Winning awards propels new brokerages

The biggest disadvantage faced by any new mortgage company is that their peers don’t know what they have to offer, but winning an award can change that overnight

Winning awards propels new brokerages

The Canadian mortgage industry is replete with individuals and companies whose fierce dedication to their clients is unparalleled, and they’ll be honoured at the 12th annual Canadian Mortgage Awards next week in Toronto.

Mortgage Outlet, a company not three years old, has been nominated for the Best Newcomer Mortgage Brokerage Award, and according to their director, Elan Weintraub, the nomination is “very humbling.”

He also says that, as a nascent brokerage, the company’s philosophy of treating clients and lenders will equal regard has allowed it to become a competitive player in a crowded industry.

“The secret to our success, I would say , is that we are extremely focused on our partners, and specifically our partners are our clients and also our lenders,” said Weintraub. “We invest a lot of time in understanding our clients’ needs, our clients’ situations and our lenders’ offerings, and how they can help our clients solve their problem.

“You work hard for your client and your lender, and it’s nice to be nominated. Winning would be incredible because it really does highlight our intense dedication to our client and I really feel like our team is incredibly dedicated. We work on files at night in the evenings, weekends, responding to texts. Our clients know they can count on us. It’s a huge responsibility and we take that responsibility seriously.”

MogoMortgage won the Award for Best Use of Mobile Technology at the 2017 CMAs, and as a fairly new company, winning a Canadian Mortgage Award resonated through the industry, says MogoMortgage’s broker of record.

“We really value the awards, just being new in the mortgage industry, because right away it gave us a little bit of recognition as a new player,” said Chantel Chapman. “It was important for the industry to see who we were. When the awards came out, lenders reached out to us as well. When we were going through signing up different brokerages, it was helpful to have that award because people were reaching out to us that we hadn’t come across before.”

Winning the award has proven a useful marketing tool, too.

“We use the award recognition symbol,” added Chapman. “We put it on our email and use it in some of our marketing, so awards can be pretty powerful in marketing to show credibility, because they’re a bit of a social proof tactic that consumers feel comfortable with.”