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Eastern Union tripled the size of its broker roster from 30 to 90 people over the past 12 months. The company plans to carry forward its hiring momentum by more than doubling its number of brokers within the next year, according to a press release.
In addition, encouraged by the better-than-anticipated performance of its newly trained broker recruits, Eastern Union enhanced its remuneration rates for both new hires and existing employees.
"In spite of the pandemic, Eastern Union is entering the summer with a full pipeline of transactions," said Ira Zlotowitz, company co-founder and president. "Our newly hired brokers, who receive world-class training in commercial real estate finance, have made a big contribution to our success."
According to Zlotowitz, Eastern Union's newly trained recruits generated three out of ten of the total number of mortgage transactions processed by the company.
He added that the largest factor contributing to strong deal flow was the launch of the company's Multi-Family Group one year ago on May 17, 2020. The initiative reset market pricing by offering a quarter-point fee -- with a minimum fee of $15,000 and no back-end fees -- for the refinancing of properties backed by Fannie Mae or Freddie Mac. Demand for these refinancings, he said, also helped trigger the boost in new hiring.
Demonstrating the company's confidence in the productivity of its new recruits, beginning brokers can now tap into a new, maximum weekly draw of $1,250 per week. In addition, high-performing new arrivals will be eligible for a minimum weekly draw within 22 days of their first training session.
Under a "draw" reimbursement structure, employers advance their sales personnel money against future commissions. The timing and size of a draw are determined by broker performance.
Complementing the boost in draw payments, Eastern Union also accelerated the timetable over which a broker can become eligible to reach a maximum commission level of 75%.
Eastern Union says that many brokers can earn annual incomes ranging from $150,000 to $500,000 within a few years of starting their careers with the company. The firm's top brokers achieve annual earnings at the seven-digit level.
Click here to learn more about Eastern Union's employment efforts.