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The Big Story: Attracting new agents

Brokers have been hiring new agents from time immemorial, but new pressures around commission splits and training are adding to the challenge. At the CMP Mortgage Summit, The Big Story spoke to industry veterans Gord Dahlen, of Dominion Lending Centres, and Ron De Silva, from RMAI Financial Group for their take on the issue.

Video transcript below:

Jamie Farshchi, Mortgage Broker News
Jamie Farshchi:
 Hiring new agents is the oldest job in the business.  Hi, I’m Jamie Farshchi and this is the Big Story on Mortgage Broker News.

It’s a common refrain and brokers love to sing it.  But considering the challenges of attracting new agents, they may have to sing another tune.  That’s the message at this year’s Mortgage Summit.
Ron De Silva, RMAI Financial
Ron De Silva:  One of the challenges that we have within the industry [beyond] is attracting the right types of individuals to join us and what I mean by that is, the business models that we currently employ are too [fun and loaded], they need to be spread over time.  The better quality individual evaluates our industry and decides there is something that they want the business in and build a career in, that was my main point today.
Jamie Farshchi:  But the very challengeable question of commission splits is also on the mind of brokers.  While the pressure to go high is there, trimming expectations may be the way to go.  The trade off is training.
Gord Dahlen, Dominion Lending Centres
Gord Dahlen:  Let’s make sure, let’s not oversell ourselves at the beginning, we are not going to pay you 80 or 90% of your commission, we are going to give you less but we are going to give you value for that and we are going to catapult you into a career as opposed to you know you having to keep a part time job.  You haven’t to not attend this great conference that we are in today, right.  We need people to understand, this is a part of committing, this is part of being part of this industry and if you don’t do things like attend today’s conference if you don’t accept less coming in, so that you can learn the business.  If you want to make 90%, 90% of nothing is still nothing.