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The Big Story: Addressing client market fears

Negative media coverage about a dynamic housing market continue to keep many clients on the fence, but that bad press is also an opportunity for brokers to add value.

Video transcript below:

Reporter: It’s all doom and gloom in property, well that is if you read and listen to mainstream media reports. What can brokers do to save their clients from the jaws of bad news? Welcome to the big debate on the impact of negative media coverage on this week’s big story.

It’s impossible for buyers to escape the bad press about property. Words such as interest rate hikes, crush and bubble inflate fear and anxiety. But are negative headlines really impacting sales on the ground?

Tamara Tkachuk, Mortgage Broker, Amero Group

Tamara Tkachuk: We do feel some stress and it’s taking place for years now, all these discussions about crush and bubble and how this has never happened or will happen. Yes we feel that clients are stressed, those who do follow the media, but I don’t see a significant change in the business, because people still look for homes, they need to buy and they are buying and especially the problem is the condo market, because a lot of lenders change their criterias, but people still do need to buy condos, especially that’s important for those who are first time buyers because that’s the entry, you know, place that you can get.

Reporter: So how can brokers turn this negative media coverage into a positive for their business?

Ian Mackay, Mortgage Broker, Red Path Financial

Ian Mackay: I think that the recent negative coverage in the media has had an impact in my market in that I feel that my customers have really been forced to become more informed on their mortgage options and for someone like myself, I think that creates a good opportunity, simply because I feel that a well informed client would be my best client. So although the coverage in the media has been negative, I think overall the impact has been positive on my business.

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    With slowing business, now is a great opportunity for brokers to focus on the bigger picture, says Kim Luxton, Director, Broker Sales for ING Direct. She says it's time for brokers to focus on client needs, not just today, but for the future and to help them achieve their long-term financial goals, which could result in better residuals and more referrals for the broker.

  • The Big Story: Why brokers do sell creditor insurance: Part II The Big Story: Why brokers do sell creditor insurance: Part II (views 15284)

    On today's Big Story and Part II of our look at creditor insurance, we spoke to Kim Luxton of ING Direct, Ian Tenggardjaja of The Mortgage Centre Mortgage Professionals, Kelly Price,of Mortgage Protection Plan and Mauro Di Cosola of Dominion Lending Centres Mortgage Village.

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