Loan Market director: “heed the lessons of abroad”
Loan Market Queensland state director, Peter Camphin, said Australian mortgage brokers and real estate agents must follow global trends in order to meet the increasing expectations of customers.
Mr Camphin travelled to the UK after joining Loan Market a year ago to spend time with like-minded companies and saw some major differences between the two markets.
“In the UK I saw an industry that understands the customer’s expectations are rising and they’ve responded to it.
“I met with real estate businesses where 40 per cent of all sales are financed through their mortgage broking arm. They’ve broken down the barrier between sales agent and mortgage broker and have them working together for the customer.
“It’s time for our industries to heed the lessons of abroad,” Mr Camphin said.
Mr Camphin joined the Loan Market Group after 40 years in the real estate industry - 16 of which were spent leading the Ray White Queensland team. His ambition is to integrate the two Groups to achieve a better experience for homeowners and buyers.
“We’re at a point where it’s not enough to sell a property, or a home loan, and move on to the next transaction. Our customers are expecting more from us; they’re looking for a higher level of competency and a more sophisticated operation.
“We can deliver that to our clients if we simply work together. It’s about taking control of the sale and creating buyers who have the capacity to perform on the contract.
“My question to agents is: if you don’t work with a mortgage broker, how can you be really sure of what’s happening with your buyers’ finance? And for brokers, it’s a realisation of the opportunity to work alongside great operators, and learning to seize that opportunity.
“Australia is behind the global trend; we must respond to the new type of customer that’s emerging and we can only do it through stronger agent-broker relationships,” Mr Camphin said.