A total of 31% of estate agents are either dissatisfied or very dissatisfied with their agency’s mortgage brokers, new research by Obligo reveals.
A total of 54% of the 300 estate agency firms surveyed say the service they receive from in-house or outsourced brokers was average.
And only 15% say they were satisfied or very satisfied with their existing mortgage arrangements.
A total of 87% say they have informal arrangements with local brokerages, while 7% have a self-employed broker in-house and 3% employ a mortgage broker on a full time basis.
Absenteeism seems a particular problem for agents with 81% of those surveyed reporting that the brokers they relied on only visited their office once or twice a week, with just 10% saying their broker visited them four or more times a week.
The biggest problem with brokers, with 71% of the vote, was being kept up-to-speed on case progress.
Next was speed of service with 15% followed by commissions at 8% and conversion rate, 6%.
Chris Gardner, director at Obligo, says: “There is clearly a lot of dissatisfaction among agents with their financial services partners. Much of the frustration stems from the lack of contact agents have with their brokers – they feel that they are rarely there when they need them to be.
“The other major gripe is the poor level of information they receive on case progress. In the current market, knowing how a deal is progressing is more important than ever but the vast majority of brokers, quite clearly, are failing to keep their introducers up-to-date.”