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The Big Story: Broker defections

Brokers and, indeed, brokerages are increasingly on the move from one network to another. But marketing, and not rate, may be the strongest pull factor. Jemima Codrington finds out why.
Video transcript below:
Jemima Codrington, Mortgage Broker News
Jemima Codrington:  An increasing number of brokerage owners and individual brokers are being courted by competing networks to join their team.  So what will make a broker stay or go?  Defections is the name of the game on this week’s Mortgage Broker News.
So what factors play a part in a broker’s decision to stay or go?
David Grossman, Community Financial Group
David Grossman:   The question about where a broker should work and whether he or she should consider moving, changing or staying with their existing brokerages is a very good question.  And in my opinion, the number one reason to move, if you’re going to move is because the new broker can offer you some kind of business advantage.  For example with your marketing, because that’s the most important challenge.  Getting discounts on rates due to bulk, that can be achieved anywhere and I don’t think that’s a good enough reason to move.  But if there is business synergy and some marketing advantage, then that’s something worth considering.
Jemima Codrington:  Some say that brokerages have to step up their game to retain talent in today’s competitive market.
Paolo Dipetta, Eqron Mortgage Corp. Ltd.
Paolo Dipetta:  I think brokerages are going to have offer more than just a rate for the agents and their brokers.  They are going to have to do more in terms of education and just generally providing value, to help their agents along as business slows.
  • The Big Story: Housing market snapshot The Big Story: Housing market snapshot (views 14096)

    It’s been an ongoing debate for a while now. Housing bubble – no housing bubble. The latest numbers support the idea that the Canadian housing market will have a soft landing in 2012. In January, CREA reported that sales activity was down for the first time since August of 2011, while prices increased by a modest two per cent year-over-year. Forecasts for economic and job growth going forward vary widely for different parts of the country, meaning some markets may soften while others pick up. For experienced brokers, continuing to work with Realtor partners may be one key to surviving any drop-off in the market. As well, people will continue to buy, refinance and renew. So regardless of what the market may or may not do, brokers need to continue to show clients why brokers are an integral part of the home-buying purchase. On today’s Big Story, we spoke to mortgage broker Paula Roberts and mortgage agent Dena Kakaletris of The Roberts Group-Dominion Lending Centres. Find out on today’s