position to ensure your business can grow and return a healthy profit.
>> Read more:
- Ready for a Career Change? Check Out These Five Top Franchise Opportunities in the UK
- Career Change: Start a Fresh Career with a Franchise
- Fed Up With the 9-to-5 Perhaps Starting a Franchise Business Is Your Best Next Career Move
Making a career change with a mortgage franchise
With the right qualities, organisation and preparation, you’ll be in a perfect position to start your new career in the mortgage sector.
Operating as a franchisee means you’ll be able to avoid many of the stumbling blocks new businesses run into. And with franchise survival rates higher than independent businesses, you can expect your business to be in a great position to succeed for years to come.
If franchising sounds like the right opportunity for you, but working as a mortgage broker isn’t quite right for you, you can see our UK franchise directory for a full list of opportunities.
There are also other opportunities within the property and mortgaging sectors. For example, you could try opening as an estate agent franchise or, alternatively, you could try working in home improvement and construction.
Elliott Fudge, writer