Limitless33

VP - Mortgage

Trying to move into SAAS.

Hey guys! sorry to make another post but I just need some advice from such a wonderful community.

I am a VP at a mortgage firm. What that means is, in addition to be a loan officer/banker, I am also managing a team of about 30+ loan officers, as well as involved in day to day operations of the company.

I currently am on a base salary of about 120k a year plus my bonuses for the loans I close. All in I typically cleared about 600-800k in the last 2 years.

2022 is different. rates are sky high, mortgage companies are struggling and closing up shop. We're still alive but it's been a struggle. Along with comp changes, and salary cuts, I'll probably make 150k this year and less next year if this continues.

I want to change my career while I have a nice nest egg saved up and get into more of a lucrative sales position. I've been interested in SAAS for a while now and wanted to see how I can break into the field and at least be around 150k a year. is that doable? Am I being realistic?

I am in Los Angeles and any advice or direction is GREATLY appreciated.

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15 comments

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CuriousFox

WR Officer

4

🦊

There's an article on the academy tab that lays out how to break into tech sales. 😉

Sunbunny31

Politicker

5

Sr Sales Executive 🐰

^^ Lots of great advice in the tab. Also there's a fair amount of posts on this exact subject, like this one, with some great advice: https://bravado.co/war-room/posts/moving-into-saas

jefe

Arsonist

0

🍁

Definitely check those posts out.

Prepare for a pay cut though, at least for a couple of years.

Limitless33

Fire Starter

0

VP - Mortgage

I’m prepared for a pay cut but would like to be around 150k though

aenima

Celebrated Contributor

3

Principal Account Manager

I think you’ll need to understand that mortgages are predominately an incoming-lead fed market, where as most SaaS platforms require going to market by creating demand. I know many folks in mortgages and banking, and few work hard for creating the pipeline. It either flows or doesn’t flow based on rates / market.

You also are moving from B2C to B2B, and it’s an substantial change. Be aware of these gaps in your experience and be prepared to build confidence in an interview that you can handle them.

I’m also, candidly, wary of anyone with a “VP” title in banking or mortgages. It’s widely known that title is thrown around like candy in the vertical. Beware floating it around at SaaS companies where VPs are held in high regard, you risk being met with no one taking you seriously.

Sunbunny31

Politicker

1

Sr Sales Executive 🐰

A minor observation on your excellent post- you meant moving from B2C (mortgage) to B2B (tech), yes?
Great points you’ve made about the industry and challenges of moving.

For Limitless33: We’ve had a few posts about moving from B2C and the challenges, you might want to search and see what pops up. There are some good suggestions that have been made.

aenima

Celebrated Contributor

1

Principal Account Manager

Correct sorry for typo, I corrected it.

Sunbunny31

Politicker

1

Sr Sales Executive 🐰

No need to apologize, it was a minor thing in relation to the content.

Limitless33

Fire Starter

0

VP - Mortgage

Thanks for replying!

My leads were primarily self sourced as I utilize my large network to find business.

My VP title was mainly for running parts of the firm and leading a team but I understand in tech sales it’s a completely different ballgame.

SaasSlingin

Politicker

0

Sr AE

You’ve been dropping fire. please keep it up

nomdeguerre

Executive

2

Account executive

I don’t see why it wouldn’t be. What type of SaaS did you have in mind. Perhaps focus on selling SaaS into the mortgage industry, since you have experience there and presumably also a network.

Sunbunny31

Politicker

2

Sr Sales Executive 🐰

One caution I will provide - when you move into the industry, you'll be starting from scratch. If you have an OTE offer of $100/$100, you may not get to $150K as you ramp up the first year, and it's looking to be a down year for every industry, including software. Not to be a Debbie Downer, but bear that in mind as you look - a good base is going to be important.

Maximas

Tycoon

0

Senior Sales Executive

SaaS is a wide field, which Saas type?

Limitless33

Fire Starter

0

VP - Mortgage

I’m not particular to any specific type, but I’d be very interested in banking software sales or mortgage software sales.

Also very open to anything honestly.

WhoDey

Opinionated

0

VP of Sales

Go for it! Good luck!

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