Brokers call for increased awareness

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It’s time industry associations start investing more money into marketing the channel, say to industry players, and they have to look no further than one broker who has already suggested an interesting campaign.

“I envision an ad about the mortgage broker channel where all the banks visit a potential client, crowding the house,” Warren Ross, a Quebec-based mortgage broker and financial advisor told MortgageBrokerNews.ca. “And then a broker visits and shows that clients calling one broker is the same as calling 20 (different) lenders.”

According to Ross, the main message is that brokers have access to dozens of lenders and therein lies the value and the convenience that the channel provides.

It’s a suggestion Ross originally made in the comments section of a MortgageBrokerNews.ca article about CIBC’s recent campaign that focuses on mobile specialists who make house calls.

Similar broker advertising campaigns, most notably by DLC, have won great support for the industry. The network aired commercials during Super Bowl XLVII and noticed a 98% increase in web traffic during the game.

And an industry-wide campaign would surely be welcome by players across the country.

“Having 20 different mobile specialists crowding in someone's living room would make an awesome commercial and quite a statement about the power of a licensed mortgage broker,” Ryan Smith, a broker with The Mortgage Centre, commented. “We're able to offer so many different options for everybody's unique needs; this and our training are what set us apart and give us a competitive advantage.”

The broker channel obviously lacks the marketing resources of the big banks, but players argue the industry associations should dedicate more time and money to marketing the channel.

“I too like the idea of associations like CAAMP or MBABC continuing to support us through marketing and advertising our advantages to consumers,” Smith wrote.
  • An Idea on 2015-09-23 9:36:42 AM

    I think we do need 2 different associations. For example, CAAMP could focus on promoting the broker channel with government and ALL the banks and CMBA could focus on promoting our channel to the consumer. Each focus does require a specialized skill set. As brokers know, it is not efficient to try to be everything to everone.

  • Bc broker on 2015-09-23 9:44:42 AM

    CMBA does this in BC to promote the MBI designation, and they have been well received by I presume if brokers in other provinces are interested they could contact Samantha Gale or Ajay Soni at MBABC.

  • bob on 2015-09-23 10:32:03 AM

    vast majority of brokers dont work with 20 lenders, so the comercial would be a lie, more realistic if they have 4-5 ledners instead

  • Teresa Richer on 2015-09-23 11:03:11 AM

    Or better still, 1 mortgage broker in a clients livingroom with an obvious 20 lenders standing behind him representing all the lender they represent.

  • Ron Butler on 2015-09-23 12:08:56 PM

    It's funny everyone loves the idea of commercials but I doubt very many would like the idea of the 400% increase in association dues required to fund a large scale ad campaign.

  • Walid Hammami on 2015-09-23 12:37:41 PM

    Wow , I see we are finally waking up. CAAMP cannot unfortunately be lobbying for us anytime soon. They to disclose how much they are getting from the lenders on a yearly basis for the last 10 years. We need to know where they stand. Their advertisement is vague and does not make a difference between a mobile rep and a mortgage broker.

    We need another association. We need some brainstorming here.

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