Major franchise on hunt to expand broker network, market share

by Amy Rosenfeld14 Jan 2014
One of mortgage broking’s largest franchises has announced an aggressive recruitment drive for 2014, looking to expand its broker network by up to 20%.

Mortgage Choice announced yesterday the launch of its new ‘Plus One’ program, designed to bring 100 new brokers into the franchise in 2014.

Mortgage Choice CEO Michael Russell told Australian Broker a combination of positive economic factors and hard work from franchisees means the company is in a position to seriously increase its market share this year.

“While it’s great to have the prevailing winds to our back, it’s incumbent upon us to seize upon the growth opportunities and ensure we not only make hay while the sun is shining, BUT garnish more than our historical market share,” said Russell.

“That’s what internally our franchisees have been gearing up to do and this Plus One incentive is a way for us to reward and back them for the courage of their investment.”

The Plus One incentive aims to recruit new brokers into the franchise by offering a monetary reward for every new loans consultant brought into the business. The incentive will be supported by an expanded suite of HR resources already available to the franchise network.

While Russell acknowledges 20% growth is an ambitious target, he says the franchise will continue to be selective about who it brings into the business. The franchise is open both to hiring existing brokers and training new-to-industry recruits, said Russell.

"Our training is best of breed. Our training program and educational resources ensure that every loan writer we bring on board not only possess the skills and knowledge needed to be successful in this business, but is able to hit the ground running and start performing at peak capacity very quickly," he said.

With a strong year predicted for the mortgage market in 2014, Russell says he expects tough competition from others in the industry for the recruitment of new brokers.

“And that’s very exciting for the industry,” said Russell. “The only difference here is that Mortgage Choice has a 21 year history of successfully recruiting someone with no prior lending experience and quickly transitioning them into a successful and productive loans consultant.“

Continued strength in the economy and a growing consumer awareness will work in tandem to make 2014 a great year for brokers, said Russell.

“Consumer awareness is improving daily. This in itself is hardly surprising given mortgage brokers are providing a customer service that no single lender can match,” he said.

“The economic backdrop will continue to be very supportive to the housing market with interest rates predicted to remain at historical low levels, unemployment predicted not to breach 6%, the Australian dollar predicted to soften slightly and both consumer and business sentiment predicted to remain in the black.

"There has never been a better time to be a mortgage broker."