How to attract promising mortgage broking talent amid candidate shortages

Talent shortages are affecting most industries in Australia, and the mortgage broking industry is no exception.

Whilst it is harder than ever to find experienced candidates to join your mortgage broking business, there are

ways that you can overcome the candidate shortages to continue to bring quality talent into your business.

Be careful about offering inflated salaries

Higher salaries have become a top demand amongst Mortgage Brokers looking for new positions, with the average salary increasing by at least 15% in the last year. In 2021, a Junior Mortgage Broker with one or two years of experience could expect between $60,000 and $75,000. In 2022, they could expect a salary ranging from $70,000 to $85,000.

Unfortunately, this is not sustainable for businesses and can cause misalignment of candidates’ skills against the competencies expected of them. Candidates who cannot meet expected KPIs will eventually burnout and either they of their employer will realise they were underqualified for the role.

To stand out to potential candidates, think about the other salary packages you could offer aside from their yearly salary. It generally takes at least 3 months in a new role for Mortgage Brokers to start earning commissions. So, a sign-on bonus or putting thresholds in place is a great way to get your new employee off to a good start in their new role financially.

Mortgage broking employers should also consider other roles within their business when it comes to salary, not just brokers. Most brokers get commissions in addition to their salary, but broker supports such as Loan Processors do not. To attract quality talent in positions other than broking, offer clear KPIs with bonuses attached. Not only will this make your role easier to fill, but it will increase productivity in your future employees.

Offer clear progression opportunities

Candidates highly value the ability to move up within a brokerage. However, most brokerages are not that large, and cannot always facilitate progression. This makes it difficult for Loan Processors to become Mortgage Brokers, or for experienced Mortgage Brokers to move into leadership positions.

If your mortgage broking business is in the position to offer clear career progression opportunities within its structure, this will make your business stand out against the others and make your workplace attractive to potential candidates.

Hire brokers that will bring you leads

In the past, most accounting and financial planning firms would refer clients who need a mortgage broker to mortgage broking firms. However, there has been a change recently, and a lot of these firms are now hiring an in-house Mortgage Broker instead of outsourcing leads.

This decrease in partnerships with financial services firms that don’t offer mortgage broking services is going to affect a lot of brokers and the way they source leads. To overcome this, consider how each mortgage broking candidate you interview will bring leads into the business.

Mortgage Brokers that belong to a specific community and get involved in community-based work or networking events tend to be very successful. This is because they have the support of the community behind them and can leverage their relationships to build a book easier than others can.

You can also consider offering visa sponsorship or relocation assistance to international or interstate candidates. After some initial investment in the candidate, your business will see a huge benefit from your new employee’s community connections.

Accommodate for the candidate’s workplace flexibility preferences

Being able to work from home is really important, and often a non-negotiable, to most Mortgage Brokers I’ve been speaking with, so it’s essential that your brokerage is offering this benefit to potential candidates, at least on a hybrid basis.

Each candidate will have different workplace flexibility preferences. Some will prefer to work from home on their chosen days, others will want flexibility in their hours or when they start and finish work. Try to meet in the middle depending on your business’s strategy and the candidate’s needs.

However, mortgage broking clients still value face-to-face interaction with their broker. After all, they’re trusting this person with their loan, property, and money, so that aspect of relationship building is very important.

Facilitate the face-to-face aspects of your brokers’ work by offering a car allowance. Car allowances haven’t traditionally been standard in mortgage broking. However, they’re becoming increasingly common, and are a great way to incentivise your brokers who want to work from home to meet with clients in person.

Take a chance on experienced broker supports

The talent shortage means it’s more difficult than ever to find experienced Mortgage Brokers to join your business. During this time, consider taking a chance on experienced broker supports, such as Loan Processors, who are ready to take that next step in their career. These candidates know credit, lender’s policies, how to deal with clients, and what information is needed in the mortgage broking process. All they need is some training in interviewing and relationship-building to develop their existing skills.

Some job seekers will avoid applying for jobs they may be interested in but feel unqualified for. With these candidates, it can help to reach out to them first. Ask your networks or reach out to recruiters who might know someone who could be suitable for your role.

Engage a specialist recruitment agency

If you’re still struggling to find the right mortgage broking candidate, why not have a recruiter do it for you? Specialist recruitment agencies have dedicated teams of professionals who understand the needs and trends happening in their industries of interest.

Fuse is well connected within the mortgage broking industry and actively engages with the mortgage broking candidate pool in Australia. Our industry connections and recruitment tech stack allow us to reach more candidates that could qualify for your job requirements.

If you’d like advice on your recruitment strategy, or help sourcing candidates, fill in the form on this page and I’ll be in touch.