2024 Rising Star shares advice for new mortgage professionals
The past two and a half years may have proven a challenging time for many newcomers to Canada’s mortgage industry, faced with the task of establishing a foothold and presence in the sector just as the market started to turn cold.
Still, there’s opportunity in every challenge, and subdued market activity shouldn’t have new agents and brokers already eyeing the exit door.
That’s according to Hannah Martens (pictured top), a Prince Edward Island-based broker with Mortgage Alliance – United Group, currently in her third year in the industry. That spell has coincided with a dramatic market ebb and flow, taking in both the mayhem of the latter pandemic and the pronounced cooldown that followed.
For Martens, who oversees training for 30 brokers across Atlantic Canada, advice to new industry members is simple: keep finding new ways to be as productive as possible. “I say this to newer brokers all the time: staying busy, staying on top of things, not getting out of that groove, is really important,” she told Canadian Mortgage Professional.
“There are always things to do in this industry. There are always new connections to make. There are always things to learn. So taking the time and not getting out of your regular schedule, even if you’re not as busy, definitely keeps that momentum going.”
Hannah Martens was one of the Best Young Mortgage Professionals in Canada in this year's Rising Stars awards. Read more here.
How can new brokers find success in the mortgage market?
Plenty of opportunities for education and business development have emerged during the downturn, while Martens also underlined the importance of networking and building a solid base within the industry. “It’s just a matter of doing the groundwork to get yourself started – really trying to build connections, getting involved in your community, building up a really good social media presence,” she said. “Things like that are going to be very, very important.”
Bank of Montreal (BMO) chief economist Doug Porter said some borrower pain is certainly on the way, although it’s likely to be contained and manageable.
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 13, 2024
Read more: https://t.co/JH9ZjUAiiG
While sitting down and delving into the quirks and features of various mortgage products may not seem like a productive use of time for agents and brokers wondering how to get ahead in a down market, Martens said that knowledge can ultimately provide an invaluable edge in demonstrating expertise to clients or referral partners.
Making the switch to become a mortgage agent or broker – especially for those who’ve never been self-employed – can be a daunting task. Trying to gain clients and referral partners without a background or experience in the industry is initially an “intimidating” challenge, Martens said.
That’s why education is such an important tool. “Just trying to instil yourself with that confidence by learning, having a solid brand behind you, is really one of the best suggestions that I can have to a new broker,” she said.
“And just be patient – because it does take time. It does take a lot of background and work where you’re not going to see results right away depending on the broker. [It’s important to] not get discouraged when you don’t have clients lining up to use your services right away.”
The value of not being discouraged by a down market
Maintaining a positive attitude is especially important in a subdued market like the one that’s prevailed over the past two years, with newer agents and brokers often understandably anxious to find their next source of business amid shrinking purchase and refinance activity.
Successive interest rate cuts by the Bank of Canada have strengthened optimism that the market could be about to turn a corner as borrowers step off the sidelines and homeowners weigh up refinancing opportunities.
Until then, having the right outlook, and strong support from teammates and colleagues, are essential to new brokers navigating the current rocky terrain. “I understand getting discouraged,” Martens, a member of CMP’s Rising Stars for 2024, said. “I’ve been there: when you start to close a lot of your files that you’re working on and you’re wondering, ‘Where are the next batch coming from?’
“It definitely gets scary, but just having the confidence, having a good team around you and support to keep you afloat when you’re feeling discouraged – and really having good training tools to keep yourself occupied when business may not be as busy – can kind of just catapult you to the next chapter.”
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