I was interested to read last week that 31% of estate agents are either dissatisfied or very dissatisfied with their agency’s mortgage brokers.
And 54% of the 300 estate agency firms surveyed say the service they receive from inhouse or outsourced brokers was average.
I can only assume this was a joke. I have worked with estate agency introducers and perhaps I can explain to them why they get the poor service they have outlined.
First, you cannot expect a self-employed adviser to sit in your office all week just so that on the odd occasion your agent can be bothered to refer someone, the broker is there.
Second, the cut of commission you want from the referral is always too high for the amount and quality of business you refer.
This also means that advisers are not prepared to spend hours chasing through cases and keeping you updated because the business won’t be viable.
This is not true of all estate agents of course. I suspect the ones that have an adult business relationship with their supplier of mortgage services are the ones in the minority who are happy with the service they get.
Why is it that some estate agents think they are doing brokers a huge favour passing them a name and address in return for 30% or more of the income earned on the case?
Name and address supplied