Emba group sales and marketing director Mike Fitzgerald says mortgage brokers should form partnerships with estate agents in the coming year to cope with the economic climate.
Fitzgerald says the relationships provide a good source of new clients for brokers.
He says: “A lot of estate agents have let their in-house mortgage people go. A couple of years ago, brokers were not going to estate agents and saying, look, we can do all of your mortgages. Now there is a case for going to these guys and saying, why don’t we form some loose association so we can forge ahead together.”
Savills Private Finance managing director Mark Harris says: “I think we are going to have a very difficult remortgage year and I do not see rates going anywhere. Therefore, being aligned to the purchase market is very important and if you are lucky enough to have access to purchase business via an estate agent partnership, then that is great. It is a great source of business.”
Mortgageforce managing director Kevin Duffy says brokers should be continually looking at these types of relationships, not just when the market is depressed.
He says: “Brokers should be prospecting high-street estate agencies as a matter of routine and should not necessarily wait to see if a competitor broker sits in an agency shop window.”