Mortgage Network Recruitment Performance For The 1st Quarter of 2019gary
So it’s the first quarter of 2019, a brand new year and a brand new quarter with limitless possibilities for everyone and the chance to make a real difference to your life and the life of everyone around you……………….As my brother’s life coach would say.
Back here on earth however the first thing that springs at you from the figures is the small but positive change from last year’s total at this time of year. Normally, or at least for the last few years we have seen a slight downturn in AR numbers at the start of the year, possibly as a result of people who are retiring from the business choosing to do so at the end of the year combined with the Christmas/New Year holidays introducing a bit of lethargy into both mortgage brokers and most mortgage network recruitment departments as they recover from the festivities and begin the gradual wind up to spring.
If you’ve ever wondered, the figures in the table are produced by taking a networks AR total from the last quarter and comparing it to this quarter which gives either a positive or negative recruitment total for the quarter. This effectively gives you the difference between the number recruited and the number who have left. The system is simple and accurate, but in certain scenarios the raw information can be misleading if you don’t consider the back story. For example, most AR firms leaving a network will have been there more than 3 years so a network that has been in business for 20 years is much more likely to lose a number of AR’s than a new network whose AR firms have only been with them for a couple of years.
If we look at Intrinsic for example, they actually recruited 37 AR firms in the quarter, but leavers meant their total AR count only went up by 11. However, the much newer Right Mortgage Network in comparison increased their AR total by 10 off an additional recruitment total of 16 firms as less AR firms left.
None of this of course in itself means either of these networks are any better or worse than the other of course, it’s just one of the statistical anomalies that Which Network have to consider when evaluating the information. I won’t bore you with explanations of all the other factors such as marketing spend, number of recruiters, internet presence, brand awareness, target businesses etc, but I’m sure you get the idea.
Back to the top of the table now, certainly no big changes this quarter. To avoid confusion, we’ll look at the positions numerically and then in percentile terms. Numerically, Tenet are in first place with 20 additional AR firms, followed by Intrinsic with 11 and Stonebridge and The Right Mortgage in joint third adding 10 new firms. In percentile terms The Right Mortgage are tops with 4.90% growth in their AR numbers followed by Tenet at 3.47% growth and Stonebridge in third place with 3.38%
Moving to the bottom of the table now, numerically the worst performance of the quarter with an overall loss of 6 AR’s in the quarter is The Mortgage Support Network, second bottom goes to Openwork with 5 less AR firms and joint third bottom is The Online Partnership and Julian Harris with a reduction of 3 AR firms. Looking at the table bottom in percentile terms we again get Mortgage Support Network who are 7.69% down in AR numbers at the bottom, then Julian Harris down 4.62% in AR numbers and finally The Online Partnership whose AR base reduced by 1.39%.
That concludes our look at the winners and losers for this quarter but as always, do remember there is much more to network selection than raw statistics and be sure to take professional advice if you’re business could benefit from a new home.