Great video- 41% was higher than I expected! It takes significant planning to build reserves to make the full jump to full-time and resign from a steady paycheck job to a commission job like selling mortgages or real estate- especially if someone has family obligations and a mortgage of their own to pay.
That's most definitely true. Preliminary industry data suggests that figure may have significantly increased since the start of the pandemic. We'll have to wait for the 2021 AIR Report to confirm the data.
Here's FSRA's response: www.fsrao.ca/licensing/mortgage-agent/reinstate-my-mortgage-agent-licence It seems you're beyond your reinstatement period. You can always try, but you might have to apply as a new agent satisfying their education requirements.
It depends on the type of brokerage you join. Generally, brokerages that do all the marketing to provide you leads, only hire experienced agents. This makes sense, as the cost to acquire leads is very high, and they don't want leads to go to waste. If leads are provided to new agents, it usually comes with a significant reduction in your commission. (again, because they have to cover the cost of the leads). The best approach is to create your own sales-funnel. It takes a lot of work, but over the long term it will be far more rewarding. Feel free to reach out to me if you need help. Hope this helps!
Hmm.. now I am worried since I was considering to take it as part time at least initially and then slowly over the year go full time.
Great video- 41% was higher than I expected! It takes significant planning to build reserves to make the full jump to full-time and resign from a steady paycheck job to a commission job like selling mortgages or real estate- especially if someone has family obligations and a mortgage of their own to pay.
That's most definitely true. Preliminary industry data suggests that figure may have significantly increased since the start of the pandemic. We'll have to wait for the 2021 AIR Report to confirm the data.
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Hi Victor! Thanks for this video.
Am I still able to reinstate my licence. I had it parked in March or April of 2020...
Here's FSRA's response:
www.fsrao.ca/licensing/mortgage-agent/reinstate-my-mortgage-agent-licence
It seems you're beyond your reinstatement period. You can always try, but you might have to apply as a new agent satisfying their education requirements.
Can a mortgage agent do his/her own mortgage and keep the commission for himself/herself (except for the split part for the brokerage)?
You have to cold call or they send you the applicants when you work for a company?
It depends on the type of brokerage you join. Generally, brokerages that do all the marketing to provide you leads, only hire experienced agents. This makes sense, as the cost to acquire leads is very high, and they don't want leads to go to waste.
If leads are provided to new agents, it usually comes with a significant reduction in your commission. (again, because they have to cover the cost of the leads).
The best approach is to create your own sales-funnel. It takes a lot of work, but over the long term it will be far more rewarding.
Feel free to reach out to me if you need help.
Hope this helps!
Do brokers pay new agents when they train them? Or agents have to rely on making money through commission only?
No, not that I know of. Some typically hire experienced agents.
Tfs
Hi, are you based in ontario
Yes!