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Change is constant in the broking space. Whether regulatory, economic or social, it’s bound to be persistent.
This can make keeping up with the change daunting. For new brokers to the market, it’s important to keep up.
However, brokers should look at change as an opportunity, said Broker Essentials’ Jason Back.
“Change for our industry is an opportunity. What we don’t want, from our perspective, is a constant position where nothing happens. If rates aren’t going up or down, if properties aren’t going up or down, if there’s nothing happening, then clients generally aren’t out there seeking a lot of advice. They’re generally sitting on their hands.”
Back sees the recent interest rate cut as a “huge opportunity” because it positively impacts consumer sentiment.
“So, this is a huge opportunity, not just because of a rate change, but because it changes consumer sentiment and that sentiment analysis of your clients understanding how rates affect individuals, whether they’re PAYG, whether they’re SME, what their strategies for first home buyers, for someone doing rentvesting, or an investor, all of those things matter,” Back said.
“So, this is a really good time to not just be thinking about what do I do off the back of one rate change, but how do I start strategically thinking about my business into the future?”
One major opportunity for brokers to come off the back of change is refinancing opportunities. With troubling economic times forcing many borrowers to cut costs, there has never been a more important time to refinance.
“If you really want to get into good graces with your clients, then it’s all about removing the roadblocks and resistance. Make things as easy as possible,” Back said.
“A lot of people will be actually sitting on their hands waiting for governments to release more around the housing policies, what it means for investors, what it means for taxation. We’ve got a budget coming up. WA has got a state election.
“It’s going to drip feed and we may not see another rate movement until August now. So, brokers really need to stay on top of not just what’s happening from an economics position, but they also need to stay on top of what the vibe is, what the consumer sentiment is. That’s really where the hearts and minds are going to be won,” Back added.
Related: How brokers can capitalise on changing market conditions
