This month we ask: what more could be done to improve the image of the mortgage broking industry?
Rather than dismissing another broker’s assessment of a client before assessing their personal and financial circumstances in order to secure new business, find a solution and reinforce merit along with possible deficits, only if there are aspects.Also, it would be great if the MFAA and FBAA launched mainstream TV campaigns about the benefits of using a broker as opposed to going directly to a bank.
Jodi Carle, FinanceCorp
More marketing on mainstream TV and social media by MFAA and FBAA, highlighting the positives of mortgage consultants. Brokers are home loan specialists and offer a more convenient service. We can provide better options for clients and assist people who have been knocked back by their usual bank, and it just makes more sense for a client to see a broker rather than go direct to a lender. Larger mortgage groups advertise but all brokers need to be advertised as one.
Catherine Salat, Just Imagine Finance
Raise education levels
I think the biggest issue still facing the industry is for it to be promoted as a true profession, which comes back to education standards. Mortgage broking needs to be seen as a much more appealing profession. That can be vouched for by some of the ‘young guns’ that are entering the industry and doing good business right from the start. If we can get to the ‘certified’ status that the MFAA has been talking about and continue to raise education levels, then our image will be fine.
Andrew Mirams, Intuitive Finance
I think the image of our industry would be enhanced if our association would start promoting our services through the media. We are seen by the wider community as a sales industry, but in reality we are a service provider which, in the majority of cases, is a free service to the potential client. We have seen associations that represent accountants promote their members and how qualified, professional guidance is great for their clients. We should be following that example.
John Speirs, Smartline
Brokers need to be seen as advocates and not salespeople who over-communicate. By keeping our professional knowledge up to date, we show clients that we can successfully advocate on their behalf to secure the right loan, and by constantly communicating we ensure the client is kept up to date. By following these principles, I really believe the issue of a negative industry image will wane over time and that our ability to make lenders compete will continue to improve.
Andrew Potter, G’Day Mortgages & Loans
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