Mortgage brokers have a variety of responsibilities, but their main task is to assist clients with purchasing a home. If you’re planning on going into the field, it will be helpful to understand how much you’ll make as a Toronto mortgage broker. Several factors can affect this amount, such as experience level and overall performance.
Daily Income
It may be difficult to forecast your income when you first start as a Toronto mortgage broker. Your average daily income will depend on the number of transactions you close each day, but this can vary dramatically if you’re starting out. Some days you might only work one or two deals, while other times, you might see five or six clients.
Many new brokers also don’t realize that their income will decrease as more brokers join the company they are working for. If there are ten people on staff and eight of them are performing twice as well as you, chances are good that your pay will be reduced even further than usual because there isn’t enough business to support both staffs.
Experience Factors
Your total income as a Toronto mortgage broker can increase quickly if you have a lot of experience. In addition to the factors mentioned above, your payment will also depend on how many deals you close and how much money those transactions generate. As your experience level goes up, so does the number of sales you handle.
Average Mortgage Broker Salaries
Typically there are two ways to become a Toronto mortgage broker: by attending university or college for an education in real estate or financial services; and through previous work experience in the related sector. The salary for those who earn an undergraduate degree and work as a mortgage broker is around $45,000 per year, according to PayScale.com.
Also, note that roughly 80% of mortgage brokers have incomes between $30,000 and $65,000 per year. The amount of money you can expect to make as a broker increases with experience. The average salary for agents who have been in the field five or more years is upwards of $60,000 per year.
Mortgage Broker Income Details
The factors which influence how much Toronto mortgage brokers get paid include:
- Experience level (the more years you spend working as a broker, the higher your income)
- Location (where you work affects your pay scale; this includes whether it’s in a large city like Toronto or elsewhere)
- Geographical location within Canada (in general, sites closer to the north or west coast pay higher salaries)
- Industry (some brokerages offer commission plans that reward brokers for sales, rather than charging fees to customers)
- Performance (if you perform well as a broker, you can expect an increase in your pay scale; the opposite is also true for poor performance)
If you are interested in becoming a Toronto mortgage broker, consider that this is not a career with high financial rewards. It’s crucial to make wise decisions about where you work and how much effort you put into learning about markets and sales techniques.