We all take things for granted sometimes. But it struck me recently that we probably rarely appreciate the quality of the trade press that exists in the mortgage sector.
Typically many brokers and those of us working for lenders will receive three dedicated weeklies, ‘the pinks’, which also cover the mortgage market, and several monthlies.
But if they are all piling up on the desk unread it can appear pretty daunting. Once you start to realise how much they all contain, you begin to realise the benefits these publications provide. We can’t spend hours at work reading, but building in a little time to study the trade press can reap many rewards. The amount of material we receive may well be more than many other industries and, in my view, this is a fantastic resource for all of us.
Professionalism
It is also worth noting too that many of these titles are produced with great professionalism. True, the publications rely on the support of advertising on pages, websites and for sponsorship of brand extending events, but most of the titles are independent in their editorial stance. It’s rare to see magazines shamelessly plugging certain companies – they know this will just turn readers off.
Typically the magazines are packed with news, analysis, profiles of key people, features on products, reviews, surveys, technology updates and even the odd industry columnist with something to say.
Whether it is a hard-hitting campaign, a new EU development, the activities of a trade body, company results or product launches, the trade press invariably tells it like it is.
But, beyond the headline-grabbing copy, there is plenty more that can prove enormously useful to readers.
A number of titles will focus on providing information tailored to those running a smaller business. This may look at marketing or recruitment issues, for example. The regulatory and legal environment is also frequently covered extremely well. Indeed, it is unlikely that regulation would have been implemented as smoothly without so much information being supplied in the magazines.
Growing emphasis on the non-conforming sector has undoubtedly helped grow the market – publications also help brokers differentiate between providers in what has become an increasingly crowded market as well as helping them target the most appropriate clients.
Genuine debate
There is often genuine debate and differences of opinion in many magazines. Sometimes just a glance at the ‘Letters Page’ can encapsulate the range of views on the topics that matter. The trade press helps prevent us all working in silos, and crucially, in my view, provides the fastest way of keeping up-to-date with what’s happening – they also tend to be more accurate than the office grapevine.
Right now, for example, the imposition of Home Information Packs (HIPs) is ruffling plenty of feathers and, even if a law is being enforced, it is only right that voices of dissent are heard as well as the arguments of those who take a more pragmatic view.
But, we are all under pressure and many of us have little time to catch up with reading. Many intermediaries may have titles left around the office unread. Perhaps staff don’t know where to find the magazines, or if they do, just have a cursory glance through the job pages.
An opportunity missed
But, to me, this is an opportunity missed. So, pull off the poly-wrapping and make time for you – and your staff – to find out what the big issues are and what the industry is thinking.
If a member of staff is new to the industry, there is no better way of obtaining an overview of the mortgage market. If the magazines are sent to a named individual, encourage them to make titles available to everyone.
Even if you’ve worked in the industry for 20 years or more, that is no excuse to think you know it all. No one needs reminding that this is a fast moving industry and if we fail to keep abreast of what is going on, a business may well suffer.
Most of the magazines also have first-rate websites, with stories being updated frequently throughout the day. It is easy to sign up for an email alert to be sent to work daily. This literally does keep you up to the minute and the websites also often have comprehensive archives that are incredibly useful for checking older material. If you need to know the background to a particular subject or perhaps even find out where someone is working then it may well be at your fingertips.
Time has shown that websites and magazines can exist in harmony. Most of us still prefer to have a paper format if we want to read something in-depth. An online facility is there to provide a quick briefing or reference check.
So, the next time Mortgage Introducer comes thudding though the letter box, treat it with some respect. I’m sure you will find many stories and topics that make it worth reading.
Paul Hunt is head of marketing at Platform
