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Jessica Darnbrough
The days of sole mortgage brokers working out of their own home offices may be numbered.
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Speaking to The Adviser, Shore Financial’s Theo Chambers said he was seeing considerably fewer mortgage brokers working from home.
In addition, clients ultimately have a lot more confidence in a broker who has their own office – they are seen as being committed to the industry and their profession, he said.
“I believe it is important for clients to work with you in an office,” Mr Chambers said. “Clients want to be able to walk into an office and have a face to face chat with the mortgage broker.
“A client can sometimes be hesitant to divulge all of their personal details to a mortgage broker over the phone. It is best done formally and face to face,” he said.
“In addition, I believe clients will have a lot more confidence and trust in a broker or brokerage group that has an office. While home office brokers still exist, I think the industry is changing and I think we are seeing less of them.”
Mr Chambers said the banks’ decision to cut commission rates weeded out many of the home office part-time brokers.
“As a broker in today’s market, you have to commit yourself to the profession on a full-time basis. It is not a job, it is a career.”
