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Jessica Darnbrough
Real estate agents will become a broker’s best source of new business referrals in the future, industry stakeholders have claimed.
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Speaking to The Adviser, Century 21’s chairman Charles Tarbey said the relationships between real estate agents and mortgage brokers are becoming increasingly important in the current market.
According to Mr Tarbey, brokers who want to source new business in a tough market need to be liaising with a potential home buyer's “first contact”.
“If you walk into a corner store looking for baked beans but find there is none on the shelf, you don’t place an order with the cashier. When people are buying a home, it is an emotional time for them, they will change and make up their minds quickly. If they can access someone straight away to check their credit and write their loan, it will give them the opportunity to proceed with the purchase straight away and that is very powerful for the agent, borrower and broker,” Mr Tarbey said.
“Moving forward, brokers who don’t have referral relationships with real estate agents will miss out on key business opportunities. You need to have direct access to the source if you want to survive and prosper in this soft market.”
Mr Tarbey’s comments were echoed by RP Data’s Graham Mirabito, who said brokerages that already have relationships in place with real estate agencies are heading in the right direction.
“They know where new business is coming from. They are on the ball and they are very savvy. I think all brokers will need to partner with a real estate agent or agency down the track.”
