Profile
Insight
With a new real estate business in place, the Brampton-based mortgage brokerage Financial Ties is looking to build referrals for its agents while keeping them educated along the way
Covering new ground A
Moninder Khudal
Quick facts Financial Ties + Company started: February 2007 + Head office: Brampton, Ont. + Number of mortgage agents: 36 + Number of lenders Financial Ties works with: 40+ + Associated real estate brokerage: Homexperts
fter launching his GTA mortgage brokerage Financial Ties two-and-a-half years ago, president and CEO Moninder Khudal decided it was time to diversify his business. So he opened the real estate brokerage Homexperts in September and says he hopes to have 200 real estate agents on staff by next fall. “All mortgage brokers need to find business and most business comes from referrals, either from lawyers or real estate agents or past customers,” says Khudal. “Having a real estate brokerage goes hand in hand with the mortgage business because you can feed your mortgage agents referrals so that side will grow. We really want the businesses to flow into each other.” Homexperts – which is located beside Financial Ties’ Brampton head office – will cover real estate in all parts of the GTA and Khudal says there are plans to open storefronts in different areas to increase brand awareness.
(who are often also new to the business) for six weeks. After that, they can come to refresher sessions as needed. One session a week looks at lender product offerings while the other teaches agents how to structure different types of deals, often using case studies to demonstrate. “The sessions are all in-class so that any questions agents have can be properly addressed,” says Khudal.
Support system Along with the training sessions, Khudal points to the brokerage’s “buddy system” as being a key part of the training program. When a new agent joins, they are partnered with a senior agent in the office to answer questions and help them with their first batch of deals. “There is always somebody who is there to help them for all their questions and concerns,” he says, adding there are also options for agents The training component to branch into the commercial side of the Financial Ties currently has 36 mortgage agents mortgage business or learn more about private on staff – a scaled-back number from a year ago, lending. (Financial Ties works with several which Khudal says is a result of the company private lenders.) focusing more on training, especially with FSCO’s And while some of the agents work off-site, new compliance rules for brokerages. especially after they are more established, “We don’t just want numbers – our focus is to Financial Ties’ head office offers them office space, give agents a proper understanding of the boardrooms for client meetings and an answering industry,” he says. “It may seem easy to get into service and paging system. the mortgage industry, but it’s very hard to be With an eye on expanding – but not growing successful in the business because of the challenges too fast – Khudal says he will be continuing to in the market, lots of competition, and products build staff at Homexperts and adding a new changing all the time. You have to be able to round of employees on the mortgage side in 2010. deliver to clients.” “We’re not rushing to grow the numbers on To keep new agents up to speed, Financial Ties the mortgage broker side – as long as they know holds on-site, two-hour training sessions twice a how to properly handle the clients, that’s what week. The sessions are mandatory for new hires matters,” he says. CMP
mortgagebrokernews.ca
61