Many brokers across Canada have decided not to hire new staff for the next 12 months but for some hiring an extra hand may provide the edge needed to grow the business in a particular market.
“We have hired a part time person. The reason we did that is because we find it busy to do the (administrative) work,” Chris Bisson
, a Guelph-based broker with the Mortgage Centre told MortgageBrokerNews.ca. “Make no mistake: It’s a competitive market and real estate is flat. If we want to grow we have to add bodies. That’s why we increased the staff.”
Canadian Mortgage Professional published its annual Broker Sentiment Poll in its March issue and of those polled 71.43 per cent said they don’t plan on hiring new staff in the next 12 months.
And while the new employee has been hired at a part-time capacity, Bisson says he will consider bumping him to full-time if all goes according to plan.
Still, his brokerage is in the minority.
Ralph Covello, Vaughn-based Mortgage Centre broker says he and his partners are too busy with their own clients and mortgage rule changes have forced the season player to focus on his own book of business.
“I’m definitely going to hold back on hiring, especially because of how the rules and regulations have changed over the past few years. It’s made lending and underwriting much more restrictive,” Covello said. “Between myself and my partners we’ve got many years of experience and we’re having trouble.”
If and when he does decide to add to his team, Covello said he will shy away from hiring industry newcomers.
“We’re not that eager to grow or bring anybody new in from the course itself; we prefer to have someone with a bit more experience that doesn’t need the amount of training that would be required when someone is new,” Covello said. “No disrespect to those coming up; I know, I get it, I know the challenges coming in. They might be better placed at the bigger brokerage companies that have regional managers.”