Mortgage Brokers & Buyer’s Remorse
The mortgage broking aggregation space is as competitive as any time in history, especially for independent mortgage brokers.
Flat fees, ultra-low commission splits, cost free periods and, believe it or not, interest free loans to help you get started.
The fundamental task of an aggregator is to arrange your accreditations, manage your commissions and oversee your compliance.
Alas, there is a whole lot more that quality aggregators provide for independent mortgage brokers.
What does Vision provide to our mortgage brokers?
At Vision Aggregation, we take pride in our ability to offer the following:
- Assistance with deal scenarios,
- Marketing assistance,
- Diversified income streams,
- Informative PD days,
- CPD hours,
- Business planning,
- Quality mentor programs, and
- Succession planning
Over the years some aggregators have focussed solely on the revenue picture and have become “click bait” organisations offering low fees, no service, and hidden costs for almost everything.
Additionally, aggregators have been signing brokers to 2-year fixed terms, reduced trail commission upon termination, and next-to-no service.
A mortgage broker’s life is a tough one and being in a genuine partnership is invaluable for their business’s success.
What should you consider when choosing an aggregator?
There are a number of important things to consider when choosing an aggregator, including:
- Private, ASX listed, bank.
- Are their current independent mortgage brokers happy?
- Speaking to your colleagues to get some feedback and doing your own research.
- Costs and hidden costs.
- Reading the contract to make certain that you aren’t buying a lemon.
- Longevity of existing brokers.
- Platform suitability.
- Compliance regime.
- Is it reasonable or is it unreasonable?
- The reputation and standing of key people.
- Partnerships and whether they are a win-win.
- And lastly, the culture.
One of the more frustrating processes for independent mortgage brokers is the task of moving aggregators; why, in a largely digital world, is the move from one aggregator to another a paper transaction beggars belief.
The sooner MFAA or FBAA provide a solution the better; its long overdue.
At Vision Aggregation, we are “Brokers supporting Brokers”
At Vision Aggregation we have a catch phrase that describes our business, from the CEO and Managing Director, to the Business Development Manager and everything in between. At Vision, we are “Brokers supporting Brokers”.
There is no doubt that a mortgage aggregator formed by mortgage brokers, consisting of the majority of its staff being extremely successful mortgage brokers, gives Vision Aggregation a distinct and superior advantage. We have all been where you are, whether it be starting out or managing your business’s day-to-day, recruitment, compliance and growth.
We are passionate about providing a fair, transparent, and value for money service. Whether it be a flat fee, competitive percent at model, or the most comprehensive mentor program available.
Nobody enjoys that horrible feeling of “buyers remorse” just because you followed the leader or didn’t properly research your options. Take the time needed, do the research, make the call.
If an aggregator doesn’t return your call within two hours, think long and hard about the potential issues with that group.
One word describes our relationship with our valued broker network; we are a “Partnership”. Buyer’s remorse doesn’t exist in Vision Aggregation.
Working with an aggregator that supports you, your business and your clients in every way, should be your plan for 2023, and for the years to come. At Vision Aggregation, we are a Boutique Aggregator that will work to support your business success. Book an appointment with us today to find out why we are the best aggregator for mortgage brokers, or call our Business Development Manager, Leighton King, on 0400 477 709.
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