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Mortgage Broker News | 09 Jan 2015, 11:22 AM Agree 0
While it may not be what brokers wanted to hear, the prediction that broker market share will continue to drop has inspired players to focus on what they can do thrive in the changing industry.
  • Daryl French | 09 Jan 2015, 12:14 PM Agree 0
    Yes the banks have some advantages in the underwriting arena, but they have always had this. They also invest huge amounts of money into marketing and getting their message out and I believe this is an area the broker channels fails miserably. I keep hearing that only 10 to 15% of agents even have a CRM system and fewer actually use it. How do we expect to compete and get these messages out if we are not staying connected to our database and reaching out to others with databases to spread the message.
  • Mike | 09 Jan 2015, 12:49 PM Agree 0
    Have to agree with Daryl. The bulk of brokers never follow up with their clients. Mind you that is the 80% who do 205 of the business. I am always amazed at the client who come to see me that have a mortgage that was arranged through a broker and they can't even remember who that broker was. I seriously doubt the market share of full service brokers who look after their client not only during the initial period but through the life if the mortgage is dropping. Personally that is all I care about. It is never just about the single transaction, its about long term relationships. You know you are doing it right when clients you have had for 15- 20 years are now sending their kids to you.
  • @kiltedbroker | 09 Jan 2015, 01:28 PM Agree 0
    I couldn't agree with both Daryl and Mike more. Well said gents.
  • Dominique, CHA et Courti√®re | 11 Jan 2015, 12:04 PM Agree 0
    Daryl and Mike are so wright, I left after 28 years banks to me a Broker and really No regrets! Banks want profitability, investment, mutual funds $$$, credit card, D2D banking... this is profitability..I agree, I want them to do profit, my investment are related to their profitability, my shares, your shares!!!! But for having profit, Customer service is GONE!!! Customers are NOW numbers for them, who is giving the most profitability and If so they will follow you, model of banking change! As Mike mention, follow your customer, be there for them, increase your knowledge to help them to go above a only mortgage product, KYCN... know your customer needs and mostly be available, be there for them... banks no longer does that... so YES there is a nice really nice niche for US and I am really proud to be a AMP, licence Broker! (sorry for my english, I am french!:))
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