Broker firm owner on why some things matter more than money
He is still only 25 years old and earned around £175,000 gross last year, but mortgage broker Jonjo Coops (pictured) still doesn’t consider himself successful.
“I wouldn’t say I’m a success yet, I’ve still got a little bit of a way to go in that regard,” Coops told Mortgage Introducer. “Everyone at some level is motivated by money, some more than others. Being in a role where there is uncapped potential in regards to how much you can earn and grow is definitely something that excites me.
“I wouldn't say it's the most important thing though, compared to being there for first-time buyers, who have never been through the experience and being able to share my expertise.”
He continued: “You get a lot of bad advice online, there's a lot of articles that don't make a lot of sense. So, being able to break it down a bit more, in a human, logical sense is definitely the driving factor. To be able to be the person that can fix problems, create solutions for people who have had difficulties trying to obtain mortgages or any form of finance, that's probably the bit I enjoy the most. You always feel good when you're helping people.”
Clearly very bright, with a natural feel for numbers, and having inherited the entrepreneurial spirit of his business-minded parents, who worked in recruitment and advertising, Coops opted out of going to university for the world of work instead.
He became a mortgage broker at 19 and went self-employed at 21, after being furloughed during COVID – a move which he believes would have happened anyway, but was brought forward because of the pandemic.
Did his young age ever prove a problem in establishing himself?
“It was a challenge,” Coops said. “I definitely had a lot of meetings, a lot of appointments, where people would sit across from me, you could tell they were thinking, was this person qualified enough to be able to deal with probably the biggest thing that they were doing in their life.
“But I felt my knowledge, my skill set, and my determination in regards to winning them over would prove that I was good enough. If you turn up for people, be on a call when you say you're going to be on the call and be straight and honest with them, I think that's what gains people's respect.”
He explained: “There's a lot of sales people, not just mortgage brokers, who like to beat around the bush, without keeping the customers in the loop. I’d rather be very upfront and honest in regards to the process and what is happening. The more you can educate clients and the more you can inform them on what the processes are, how we get to this decision and this end result, it’s beneficial.”
Read more: 'Self-employed believe they won’t be able to get a mortgage'
How hard is it to make the decision to work for yourself?
Coops’ own business, LJC Mortgages, formally launched this month, with an office in Hammersmith, London, and more brokers set to join. He acknowledges that it takes a leap of faith to work for yourself.
“I speak to a lot of my friends, obviously the same age group, and they're not really loving their jobs, they don’t feel like they are being challenged,” Coops said. “I feel a lot of people become set in their ways in the positions they find themselves in.
“Of course, I was lucky. I was young, I had no mortgages, I had no kids, I had no burdens on my life that I would have to risk to take that step. Anyone can do it as long as they've got the motivation and the drive to be able to get up every day and keep failing, but keep learning from it and just move on. I am very excited to grow the business and see how far we can actually go.
“It’s about persistence. It is hard sometimes. If the leads aren’t coming in, there's always that lure of, you know, moving back into a potentially employed role and being able to have that basic income and have that security level.”
Coops has some sage advice for those brokers who might be considering working for themselves.
“I think the main thing is trust yourself, give it a go,” he said. “Make sure there are provisions in place so that if it doesn't work, you're not going to be in a bad position once it finishes. Save more money than you think you need, because there's always something that comes up. If you have that emergency fund, it allows you to sleep a little bit easier at night.”
