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Mortgage brokers are being uprooted by forces beyond their control as the industry undergoes major consolidation.
A growing number of brokers have recently found themselves at a crossroad – they have big decisions to make and need guidance about which way to go.
This uncertainty is a direct result of the consolidation of the broking industry, a trend we noted back in December that has only intensified in 2021 as we predicted.
Change creates opportunity
Coping with change is a skill that successful operators develop in order to identify opportunity and unlock value. Smart business operators know how to manage change and benefit from it.
Mortgage Advice Bureau is an organisation that thrives on change. We entered the Australian market with the expectation of consolidation and foresight that things never stay the same. We are experienced in providing coordination and guidance to mortgage professionals caught in a state of flux.
As a business owner, you face a number of significant choices throughout your career. The wrong decision can create major disruption for your staff and ultimately impact the experience you can deliver to your customers.
We partner with confident and ambitious brokers across Australia to ensure they make the right choices that will set them up for success. Recently we have been speaking with a number of successful brokers caught in the crossfire of large corporate deals that have little to do with their business or their customers.
In our experience, these business owners can often feel disenfranchised by the upheavals of consolidation, which can affect their ability to service clients the way they want to, stifle growth and endanger their strategic partnerships with critical referrers and lead sources.
As the industry continues to consolidate and brokers are forced to move from one major network to another, it is only natural for those with a growth mindset to consider what other options are available to them.
Consider the best interests of your business
The Australian mortgage broking industry is successful because customers appreciate the value of a professional who can assess the market and single out the best options for their unique circumstances.
Business owners should apply the same thinking when assessing the future of their own brokerage. Who are you partnering with? Are they in the best interests of your company? Do they have the experience, technology and time to invest in you and what you want to achieve?
MAB is selective about the broker firms it partners with. We provide an exclusive offering, which may not be valuable to all broking business; we work with firms that are willing to structure their organisations to create maximum value.
Consolidation and change are nothing to fear. It is an opportunity to assess how your business is performing and what decisions must be made to remain relevant.
When considering your next move, be sure you find a partner with the experience and foresight to navigate the challenges with you.
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