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The flat property market and a lack of new recruits could lead to further attrition to broker numbers, one brokerage head has warned.
Speaking to The Adviser, FirstPoint’s director Troy Phillips said weak property price growth and home sales could force brokers to contemplate their future in the industry.
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“Back in the late 90s when we went through a housing boom it was a great industry to be in,” Mr Phillips said.
“There used to be a lot of young people coming into the industry. Today, the story is a little different. Recruitment is tough. There are not as many young recruits coming into the industry because mortgage broking is not seen as a sexy profession.
“We will struggle to bring people into the industry and I think we will see more people leave as it becomes harder to write business.”
But while the flat property market has made it harder for some brokers, Mr Phillips said there are still plenty of opportunities out there for brokers that are passionate about their career.
“There are still a lot of people that want debt. In fact, there are more people in debt than ever before and they want someone to talk to about their debt. They want to talk to a professional about setting up a strategy.”
