Hockingstuart finalises another big diversification play

Hockingstuart agents will soon have access to another commission source as the group prepares to open a new broking business.

Hockingstuart Finance will be a standalone business that will launch later this month, as REB foreshadowed last December.

The new brokerage will potentially gain access to a large source of leads – Hockingstuart sells more than 6,000 properties per year, according to managing director Nigel O’Neil.

“Hockingstuart Finance is about fostering these customer relationships, as well as providing direct benefits to our networks of agents,” he said.

“For instance, for our agents, we will implement a unique commission structure to reward them for their referrals and because we recognise that the customer relationship ultimately sits with them.”

The launch of Hockingstuart Finance follows Hockingstuart’s decision last year to open a removals service and a utility connection business.

Mr O’Neil said the new brokerage fits in with the group’s strategy of making home buying easier for its customers.

“Being at the coalface, we understand what our customers need and when they need it,” he said.

“If anything, we’re streamlining the home-hunting processes so that buyers and sellers no longer need to visit a series of businesses. They can purchase, sell, move furniture and source finance all from the one place.”

Hockingstuart Finance will carry more than 500 loan products, including an exclusive range of white-label Hockingstuart home loans.

Brokers are now responsible for about 50 per cent of mortgages.

[Related: Big groups missing out on big dollars]

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