Share
A tough market, but great time to be in it
Leadership is everything when times get tough and times haven’t been any tougher in living memory.
The industry has seen the broker market reduce by two thirds. But with this massive reduction in mortgage brokers there has never been a better time to be in this market.
Recent figures show the number of mortgage brokers have dropped from 32,000 to 12,000.
But customers need mortgage and protection advice and all those people whose normal broker has gone out of business will still need to get advice from someone.
Although there has been a lot of hype about lender direct products and dual pricing, the broker share of the market has not reduced. If anything brokers’ share of the market has grown.
With this in mind, there has never been a better time to grow your business. You just have to think of all those orphan client banks, and all the selling opportunities that come hand in hand with this. This does not mean it will be easy. If you want to take advantage of the roaming client banks you must be active.
This means having a full diary, speaking to as many clients as possible and investigating as many opportunities as you can, which will hopefully lead to an increase in business and, more importantly, referrals. Buildings and contents insurance is a great way to keep client contact and allow you to cross-sell other products to your clients. Sometimes from such a small acorn can grow a great oak.
ROGER MORRIS
BUSINESS DEVELOPMENT MANAGER
AFFIRMATIVE FINANCE
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
