“Our model [is that] when we talk to clients, we just educate them on options,” he said. “One of the number one things that separates a broker from a bank is options. If a person goes to a bank, they only have that option. If they go to a broker, they should have at least three, so they can compare and make sense of their situation and what is best for them. And that can only be explained through education.”
Among the key lessons Mortgages Lab imparts upon its agents, Rodriguez said, is the importance of gaining a strong understanding of their clients’ specific situations to be able to offer as bespoke a solution as possible.
“It’s important to know your client very well, so you can present them the options that are very relevant to them,” he said. “It’s not about pushing a product or about pushing a five-year fixed term. It’s understanding the client need, and from that to design a mortgage strategy that works for that person, that’s tailored to that person. You need to understand why.”
Kimberlee Freeman of KMF Enterprises told CMP that the onus is on principal brokers to ensure their agents are getting the education and training they need in 2023 to ensure they can speak confidently to clients on the whole gamut of lending options.https://t.co/ZzZ93OJLhd
— Canadian Mortgage Professional Magazine (@CMPmagazine) February 3, 2023
Training across all experience levels
The company’s training for agents and brokers is based on feedback delivered to Rodriguez, a former president and chair of the board at the Canadian Mortgage Brokers Association – British Columbia (CMBA – BC), about the challenges they faced addressing the most complex issues in the industry.
It’s a common concern among newer agents that the industry can prove a steep learning curve after successfully becoming licensed, while for established agents and brokers the question of scaling business to the next level is a prominent one.