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The Big Story: Doable diversification

Diversification may be on the lips of every broker in Canada, but actually accomplishing it takes more than talk, reports Jemima Codrington. It takes action.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:  A competitive marketplace has seen many brokers diversifying their products and services, but leave many wondering if this is really in their best interests.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
 
Clients purchasing a home are looking for a myriad of things.  A home inspector, insurance and of course a mortgage.  It turns out that brokers with a diverse portfolio and referral network can be light at the end of home buying tunnel.
 
James Smythe, Dominion Lending Centres Central
James Smythe:  With respect to mortgage brokers being obligated to diversifying in the current market, I think that it may not be necessary, but I certainly think it’s a smart concept.  At some point, one of the major issues in 2008 was that the banks stopped taking a lot of applications and so whether you had clients or not, you may have had an issue with respect to cash flow and income.  So as things are evolving and as the marketplace changes, having multiple income streams makes it safer, probably smarter and  I think it will be actually to provide a better service to clients when we do something like that.  So you know whether it’s leasing, whether it’s insurance products or whether it’s mortgages, I think that the more products we offer, the more clients are going to come to us.
 
Jon Sowerby, Verico TVH Financial
Jon Sowerby:  I don’t think brokers are obligated to diversity in the current market.  I think that’s a strong term.  But I think they would be smart to really look at their options.  Again clients are looking for one stop shopping, but they want people who are professionals across the board.  I think the more you can offer the better your chances, as long as you are offering the right products with the right advice.  
 
If you are just throwing something out in the hope of making an extra commission, I think you are causing yourself probably more trouble in the long run than you think.
 
Jemima Codrington:  Listening to your clients will help you figure out which products are most in demand and which are easiest for you to sell.
 
Sandy Cockburn, Durham Mortgage
Sandy Cockburn:  The financial products that are demand right now are mostly the fixed rate mortgages.  We are seeing cutbacks in the lines of credit, the secured lines of credit on properties, so people are taking more interest in the fixed rate products.  The rates are good, they are flexible and it’s easy for clients to handle.