Alex Lambros entered the mortgage broking industry eight years ago with no experience and no contacts.
But eight years on and he is managing a team of mortgage brokers who are responsible for 40 different LJ Hooker real estate offices throughout Sydney. Lambros is the director, franchisee and senior lending specialist for LJ Hooker Home Loans Eastern Suburbs.
Lambros said it was a long, hard road building his reputation and finding his feet and his point of difference as a new to industry broker.
“I door knocked with a lot of banks and they kept closing the door in my face [because I had] no experience. Then it was about whom I knew, not what I knew. I met a real estate agent who put me in touch with a mortgage broker and she was kind enough to train me. I did a lot of work for her on a very low income. I did that for about six months while I learnt the ropes, and then started mortgage brokering.
“I stayed with her for about two years and serviced the LJ Hooker network, managing about five offices. What I realised pretty quickly was that I can’t be everywhere, so I really narrowed it down and focussed on two good operators and worked with them, and got some good results for them and myself.”
While having an experienced mortgage broker as a mentor was Lambros’ lifeline as a new broker, he also turned to horizontal industries to round out his knowledge, experience and contacts.
“But there was more to learn, so I partnered up with a financial planning business and started doing the mortgage brokering for them,” he said.
“I got to better understand strategy and structure as opposed to interest rate, which really armed me well for the future.”
Building an empire
After working alongside financial planners to gain an alternate and deeper understanding of the finance industry, Lambros returned to LJ Hooker. However, this time he came back as a franchise owner – the director of LJ Hooker Home Loans Eastern Suburbs.