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A prominent Sydney buyer’s agent has revealed that half his business comes from broker-generated referrals, noting the benefits of a smoother property purchase for brokers and clients alike.
“We've probably got a dozen different brokers referring back to us,” Patrick Bright, of EPS Property Search on Sydney’s lower north shore, told The Adviser.
According to Mr Bright, the benefits of the broker-buyer’s agent relationship are a smoother, faster process for everyone involved, meaning a less stressful transaction for the client and faster commission receipts for both the broker and agent.
“What does a broker want for their client? To buy a better property, buy it at a good price, and buy it sooner. We do all of that for the client, we're going to find it before the client's going to find it, because we're full time at it with a team, not part time on weekends and late nights when we can, trying to work it out,” he said.
“Brokers know we're going to help [their client] buy a better property, that meets their needs, sooner.”
Mr Bright said a buyer’s agent can typically secure a property for a client within around eight weeks.
“Most buyers, their average timeframe is probably ... I think some surveys I've read as much as six months. So most brokers won't have to write multiple pre-approvals,” he said.
“It's a shorter timeframe for the broker and they know when their client buys, they're going to buy well and buy at a better price and be happier. And also, when we get the exchange of contracts, the first thing I do is scan the front page of the contract and get it to the broker so they can get started.”
It isn’t the first time mortgage brokers have been urged to work closer with agents, for their own benefit as well as that of their client.
Property guru John McGrath told attendees of the 2015 Aussie Sales Conference in Melbourne last month that “a total solution going forward is key; every agent in your community should have a mortgage broker on their speed dial”.
In July, Alex Lambros of LJ Hooker Home Loans Eastern Suburbs took out the Residential Mortgage Broker of the Year title at the Real Estate Business Awards, saying at the time that working closely with agents significantly benefits his loan-writing capabilities.
“I think what a real estate agent probably wants is the stability of knowing that their client is going to be handled well and that they’re going to get a quick yes or no,” he said.
[Related: Agent tells brokers: here’s how to impress us]
