The mortgage broking sector in New Zealand is vital, as they are responsible for helping source over 40% of all the mortgages supplied in the market. The banks have long recognised the importance, and have made sure that the mortgage broking sector is adequately compensated.
The particular benefit that a skilled mortgage broker can bring to the table is the ability to look across the board at all the options available for the client, and to marry these up to the particular set of problems that the client has. This can be quite a time-consuming process and some clients may need quite a bit of consultation, and often banks are just not prepared to put in the effort required.
One very interesting modern trend is the large number of customers that are happy to search for a mortgage broker and to actually deal with it a mortgage broker over the Internet. Many traditional brokers are long accustomed to the hard graft of finding ongoing you business via word of mouth and via their hard earned contacts. These brokers find that word of mouth is the very best form of advertising, and they often find that their clients require at least one personal visit. They may not be aware that there are a very large number of people looking for mortgage brokers on the Internet and even happy to deal with a mortgage broker at the other end of the country if the broker can solve your problem for them.
The more traditional brokers are simply not aware of this very large untapped market for new clients, but less traditional brokers and other countries not even in the industry a very aware of this market and the value of any leads that they can procure. There are over 9000 Google searches per month for mortgage brokers in New Zealand, and if anyone can capture even a tiny percentage of this market then they would still have a lucrative business. More importantly the size of this market is just going to keep on growing, given the ongoing increase of level of trust in the market in the Internet. People often get a mortgage broker on the internet
There is obviously room for both the traditional and the modern type of mortgage brokers in the market, but we are as the traditional mortgage brokers need hard graft and word of mouth to grow their business, non-traditional brokers can take advantage of new services such as Internet lead generation, and can purchase hot leads on the spot. They can be comfortable that most customers who are happy to search for their mortgage broker on the Internet are also happy to deal with their mortgage broker remotely.