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Attracting young people into the mortgage industry has proven something of a challenge the last couple of years, with the average age of a loan writer creeping steadily upwards. However, there may be some signs of a turnaround, says one top broker, so long as those already in the industry are prepared to do a bit of group-promotion.
Loan Market’s Queensland state manager, Andrew White, whose office is involved with running a major broker training program, says things are slowly improving in terms of attracting fresh faces and the way forward is becoming increasingly less hazy.
“Our information seminars and academy classes are getting younger and younger. A lot of our new entrants are being referred by others that have gone through our academy, have seen our information posts on social media or been recommended by our real estate family.”
But there’s still a lot to be done in promoting the career path to a younger demographic, he says, and a good place to start is by mobilising the industry’s voice in the marketplace.
#pb# “I think the responsibility lies with the groups/aggregators. The main challenge is that running training programs is an investment that needs to be made by groups. Until this becomes the norm, rather than the exception, it will be difficult to attract the next generation of mortgage brokers en masse.”
White says awareness of career progression in mortgage broking is also key.
“The industry needs to promote itself as an industry of business owners and entrepreneurs, not mobile lenders. A lot of feedback from attendees of our information nights is their perception of career path.”
Furthermore, brokers need to be proud of their chosen career and of the community that surrounds it, he says.
“Lead generation is also a big part of this, as many young brokers don’t have the financial backing that more senior entrants have. If they receive leads and can make money straight away, their chance of success is so much higher.
Finally, says White, brokers should take a close look at their personal assistants as potential successors.
“PA's may be the loan writers of the future. We are seeing more and more PAs take the step to becoming brokers. Smart business owners identify the talent, nurture it and expand their lead generation to accommodate them. I think our industry is a very sexy one.....we just need to be more vocal about it.”
