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The Big Story: Do you have what it takes?

The best agents may be born and not made, but what traits should increasingly selective brokers be looking for in this confusing and challenging market. MBN finds out.

Video transcript below:

Reporter: Good agents are easy to get. Great ones are hard to find. What makes a great agent? Are they born to sell? Can they really be taught the skills? Born or made, what makes a great agent on this week’s Big Story.

Math, communication, administration, agents need to have it all. Or do they? Are personality and sales more important than doing the paperwork?

Erin Hamilton, Sherwood Mortgage Group

Erin Hamilton: Halfway through my career I moved location completely moving out to find out and there no one knew who I was anymore. I literally went door to door. People don’t like that. If I get your name out quickly and whether they like you or not, at least your name’s there. I certainly didn’t go to school, primarily I have a degree in psychology, it may be that could help a little bit. I don’t really think it does, but just because my background isn’t math, doesn’t mean I can’t put up my own mortgage together, because half of it is communicating properly with the underwriter, so they understand why weaknesses of an application can actually become twisted around and smoothed out. Even having a good relationship with your underwriter can go a long way. Instead of them, if they know you personally they know you are not necessarily sending crappy deals on purpose. They might call you and say well, this doesn’t seem right. Why would you send that in? They kind of get to know you. So you know, being personable is huge, it’s just being able to convey ideas properly, it’s not all about the numbers.

Reporter: Finding the one is critical, but how do you know they are the one?

Joe Walsh, Bedrock Financial Group Inc.

Joe Walsh: Well if you are talking about what makes a good mortgage selling agent and can they also come with good administration skills, I say first of all I find it difficult to be able to you know without somebody already being in the business, being successful, I find it hard to tell whether this person is, they come from all walks of life and you are never sure and sometimes when I interview people, you know first of all I tell them that it’s not as easy as it looks. Right. It is difficult, people think they are [going recommend us], it’s so easy to do mortgage, it is not so easy.

  • The Big Story: Is it time for monolines to take their message to consumers? The Big Story: Is it time for monolines to take their message to consumers? (views 14419)

    A broker names a non-bank lender and the client asks “what if they go out of business?” While brokers say a direct appeal by mono-lines to consumers would only strengthen industry credibility and counter negative perceptions about its lenders, the monolines say the idea has merit, but only if everyone in the channel gets on board with the plan.

  • The Big Story: Is graduated licensing the answer? The Big Story: Is graduated licensing the answer? (views 14235)

    Is there such a thing as too much education? When it comes to the training of new agents and brokers some think that the 2 year apprenticeship before being licensed effectively raise the bar on qualifying standards. Not everyone is in agreement though. Isn’t the system in place good enough? Why are brokers asking for this change and isn’t there already accountability?

  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14065)

    CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media.

  • The Big Story: Should clients' legal and appraisal fees be covered? The Big Story: Should clients' legal and appraisal fees be covered? (views 14041)

    What have you done for me lately? Increasingly, that’s the attitude of refi clients who expect lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? More and more bank branches don’t think so. Most brokers, however, think that incentives should be offered sparingly, on n a case-by-case basis.

  • The Big Story: The role of lender BDMs The Big Story: The role of lender BDMs (views 13019)

    Some lenders want to switch up the roles of those Business Development Managers and take them away from the role as go-between and dispute mediator and focus them on attracting new brokers. Brokers, though have their reservations. They say BDMs may be better left in that traditional relationship-building role.

  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13523)

    Is having fewer mortgage brokers a good thing or a bad thing? With mandatory re-licensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of up to 15 per cent. Most of that will come from newer and part-time brokers. On today’s Big Story, we spoke to Linh Ly of Unity Financial Mortgage Services, Danny Kellman of VERICO The Mortgage Leader, and Sharon Ferguson and Sandra Cockburn of The Mortgage Centre-Durham. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Roy Deeks: Broker retirement plan Roy Deeks: Broker retirement plan (views 14719)

    With economic uncertainty and increased competition from the banks squeezing mortgage brokers, what options are available, especially for brokers looking to get out of the business sooner rather than later? For Roy Deeks, principal broker of Unity Financial Mortgage Services-The Mortgage Centre, the answer is syndicated mortgage investments.

  • The Big Story: Renewal fees The Big Story: Renewal fees (views 15733)

    Recent discussion around the issue of renewal fees has seen a proposal for an across-the-board 15 bps, an idea that is gaining traction on both sides. Lenders would dole it out whether the brokers take commissions straight up or opt for trailer fees. Either way, this mandatory renewal fee is proposed as a good way of eliminating a lot of the moving around that occurs at renewal. On today’s Big Story, we spoke to Ariel Santos of Unity Financial Mortgage Services, Drew Donaldson of Verico Safebridge Mortgage Solutions and John Bargis of Mortgage Edge. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Lender incentives for Realtors The Big Story: Lender incentives for Realtors (views 17300)

    The latest weapon in the war between the Big Banks and mortgage brokers is Realtor incentives and the newest trick was one bank’s offer to Realtors of 50 bps for every referral that ended in a closed deal.