I hope this helps anyone that has a start-up broker office.

The obvious points in having a sales floor is #1- Pay your reps right. If you don't, they will cheat you or leave you. That is why the turn around is so high. A lot of MCA broker companies promise the world but then don't deliver because they don't do their research (which I will break down). Draws are always good- factor in the amount that the rep will be paying for travel expenses and their phone bill. At least make the promise of that draw being stable unless the commission exceeds the amount for that week. It's hard being commission only and keeping up with bills and taking care of families (and themselves) which most are. Which leads me to point #2....

Are you bringing in the leads? Marketing leads or inbound calls should be paid a %. If that sort of lead comes from you, and is paid by you, the rep gets paid anywhere from 25-35% of that commission. If it is a UCC, the rep needs to put in more work by following up with calls, emails, and explaining the process better. Sometimes it takes up to a week to two weeks to get docs in... that's a long time to wait and having a split commission is a very good incentive. If the rep brings in their own leads by face-to-face marketing, craigslist, etc. do a 60-70% split. Sounds like a lot? Well, what are you putting into it? A lot of these "reps" can do well on their own, but rather have a team to grow with. What you provide to your reps is what you will get out of your business... which leads me to #3- The Breakdown.

Here's the breakdown- You are working for the Lender. You are a marketer and providing the initial steps and sales tactics to promote that lenders advance or loan programs. The lender provides you with spex and reselling documents for you to train your guys and let them have at it. If you are partnered with a good lender, you will notice they have niches, tiers, and buy rates. Base your commission on that. If you have a great relationship with a lender who has a workable buy rate and funds restaurants for example, (and you can get a good commission off of) give the rep an incentive like an extra % or $ amount BUT give them the tools to sell it effectively. Research and give them spexs for EVERY INDUSTRY they encounter. Your'e not going to sell chickens to a auto performance shop, right? Knowledge=Trust which makes your turnaround for loans higher which makes you and your company, more reputable and profitable.

As you for you, Mr. Manager that needs to be paid... Quantity will be a life saver. You will not only give your reps the freedom to feel that they are their "own company", but what you will offer in simple FREE research and programs that are laid out and easy to sell with make you the amount you desire. Once you become reputable and can invest more, you can have a designated admin in your office that processes inbound calls. Pay that admin a bonus incentive for processing the inbound loans and you make a bigger profit on what you already built.

It takes time but it is worth it.