The relationships between real estate agents and mortgage brokers are becoming increasingly important in the current market, a number of industry stakeholders have said.
Century 21’s chairman Charles Tarbey said real estate agents should be looking to source new business with a potential home buyer's “first contact”, which in many cases is a mortgage broker.
“If you walk into a corner store looking for baked beans but find there is none on the shelf, you don’t place an order with the cashier," he said.
"When people are buying a home, it is an emotional time for them, they will change and make up their minds quickly. If they can access someone straight away to check their credit and write their loan, it will give them the opportunity to proceed with the purchase straight away and that is very powerful for the agent, borrower and broker,” Mr Tarbey said.
He said those professionals without referral relationships will miss out on key business opportunities. "You need to have direct access to the source if you want to survive and prosper in this soft market,” he said.
Mr Tarbey’s comments were echoed by RP Data’s Graham Mirabito, who said brokerages that already have relationships in place with real estate agencies are heading in the right direction.
“They know where new business is coming from. They are on the ball and they are very savvy. I think all brokers will need to partner with a real estate agent or agency down the track.”
Mortgage brokerage Aussie, sponsor of the Real Estate Business Top 100 Agents list, in conjunction with RP Data recently launched a referral program targeted at elite real estate agents.
Launched in May, RP Data identified the high performing agents in each local market nationally, with Aussie’s mortgage brokers introducing qualified, pre-approved buyers to their local agent partner.
“Our brokers are leading our clients, who now total more than 250,000, through the sometimes difficult process of accessing a great home loan and now we are extending this service to property search, in partnership with top quality agents”, said executive chairman and founder of Aussie, John Symond.