How to Choose a Mortgage Brokerage to Join
There are over 1200 mortgage brokerages in Ontario and it can be hard to decide which one to join. There are many different types of brokerages and one-size does not fit all. Finding the right fit can be the key to success in your mortgage career.
Brokering has always been a self-employed career. You are running your own business and you are free to run it how you want, within the guidelines of the regulatory and the brokerage. Traditionally, nothing is handed to you and it is up to you to sink or swim.
Here are three things to ask a prospective brokerage before joining:
1. Do They Offer Deal Support: Getting a mortgage done for a client is a lot of work. Every new agent will need help every step of the way when they are first starting out. You will have a thousand questions and it will seem daunting for your first few mortgages. You need a live person to help you through this process. Someone that you can call, text, and email with every question. It is still up to the agent to do the actions required for the mortgage, but deal support is there to guide you every step of the way.
2. What Training is Offered: As a new agent you need someone to walk you through the mortgage process, from A to Z. It is best to learn from an experienced agent that will teach you the industry best practices. You need real, hands-on training that will get you up and running. A brokerages training philosophy should be “come talk with us”; participate and contribute.
Some brokerage’s ignore agent by directing agents to some video library for answers. If a brokerage does not want to talk to you or give their personal time to help you, then this might not be a good fit for new agents.
3. Brokerage’s Vision: What is the vision of the brokerage and what are they trying to achieve? What market niche do they primarily serve? What type of mortgages do they do, what type of clients do they attract?
These types of questions will give you a fantastic insight into the brokerages culture. You should walk away from the conversation with a good sense if this brokerage is a good fit for you.
Interested in joining Ashburn Mortgages, where agents and brokers come to thrive? Discover more about Ashburn Mortgages today! Contact Sean Stewart, 905-427-9596, email@example.com