By Don Horne
Brokers are increasingly diversifying their product offerings to accommodate a slow market, with today’s launch of the CMP Broker Sentiment Poll set to quantify just how far down that road they’ve travelled.
“The market has contracted,” says Rich Spence, VP of sales for Benesure, “but we still expect there will be room for brokers to grow – there is no need to hit the panic button yet.”
Perhaps, but a tight economy means brokers are already diversifying their product offerings into insurance, private lending, and commercial brokering as a way of protecting revenue. More work, more training – but the financial rewards are there for those who realize they need to expand their expertise.
“There’s been a renewed focus on diversification, increasing product offerings,” says Spence. “There is a lot of negative press about the market; and although we haven’t seen a dramatic increase in demand for our services, there has always been a steady demand.”
Benesure – recently acquired by ManuLife – is the company behind the Mortgage Protection Plan (MPP), enabling it to act as a gauge as well as a conduit for brokers looking to broaden their revenue streams outsider of originations.
But brokers are fanning out in other directions as well, including the kind of labour-intensive commercial deals many used to shy away from.
This year’s Sentiment poll is focused on tracking that development, along with the challenges broker anticipate on other fronts.
Canadian Mortgage Professional magazine’s fifth cross-Canada poll will canvass more than 500 mortgage professional online over a three-week period.