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.