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Jessica Darnrbough
The flat residential market could open business opportunities for brokers, one industry stakeholder has claimed.
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Speaking to The Adviser, Bankwest’s head of private and business banking Mark Reid said brokers could use the flat residential property market as a golden opportunity to diversify into other areas that are currently very buoyant – including the commercial market.
“When one door closes, another one opens,” he said.
“The commercial market is a great area for brokers to diversify into. There is a lot of movement in this market as loans tend to be shorter than residential mortgages."
And Mr Reid said brokers don't need to be a specialist in this area to capitalise on business opportunities.
More than 80 per cent of the commercial brokers Bankwest currently deal with work in both residential and commercial lending.
"Business oportunities are everywhere. Brokers are bound to have a number of clients in their database that are small business owners looking to upgarde or buy a new premise. These are simple transactions," he said.
