Brokerage founder on what is of utmost importance
It’s no secret that Canada’s mortgage market has been in something of a lull in recent times – but for mortgage agents and brokers, keeping the right mindset and a positive outlook are key elements in continuing to eke out success.
That’s according to Meaghan Hastings (pictured), Toronto-based principal broker at The Mortgage Coach, who told Canadian Mortgage Professional it was essential for brokers not to let external factors (a down market, high interest rates, lower volume) weigh against their prospects and growth outlook.
Crucial to that approach, she said, is brokers having the right people in the right places around them. “It’s only our own actions that will lead to success or failure,” she said, “and if they’re surrounding themselves with people, whether it’s realtors or colleagues, that are perpetuating this message of ‘There’s no business, it’s too hard,’ then that’s going to be the mindset that they adopt as well.”
On the other hand, “if they’re [associating] themselves with realtors that are still hitting the pavement, or colleagues that are trying new lead gen activities, keeping each other motivated and inspired, then they’re going to have the business.”
A culture-oriented approach
The importance of control over her own situation has been a clear theme throughout Hastings’ career and an influential reason behind her launch of The Mortgage Coach at the beginning of 2019, a logical step after a four-year stint in the banking space as a mortgage specialist and a subsequent switch to the broker channel.
Creating a robust culture, one that would allow agents to thrive in a positive and productive environment, was a strong priority for Hastings even before she stepped out on her own as a brokerage founder.
Victor Tran of RATESDOTCA suggests that the most recent interest rate cut may not boost home sales immediately but could improve the outlook for variable rates.
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 26, 2024
Read more: https://t.co/9hWDE7MHNX
Getting underway with her fledgling company, she said, “was really from a standpoint of, ‘As an agent, what do I want to have in front of me that will always inspire me and help me grow, continue to learn, do better, and have really great, positive people around me?’ That’s how it started. I just looked for the place that I wanted to be.”
Numbers, sales, and volumes are – of course – a point of pride for any successful brokerage. But for Hastings, maintaining her signature enthusiastic and positive outlook, even in a market that’s faced its fair share of challenges over the years, has been one of the most satisfying elements of her journey in the broker space.
It’s an approach that stems from a genuine love for the industry and clients she serves. “More than anything, I come in to work today with the same enthusiasm and drive that I did on day one,” she said. “I love it just as much, if not more.
“And I don’t ever really feel like I made it, like I’ve accomplished what I want to. I guess for some people, it already is an accomplishment, and successful – but to me, we’re just always five minutes away from the next thing.”
What should new agents keep in mind about the current market?
The current market remains a daunting one for new agents to face, even with optimism beginning to stir over the prospect of further interest rate cuts down the line and a possibly less fraught climate for homebuyers on the horizon.
Maintaining a positive outlook is essential for those agents taking their first steps in the industry – and equipping themselves with the educational tools and knowledge needed to succeed is a big help too, according to Hastings. “Knowledge is power,” she said.
Learning products and getting connected with lenders is essential – as well as the age-old step of getting out there and establishing a name in the industry. “[See] how many people you can get in front of and talk to,” Hastings advised, “whether that’s networking, social media or old-school in-person networking.”
It helps, of course, to be powered by a genuine, unending enthusiasm for life as a mortgage professional – like Hastings, who can’t imagine herself anywhere else. “I literally love the work: all the stressful parts, figuring out stuff, troubleshooting, whether it’s a piece of the business or part of a deal – I just love it so much.”
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