Mortgage brokers need to establish relationships with estate agents and other third parties in the run up to the introduction of Home Information Packs (HIPs). Failure to do so could result in a sharp drop in revenue, as new business partnerships instigated by rivals will see prospective customers gravitate to their one-stop offering.
The warning comes from Wolverhampton based broker Promise Finance. Director Steve Walker said: “By working together to fulfill the clients HIP requirement and financial needs estate agents and brokers can maintain control of the sale process throughout. This will aid client retention whilst maximising revenue”
“Furthermore, by partnering themselves with a HIP provider brokers can integrate themselves into to the mortage process much earlier on and are consequently more likely to pick up the mortgage business than if the customer goes direct to an estate agent. But they need to be quick off the mark and hitch themselves to a HIP provider and local estate agents”.
It is widely considered that Estate Agents could potentially offer a fantastic source of business leads for intermediaries within the property industry, especially as customer’s mortgage and other financial needs become more complex.
HIPs will place Estate Agents at the centre of the transaction as they assist sellers and buyers through this change, providing them with a powerful position when clients are seeking financial assistance. This makes relationships with estate agents a must have as intermediaries expand their introducer networks. However with brokers and agents having a HIP facility the opportunity for referrals in both directions is obvious.
Promise has developed ‘Homepack’ to provide brokers with all the information required to introduce a HIP solution to the property industry, helping estate agents and others secure their own HIP solution ready for launch on June 1st 2007.
Promise Homepacks is developing a remuneration package for brokers and estate agents that are successful in introducing the product.
