Buy-to-let and commercial mortgage specialists The Money Centre processed almost 181m worth of buy-to-let mortgages in May, a 61% increase on the same time last year.
Based on this monthly figure, The Money Centre is on target to exceed its annual target of 2bn.
These figures show a 10% production improvement from sales consultants at The Money Centre.
To reward the hard work and dedication of such a successful team, The Money Centre has developed a number of motivational, training and bonus incentives to maintain a high level of staff morale and reward top performing employees.
In March 2003, as The Money Centre became a PLC, every member of staff who had been with the company for over a year received 1,000 of share options, with additional shares being awarded to key staff who have significantly contributed to the growth of the business.
If the company achieves its forecasted growth, based on its growth levels of the past 16 years, each 1,000 share will increase in value to 50,000 within the next 12 years. All staff will receive 1,000 of share options annually.
Mark Alexander, managing director of The Money Centre, says: At the beginning of last year we were processing less than 100m mortgages a month.
“To have increased this figure by 61% a month is not only an impressive reflection on our consultants but also demonstrates the effect the changing market and increasing faith in that market is having.”
“The buy-to-let market is attracting more investors than ever. Even equity investors are deciding to switch from shares to the buy-to-let market as rents and yields continue to rise. Over the past ten years house prices have risen more than share prices, with property values now 182% higher than shares.”
“There are multiple reasons for the continued success of the market. It is a simple fact that young people are delaying the responsibility of buying their own property for longer, household sizes are decreasing due to rising divorce rates, there are more single people, more students and more young professionals putting families on hold while they pursue a career, which are all creating a need for private rental accommodation.
Alexander adds: We are positive that not only will we be able to reach our targets for the year but that our growth levels will be maintained for the foreseeable future, which is good news for the company and good news for our staff. Our staff incentives dont end at share options, in fact this is just a small part of what is on offer.”
“We also provide a contribution to a car of their choice, holidays for award winners, quick career progression, and generous pay and perks. And as a result, we have a very low turnover of staff and high morale, which is essential in providing an outstanding level of service to our clients.