The Battle for Brokers – How Does Your Proposition Stand Up?

Securing top-performing mortgage brokers—those who are not only skilled and driven but also a perfect fit for your company’s culture and philosophy—has become a serious challenge. 

As the industry shifts and the economy recovers, the competition has intensified not only for in-house talent but also for self-employed brokers. 

This shift means firms must work harder than ever to attract and retain the kind of brokers who close deals and enhance team dynamics.

In this blog, I explore tips and strategies for brokerages to do this.

Understanding the Competitive Landscape

The mortgage industry has weathered significant storms over the past decades, most notably the global economic crash of 2008, which led to a stagnant UK housing market and reduced lending availability. 

This downturn forced many brokers to either diversify their services or exit the industry altogether. Those who adapted by focusing on areas like protection sales managed to survive, but not without challenges.

As the market has recovered, the regulatory landscape tightened. The Mortgage Market Review (MMR) and subsequent regulations aimed at preventing another crash have inadvertently thinned the ranks of mortgage brokers further, as many did not meet new compliance standards. 

This regulatory squeeze, combined with a revived market, has created a high demand for skilled brokers but a reduced supply.

Today, as the market approaches its pre-2008 levels, the need for experienced mortgage and protection advisers is more pronounced than ever. 

Yet, the pool of available talent remains limited, intensifying the battle among firms to attract and secure top talent.

So, how can you attract top talent? 

Key Strategies to Attract and Secure Top Talent

Brokerages looking to attract and retain high-performing brokers must consider several factors that can make or break their recruitment efforts. 

Here’s what needs attention:

Competitive Financial Incentives

Compensation remains a primary factor for many brokers. 

Both base salary and commission structures need to be competitive and appealing to draw in the best. 

Given the high stakes, firms must not only match but try to exceed industry standards to lure top talent.

Empowering Self-Employed Brokers

With a growing shift towards hiring self-employed brokers, companies must provide strong incentives for these professionals who typically thrive on independence and higher potential earnings. 

However, aligning their success with the company’s goals is crucial to prevent them from feeling disconnected from the firm’s overall mission.

Lead Generation and Operational Support

Providing leads and operational support, such as efficient administrative and marketing resources, can significantly enhance a broker’s effectiveness and job satisfaction. 

These tools enable brokers to focus on what they do best—serving clients and closing deals—rather than getting bogged down by procedural tasks.

Flexible Working Conditions

In today’s market, flexibility is a significant draw. 

Offering flexible working conditions and remote work options can make a firm much more attractive to brokers who value work-life balance and autonomy.

Training and Career Development

Ongoing training and clear career pathways are essential for retaining ambitious brokers who are keen on advancing their professional skills and status within the industry.

Demonstrating a commitment to development can help firms build loyalty and reduce turnover.

Transparent and Minimal Network Fees

For self-employed brokers, transparency about network fees and other costs is vital. 

Clear, upfront communication about these expenses ensures that brokers feel informed and valued from the outset.

Conclusion

In an industry still recovering and evolving after significant upheavals, mortgage firms must do more than ever to attract and retain the best brokers. 

By focusing on competitive compensation, robust support systems, flexible work arrangements, and clear career progression opportunities, companies can position themselves as desirable places for top talent. 

The battle for brokers is indeed fierce, but with a thoughtful approach to what brokers need and value, your firm can stand out as a top choice in a competitive marketplace.

If you’re committed to hiring high-quality, behaviourally suited talent, let’s connect and discuss how we can redefine your recruitment process, ensuring each new hire is not just an addition but a lasting asset to your mortgage business.

If you’re seeking a new role, or are searching for new talent, please click on the appropriate link to book a call with me today.