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The growing swell of housing market negativity is doing little to dampen the spirits of Australia’s broking industry – and there are still sound indications that the market will continue to grow
The noise around the threat of a housing bubble continues to rise – albeit driven by a minority of economists. The impact on an already flat market is apparent, with prices and sales activity stalling across most segments while buyers wait on the sidelines.
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While new business is a little lean at present, there is clearly significant opportunity for brokers to do brisk business in refinancing. Fierce competition among lenders is driving a price war and cutthroat tactics from many lenders – particularly the biggest players.
Brokers and their clients are reaping the benefits of the swath of discounted offers that are now being touted, and this shows no sign of abating.
It is encouraging to see in this less than burgeoning market that brokerage groups are still forging ahead. In May, Tiffen & Co reported a record month, settling more than $48 million in home loans.
According to Director Alison Whittle, the strong result was down to the company’s ongoing communication and strong relationship with its existing client database – proof positive that there is significant value in customer retention.
It is a clear understanding of the fundamentals of best practice broking that has cemented Tiffen & Co in the top half of The Adviser’s Top 25 Brokerages ranking for the third consecutive year.
Analysis of the industry’s best performing brokerages shows the common themes that run throughout the businesses that continue to deliver the highest levels of productivity and the strongest overall volumes.
There are some newcomers to this year’s rankings but the top of the field is still dominated by the industry’s heavyweights.
The major brands continue to power ahead and while there has been some attrition to broker numbers, as there has across the industry, the productivity of those that remain continues to edge upwards.
It is not just the Top 25 Brokerages that are recognised in this issue. We also reveal the finalists for The Adviser’s Australian Broking Awards in what has been a hard fought contest.
Of the hundreds of nominations, the field has now been narrowed down to just a handful of leading individuals and groups across the broking industry.
The finals will be hosted as a five-star business luncheon, with catering by leading restaurant ARIA at the Overseas Passenger Terminal in Sydney on 15 July 2011.
