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Mortgage Magnates: Concern During Crisis for New Mortgage Agents is Very Real

This industry is an incredible one. We have tremendous organizations partnering with mortgage brokers, advocating for them and the broker contingent themselves talking and Zooming together for happy hour and yes business is extra busy, but it all continues to hum along. That is of course, unless you’re new.

Have you called a newby lately? If not, you should. Many of them are lost. They don’t yet have that network of support you have all come to enjoy and they are one of the small businesses you hear about that are struggling right now.

See when the doors were open, these new agents were already battling in the throws of developing a new business, getting enough leads and working on commission, in many cases, for the first time in their lives. That in and of itself, is a struggle and strain on family, on finances and on mental health.

Many of these newer agents made the decision a year or less ago to leave a stable job to pursue the dream of unlimited income potential in the commission based mortgage world. A decision that is not easy to make at the best of times. Imagine now. In a pandemic world.

Government income support thus far only supports those that are actually unemployed, can prove a loss of income as a business of over 30% or as a business, can prove they paid $50,000 plus in payroll last year. For our industry newbies, none of that fits the bill. They are on their own and they are struggling. I know, I spoke to two of them yesterday.

Both of them have spouses in their ears, chirping about why they made this decision to leave a perfectly good job to pursue a dream. This is not a great way to instill confidence when they are already struggling, even if quietly.

So what can we do?

We have all encouraged someone to get into our business and we have a responsibility to help. I am reminded of the story of Mike a leader in the business and his sudden realization of the magnitude of bringing someone into a commission based business.

Mike tells it like this and hopefully I am doing it justice:

“I was a manager and part of my role was not just to sell my own business but to hire and train new agents. One year I got a call from my cousin in Ireland. He had just been laid off. He was talking about not knowing what to do, he was the only one working and had his wife and one child to clothe house and feed.

Being so passionate about this industry and wanting to increase my own splits at the time for bringing someone in, I thought this was a perfect scenario! I will convince him to come to Canada (it was easier to do back then, and licensing was simple). He made the decision to take the risk and give it a try and he decided to move his family from Ireland to Canada.

The day came that they were set to arrive and I went to greet them at the airport in Toronto. I was so excited. I was getting to see my cousin, his wife, his child and I was getting a new hire at the same time to work with me and increase business.

The parade of people came out of customs and the anticipation was building, then, there he was, my cousin, his wife, his child and one suitcase. I will never forget the feeling that washed over me in that moment….what if this doesn’t work? He has no network here and no way to build a business without me.

If it doesn’t work, I will have to face up to him, his wife and even more terrifyingly, my Aunt.

Today he is a manager himself doing what I did then and is a top performer in the industry.

What I realized in that anxious moment is we have a responsibility to who we bring into the business. We owe them coaching and ultimately success as long as they too make the effort. Whether it is family or someone who has a family, we have a responsibility to see them succeed.”

The story rings true every time we work with a new agent here at Mortgage Magnates. You realize that in most cases, this agent was uprooted from a safe $50-$75,000 per year job with the hopes and dreams of making a big impact and large income in this industry.

Often times we have sold them a bill of goods, not really knowing if they will succeed or not and not sharing the churn stats of this business until after they start. We need to change this, but that is for recruiting training after the pandemic.

Right now, we need to take care of who is here. The agent newer to the business who sits at home right now, experiencing anxiety, staring at their family as if they came here with one suitcase, wondering what is next.

If you have a few minutes today, call a newby. It could be the greatest, most rewarding call you ever make.

Mortgage Magnates is committing to agents under 18 months of service. For a limited time we are offering FREE personalized coaching to agents needing assistance in developing business during this difficult time. If you are interested in more details on personal coaching from us please send an email to contact@mortgagemagnates.com

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