Broker: Cut 2,000 'non-committed`agents

Broker: Cut 2,000 'non-committed`agents

Broker: Cut 2,000

A broker-owner is sending out a challenge of sorts just ahead of Ontario relicensing, asking other brokerage heads to join him in cutting loose “non-committed agents”– a number he pegs at no less than 2,000 in his province, alone.

“I’m just now undertaking the process and choosing not to renew about eight of my agents who are just not committed enough to the industry and mortgage brokering,” said Paul Mangion, principal broker of The Mortgage Centre - M.O.S. MortgageOne Solutions Ltd. , in Mississauga. “I’d like to see other broker-owners take a look at their own agents and look at not renewing them either as a way of increasing industry professionalism and efficiency.”

The call to action comes just ahead of next month’s licensing renewal deadline for all of Ontario’s 12,000-plus agents and brokers. Each is also required to show proof they’ve completed the province’s first-ever relicensing course, designed to improve compliance with provincial laws.

That last process is expected to cull as much as 15 per cent of Ontario agents, who’ll voluntarily opt to leave the business rather than submit to that educational component.

Mangion is the first to suggest the industry give those discouraged or inactive agents a push, rather than renew them for another two-year term.

For some brokerages, it would mean giving up the lucrative monthly fees they charge their part-time, or casual, agents. Mangion’s brokerage is not one of those.

In fact, his move to cut ties with several agents ahead of relicensing should ultimately increase his productivity, allowing the brokerage to focus its training and professional development efforts on a smaller, more dedicated team.

“I think more (broker-owners) should be moving in that direction because there are too many agents without a vested interest in the industry,” Mangion told MortgageBrokerNews.ca.
 

21 Comments
  • Cory 2012-02-29 5:04:08 AM
    Best article in months. I have been an advocate of this business practice for 2 years now but every time I bring it up I am the brunt of the backlash; how I don't support people and that there is a place for part time workers in this industry. The non committed, non producing people are in my opinion the biggest issue in the industry. They are a huge time commitment from a Broker's perspective, they are a large reason why lenders want efficiency, they contribute to confuse the public with messages that may not be clear and they are reasons why profitability has turned to the low it is today. At the end of the day you can not run a professional business with part timers taking up such a large part of it. The banks don't do it, why should we?

    I applaud you Paul, I wish more Broker/owners had the courage to follow this practice. I have a small office of 5 licensees, used to be 10, but I have elected to move a few of them out of the industry. Our productivity is much better, our team morale is much higher and if more followed suit our business would be able to stop talking about interest rate competition. Clean up the business, the public WILL take notice and the rate conversation will slow if not cease. i know the part timers will suggest the reason they may be part time is because they don't get support from the Broker. Our brokerage is full of the best programs and all agents get great support. The reality is you can take a horse to the trough................

    And while I am doing my part there is a Broker down the street who is licensing people at the drop of a dime, many of them part timers transitioning from some other part time job they have.........it won't work!


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  • Mike Distefano 2012-02-29 5:06:13 AM
    I Agree get rid of non dedicated full time agents!
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  • Ontario Broker 2012-02-29 5:16:59 AM
    This should include certain Brokerage Houses advertising for part time Mortgage Agents.
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