Broker: Tough training for tough times

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A brokerage owner wants peers to give the gift of tough love to agents next year, asking them to institute his brand of no-nonsense training – one that demands full and very punctual participation.

“I have been hiring four or five agents a month from other companies and these are agents who have been working for six months and still have no clue what to do,” Mississauga-based Paul Mangion, with MCC, tells MortgageBrokerNews.ca. “I have been training agents for a long time and have put a system together along with coaching to actually get them to do the work… . The coaching is strict and you will be ejected for lack of attendance and lack of effort.”

The attitude and, indeed, the approach is one Mangion has more recently championed after realizing the importance of holding new agents accountable in order to win them success.

The seasoned player has now developed an internal training protocol that encourages active student learning through onsite coaching sessions with their peers where newbies are made to share their failures and success.

“They take away some good information and expectations then they simply follow their assignments and report back what they have completed and share their experiences all over again,” he says. “They are given detailed tasks with instructions and ideas on how to complete them. Accountability and participation is the key to training a successful agent.”

Many brokerages may increasingly fall short of providing agents those essential tools, argues Mangion.

“This profession thinks that lenders doing presentations is training,” he said Thursday. “Very few, if any, give formal sales training.”

Without that kind of support, the industry may be doomed to perpetuate the 80/20 rule Mangion and others complain of. That’s idea that only 20 per cent mortgage professionals are responsible for the vast majority of the funded volume.

His fight against that phenomenon is something else he’d like to see brokers duplicate.

“I am slowly forcing my agents out that do not want to participate in proper sales training,” he says. “This industry really needs an overhaul. We need to stop letting useless people train other useless people and hoping some will succeed.”
 

  • Brian on 22/12/2012 6:19:53 AM

    Congrat's Paul, Being new to the industry this year I agree training is truly lacking in the mortgage business.

  • Cory on 22/12/2012 6:28:14 AM

    A business owner who treats his business as a business. I think what you are doing is fantastic Paul. I hope for all sorts of success for your Brokerage and those Associates who complete their requirements, our industry needs a lot more of people like you.

  • An Insider on 22/12/2012 9:57:08 AM

    That is right on the mark Paul. Kudos to you. After you get that sorted, run for political office. I will guarantee you my vote and others

  • John Dearin RPA,. AMP. on 24/12/2012 11:30:58 PM

    Not just the 20/80 rule applies here...the brokerage reputation is on the line as well. One screwed up or poorly serviced deal could mean 10 that will never show up at your door.

    Great news Paul.

  • Karen on 28/12/2012 3:07:25 AM

    I have implemented the same thing with minimum standards that have to be met in 3 months or they are out. I was getting jaded hiring new agents and wanting their success more than they did. People think that because they are now self employed they aren't accountable but it is the opposite if they want to succeed. I totally agree with John it is the brokerage reputation which affects not only the Broker/Owner but the other agents as well.

  • Sean chouman/ landmark financial group on 03/01/2013 4:36:48 AM

    Good call Paul! I only hire brokers that are truly in need of life changing and committed to work as full time. My policy is very simple. All new member must go through the 3 months probation period must follow our intensive training. After the 3 months. Should they really decide that rhis the industry they want to be in. Our next step to attach them to one of our senior mortgage brokers as assistant for one year. This way we are guaranteed to have a better brokers representing us on the road.

  • Omer Quenneville on 03/01/2013 4:58:43 AM

    Where do I sign up?

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