Nearly eight in ten brokers say that the current market situation has prompted them to look for ways to either increase or maintain their income.
Research by BM Solutions asked over 300 intermediaries whether a tightening house market has encouraged them to search for additional income streams.
The most popular way that brokers are looking to boost their income is through conveyancing referrals, with just over a quarter of brokers looking at this option. Slightly fewer brokers – 22 per cent – say that they are considering advising on other financial products, with just 7 per cent looking at cross-selling payment protection insurance as an option.
BM Solutions head of sales Phil Rickards says: “The housing market is still very strong, underpinned by solid fundamentals. However, as the market slows, it’s inevitable that brokers will look for additional sources of income. We’ve recently relaunched our conveyancing service which can provide an extra income stream for brokers, and we’ll continue to support them with our five star service.”