A major franchise has grown its network to a new milestone on the back of a recruitment initiative.
Mortgage Choice has announced its franchise network has surpassed 400. With the franchise network now at 405, CEO Michael Russell said it has surpassed 400 for the first time since January 2009.
“The property market is strong, interest rates continue to hover around record lows, lenders are competing aggressively for business and we are expanding our mortgage broking network at a cracking pace," Russell said.
Russell put the expansion down to a recruitment drive launched this year by the company. In January this year, the franchise introduced the Plus One Initiative – offering Mortgage Choice franchisees a monetary incentive to bring on new loan consultants. helped to capitalise on the current market and helped grow its third party distribution channel, Russell said.
“At Mortgage Choice, we know how hard it is for our franchisees to find the time and the resources to recruit an additional loans consultant, which is why we launched the Plus One initiative. We wanted to make it as easy as possible for our franchisees to grow their business. In addition, we wanted to capitalise on the positive market conditions. When we launched the Plus One initiative, we set ourselves a target of recruiting 50 additional loan writers for our franchisees by the end of September and we are currently on track to exceed that goal," he said.
With broker market share above 50% and the franchise network expanding, Russell said it was "a great time to be a mortgage broker".