Keeping it in the family
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11/09/2011 8:00:00 PM
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Business owners like to think that their venture is unique, that they provide a product or a service, or have a strategy, that they alone offer. At The Mortgage Centre-Durham, that might actually be true.
“I know everyone says it, but we really do run a unique operation here,” says Boyd, partner and principal broker of The Mortgage Centre-Durham since it opened its doors in 1993.
“We want our agents to stay and grow with us. Why, after investing five or 10 years with us, should they have to disrupt their lives and move elsewhere to do something greater? We’ve created a model where they can grow inside the group. And to my knowledge, there’s nobody else doing that in this country.”
“Our philosophy is simple,” says Boyd.
“Creating a family at The Mortgage Centre-Durham is a priority. Building and maintaining strong relationships with our agents is just as important as building and maintaining strong relationships with our clients, the community, and The Mortgage Centre Canada network.”
“I know it sounds Pollyanna,” says Boyd, “but the business we’ve built is one of trust and relationships.”
When Boyd and his original partner Rosemary Madden purchased the franchise, they agreed that as agents became more comfortable with originating mortgages and then wished to grow and expand, they would do whatever was necessary to accommodate them.
“The truth is that once you have a relationship with somebody and it’s working well and people trust one another, if they want to make a change, why not let them do it? As long as they are qualified to take on that next role, why not let them do it within the company instead of leaving?”
To keep the Mortgage Centre-Durham family together, Boyd and his partners developed two distinct strategies: allowing owners and agents to buy and sell shares within the company and providing agents with mentoring to help them grow professionally.
When one partner expressed a desire to sell his shares and open his own brokerage a few years ago, the thought of someone leaving in order to find new challenges led Boyd and his partners to come up with a unique idea.
“We purchased his shares back and he used the money to build a sub-franchise under The
Mortgage Centre-Durham licence,” explains Boyd, who received his mortgage broker’s licence in 1990. “The idea of him leaving, going someplace else to open up a storefront shop, why should he have to do that?”
Recently, a seven-year company veteran who wanted to grow into the experience of business
ownership purchased shares from another partner
who wished to reduce her day-to-day involvement
in the operation of Durham Mortgage.
Providing mentoring for agents who want to explore different career options within the company has also proven successful. When people first come into the business, they’re very focused on getting that first transaction and getting originations. Over time, some agents want to do more.
“If an agent starts and says, ‘I like doing mortgages, but I really like the idea of training and coaching,’ we offer an opportunity for them to work in a team with less experienced colleagues to mentor them while originating mortgages with them, as opposed to working by themselves,” says Boyd.
A commitment to establishing a sense of family and promoting professional growth can happen best in a company that is strong and growing. The Mortgage Centre-Durham derives its strength from its close ties with The Mortgage Centre Canada, its clients, and the Durham community.
In many ways The Mortgage Centre-Durham’s focus on family is a reflection of the focus of its parent company. Family is what The Mortgage Centre Canada is all about, according to Boyd. “I’ve always been glad to be a part of The Mortgage Centre network. It’s a fabulous group of individuals with a strong entrepreneurial mindset. The people within the organization have the same philosophy of sharing and growing together as The Mortgage Centre-Durham.
“I enjoy being with The Mortgage Centre Canada more and more as time goes on.
“With its current focus on building its brand and strong commitment to hiring the best people and supporting them, the company has never been stronger.”
Focusing on clients’ needs is very important to The Mortgage Centre-Durham.
“Seventy-six per cent of my business is existing clients. It’s all about doing our best to stay in touch with our clients. They’re ours until they tell us otherwise. We consider somebody a client until they’ve paid off their mortgage. And for us it’s worked. Our client retention is very high.”
That attitude is something Boyd has practiced since the very beginning.
“When I first acquired my licence and entered this business, generally a broker would be used if you couldn’t get an application approved at your local bank branch. There was very little business being done through mortgage brokers,” he recalls. “My partner and I thought, ‘How can we use this licence to the benefit of people? How could we get good people better mortgages?’
“From day one, we’ve believed that we need to educate people so that they understood what they’re signing. We are there for our clients if they have any questions as they go through the mortgage process, and afterwards.
“And I think we’ve used the licence in the manner it was intended to be used. We’ve always worked hard to get our clients the best mortgage option.”
Strong ties with the community are an added strength of The Mortgage Centre-Durham and a reason it is one of the largest brokerages in Durham Region with over 24 agents and four locations.
Community is also important to The Mortgage Centre Canada, says Boyd, as he explains the company’s policy of not allowing franchises to overlap territories.
“They don’t allow people to set up shops across the street from one another. They designate a territory. They let you build that territory and grow that territory.”
Boyd believes that to ensure the health of the mortgage brokerage industry, we must continue to organize ourselves, placing a high emphasis on education and maintaining a high proposition value to both borrowers and lenders.
The concept of family permeates The Mortgage Centre-Durham, and its commitment to nurturing and developing its brokers and agents through mentoring and giving them the option of buying and selling shares in the company makes it a unique mortgage brokerage.