There’s a Canadian Mortgage Revolution happening and I wanted to weigh in and give my thoughts on one of the many excellent points brought up for discussion at a yesterday’s industry gathering in Calgary.
Although I was unable to attend the event in Calgary, I applaud Mike Cameron for taking the initiative in gathering like minded individuals to exchange ideas, stand up for our industry and begin to learn and grown as professionals together.
This is something I have done with mortgage brokers in Vancouver whom I believe have the same passions as I do and believe in sharing our collective knowledge about our industry.
This brings me to the point that was brought up regarding Part Time Mortgage Brokers.
The Canadian mortgage industry has no room for part time brokers!
I don’t say this because I’m worried there’s not enough business for me. I can only speak for my business but I never find myself stepping all over another broker just to get clients.
Instead, there is no room in our industry for part time brokers simply for the fact that I believe this is doing a huge disservice to our clients. Getting a mortgage for a client is more than just offering the best rate. Time is of the essence in a Real Estate transaction and if a part time broker is busy with another job there is no way they can provide timely service when it’s needed most. There are many other considerations that we counsel our clients on that can only come with experience.
What should new brokers do?
It’s a tough business for a new brokers I understand that. I was there. I can say with absolute certainty that if you work part-time in this business you will not succeed. Keeping up with industry changes and being able to provide top notch service is impossible if you have another job. Working another job also doesn’t allow you the time further build your referral contacts and industry associations.
Instead look into finding part time work within our industry. There is always brokers that are looking for assistants and underwriters to work behind the scenes. This will allow you to work closely with a mentor who is a successful broker and also remain connected to your industry.
As a new mortgage broker I also encourage you to connect with other mortgage brokers (and not just the ones in your office). The ones worth getting to know will be happy to connect and share ideas to help you build your business.
As a consumer what questions should I ask my Mortgage Specialist?
- Are you a full time broker? This same question applies when dealing with a bank rep. You want to ensure you are working with someone who’s sole focus is mortgages.
- How long have you been in the industry?
- Can you provide references?
I’d love to hear your thoughts.