Small-market brokers feel the pinch

by |
Making the big numbers in a small market is never easy – and a difficult 2012 made it all that more difficult for even the best of the best.
“Trying to maintain $30 million a year in a small market is difficult enough in the best of years,” says Dan Sauve, owner/broker of Verico Mortgage Corp. Financial Services in North Bay. “Today, with slower economic times as well as all the new underwriting changes that we have seen in the past year from insurers and lenders, it has been even harder.”
Sauve, who came in at number 15 in the Top 20 Small Market category, stresses the keys to success is maintaining a happy client base.
“Being focused on existing clients is certainly our success,” says Sauve, who operates the “oldest and biggest” brokerage in this Northern/Central Ontario community of just over 64,000.
CMP magazine is now calling for broker submissions for its ranking of Top 75 Brokers by funded volume for 2012. To be eligible, all the figures must be supplied by you, the broker/agent, via electronic survey – and that all deals must have been personally sourced and originated by you.
Sales figures must be broken down by the relevant lender, and should include a contact name and telephone number for each representative of those institutions. CMP reserves the right to contact them and the broker network to confirm figures.
The Small Market Top 20 – of which Sauve was a member last year – gives a tip of the hat to the accomplishments of mortgage professionals in markets with a 2012 average home price of $290,000 or less.
As the gap between home values in Canada’s smaller centres and those in Toronto and other major cities continues to grow, the Small Market Top 20 is the best way to acknowledge the funded-volume success of those brokers.
For Sauve, he likened himself to the “big fish in the growing pond” of North Bay, who benefitted from “12 years of uncontested growth” in which he was able to build a solid client base.
The criteria to qualify for the Top 20 includes being in a market that is a CREA-identified region, municipality or centre, and to brokers who did a minimum 80 per cent of their deals in such a market where the average home price is at or under $290,000.
Small brokers will be automatically be considered for the Top 75 list – and their volumes must be personally sourced and originated.
Submission close on June 21.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions