Starting a career as a mortgage agent in Canada is both exciting and full of potential, but one of the most important decisions you’ll make early on is choosing the right brokerage. This choice can shape your future in the industry, affecting everything from your training and support to the clients you serve and the opportunities you receive.
In this blog, we’ll walk you through five common pitfalls for new mortgage agents make when selecting a brokerage, and more importantly, how to avoid them. If you’re ready to build a successful mortgage career with the right support from day one, Mortgage Squad is here, which is the Best mortgage brokerage for new agents in Canada to guide you every step of the way.
What Are The Top Mistakes New Mortgage Agents Make?
Breaking into the mortgage industry is full of opportunity, but it’s also a steep learning curve. Many new agents enter the field full of ambition; yet unknowingly make mistakes that can slow their growth or even derail their success. Understanding these common missteps early on can help you avoid setbacks and build a stronger, more sustainable career from the start.
Prioritizing Commission Splits Over Support and Training:
It’s easy to be drawn to brokerages that promise high commission splits right out of the gate. After all, who wouldn’t want to earn more? But for new mortgage agents, chasing the highest split without considering the quality of training and support can be a costly mistake. So, How to choose the right mortgage brokerage?, Let’s Review:
Why Can This Approach Backfire?
- Lack of mentorship: Without experienced professionals to guide you, it’s easy to feel overwhelmed or make avoidable mistakes.
- Limited resources: Brokerages focused solely on splits may not invest in tools, tech, or coaching to help you grow.
- Stunted career growth: Inadequate support often leads to slower progress and missed learning opportunities.
What to Look for Instead?
- Structured training programs: that cover compliance, client handling, and sales strategies.
- Ongoing mentorship: from industry professionals who’ve walked the path before you.
- A supportive environment that encourages learning, collaboration, and long-term development.
Your early career is about building a strong foundation, not just making fast cash. A supportive brokerage like Mortgage Squad through it agents can help you grow your skills while earning confidently, because they are Best mortgage brokerage for new agents in Canada.
Neglecting Technological Resources and Tools:
In today’s digital world, technology isn’t just a bonus; it’s essential. Yet many new mortgage agents underestimate how much the right tools can impact their success. One of the Top Mistakes New Mortgage Agents Make is choosing a brokerage that lacks modern systems can lead to unnecessary stress, inefficiency, and missed opportunities.
Whether it’s managing client relationships, automating follow-ups, or marketing your services, having access to the right tech can save you time and help you stay competitive in a fast-moving industry.
Tech Breakdown – Traditional vs. Modern Brokerages:
When you’re searching for the Best mortgage brokerage for new agents in Canada, it’s not just about support or commission. Technology plays a huge role in how efficiently you can work and grow. Let’s break down how traditional brokerages compare to modern ones when it comes to tech tools and support.
| Feature | Traditional Brokerages | Modern Brokerages |
| CRM & Lead Management | Basic or manual tracking | Smart CRM with automation & reminders |
| Marketing Tools | Generic templates, limited support | Automated email campaigns & social media kits |
| Training on Tech Tools | Minimal or one-time sessions | Ongoing support and platform walkthroughs |
| Client Communication | Mostly phone or paper-based | E-signatures, chat tools, and client portals |
Overlooking the Brokerage’s Reputation and Stability:
When you’re just starting out as a mortgage agent, it’s easy to focus on surface-level perks, like commission splits or office location. But one of the most critical factors to consider is the reputation and financial stability of the brokerage you join.
A brokerage with a poor industry reputation or shaky financials can hurt your credibility before you even begin. Clients are far less likely to trust an agent representing a firm they’ve never heard of, or worse, one with negative reviews.
Why Does This Matters – How to choose the right mortgage brokerage?
- Client Trust: Homebuyers often do their homework. A bad reputation can lead to hesitation or lost deals.
- Long-Term Risk: Financially unstable brokerages may struggle to support you, pay commissions on time, or invest in necessary tools.
- Professional Growth: Reputable firms open doors to stronger mentorship, quality leads, and better industry connections.
How to Evaluate a Brokerage’s Credibility?
- Check online reviews: on platforms like Google and industry forums
- Look into their history: how long have they been operating?
- Assess leadership and team: are there experienced professionals guiding new agents?
- Verify financial health: are they expanding, or have they had recent cutbacks?
- Ask about industry affiliations: and rankings within mortgage networks
Choosing a brokerage like Mortgage Squad Advisors (Ontario) Inc., known for its solid reputation and proven track record, can give you a powerful head start to avoid common pitfalls for new mortgage agents. Because they follow the FSRA Rules!
Failing to Understand Contract Terms and Hidden Fees
Many new mortgage agents make the common pitfalls for new mortgage agents by signing with a brokerage before fully reviewing the contract details. It’s easy to skim over the fine print when you’re eager to get started; but doing so can lead to unexpected obligations that impact your earnings and flexibility.
Why Does This Matter?
- Hidden administrative or technology fees can reduce your income over time.
- Restrictive clauses, such as non-compete agreements, may limit your career mobility.
- Lack of clarity around commission structures can result in lower-than-expected payouts.
How to Protect Yourself?
- Read every part of the contract carefully, don’t rely on assumptions.
- Ask direct questions about any terms that seem vague or confusing.
- Watch for hidden costs related to desk fees, marketing tools, training, or software access.
- Seek legal advice if you’re unsure about your obligations or rights.
- Compare offers from multiple brokerages to find the most transparent and fair agreement.
Working with a brokerage like Mortgage Squad, known for its clarity and agent-first approach, helps ensure you start your career on a solid, informed foundation.
Ignoring Cultural Fit and Work Environment
It’s easy to focus on things like commission splits or tech tools when choosing a brokerage, but don’t overlook how the place feels. The culture and work environment can have a huge impact on your happiness, motivation, and long-term success.
If you don’t vibe with the way a brokerage operates or communicates, it can feel awkward, like you’re constantly out of sync. Over time, that kind of disconnect can lead to burnout or even make you want to quit the industry altogether.
Why It Matters:
- A supportive, friendly environment can boost your confidence and help you grow faster.
- If the culture feels cold or overly competitive, you might feel isolated or under pressure.
- Feeling like part of the team makes work more enjoyable and keeps you motivated.
What You Can Do:
- Chat with current agents, ask what it’s really like to work there.
- Attend a team event, training session, or meeting to get a feel for the vibe.
- Think about whether the company’s energy matches your goals, personality, and work style.
- Pay attention to how leadership communicates, is it open and supportive, or distant and formal?
At the end of the day, you want to work somewhere that not only supports your career, but feels like a place you belong.
Final Verdict:
Choosing the right brokerage is one of the most important decisions you’ll make at the start of your mortgage career. By understanding and avoiding these common pitfalls for new mortgage agents often make, you’ll be in a much stronger position to grow with confidence, avoid common pitfalls, and set yourself up for long-term success. Don’t just chase commission, look for mentorship, transparency, tools, and a culture that truly supports you.
If you’re looking for the best mortgage brokerage for new agents in Canada. Here we stand out as a trusted choice, offering strong support, modern resources, and a team culture that puts your growth first. Start smart, and your success will follow.