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Jessica Darnbrough
Brokers could easily grow their market share to 50 per cent provided they move away from being transactionally focused, one industry stakeholder has claimed.
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Speaking to The Adviser, Liberty Financial Brendan O’Donnell said the third party channel needs to focus on building relationships rather than completing transactions in order to build their share of the market.
“For the third party channel to successfully grow its market share, a few things would have to change,” he said.
“First of all, brokers would have to utilise their CRM systems in a far more effective manner. They have to touch base with their clients on an ongoing basis. Secondly, they need to diversify. If they provide more than a home loan to each client, the relationships they have with that client will inevitably become stronger and stickier,” he said.
Mr O’Donnell said moving forward, credit demand would return and brokers are in the ideal position to help borrowers achieve their dream of home ownership.
“There is a lot of competition in the market at the moment, and with increased competition comes confusion. Brokers can help clear up the confusion for borrowers and create a strong relationship in the process.”
