The New Zealand mortgage broking sector is basically divided up into a small handful of very large powerful companies, and a large group of small and independent broking firms.
The large companies will have a team of mortgage brokers Gisborne, often a team in every main centre, and they will have spent a lot of money on their brand and on insuring that they get a lot of new business via the Internet. The small and independent mortgage broking companies are not in a position to spend the large amount of money necessary to get themselves ranked high enough to win a meaningful amount of business over the Internet, and these companies can be either small teams of brokers or even individuals operating out of the family home. Their strategy for new business is simply to build and leverage their networks to generate referrals and repeat business.
The large mortgage broking companies do not necessarily have the best brokers in their teams, and in fact this can often be definitely not the case. The brokers they do have can basically do the work, but on the whole that’s all they need to do, as the firm supplies them with new business day in day out. These brokers can become very comfortable, because while they have to pay a significant proportion of their commission to their parent firm, they are rewarded with a constant stream of work and all they have to do is process this.
These companies offer have so much new business coming in via the Internet that they can afford to reject all except the most straightforward clients, which means that their brokers often do not get any real experience in handling difficult and complex cases. The companies will often use administrative staff to pre-screen any calls, to make sure that the new customer is going to be a “slam dunk”.
Unfortunately for brokers working in these firms they are generally tied to a very tight contract with the parent company, that means if they leave the firm they are not allowed to do mortgage broking work anywhere in New Zealand for 6 months and in their home city for 2 years. These are very onerous terms, but they seem attractive to the new broker when they sign up, simply because they expect to get a very good income in their new job. However the work can become tedious, and they can begin to see all sorts of problems with the company that they are unable to fix, but if they choose to leave then the penalties can be harsh.
Independent mortgage brokers Bay of Plenty on the other hand out of necessity do pretty much any work that comes their way, and so they get good at finding smart solutions to difficult problems. They have to work constantly at building and maintaining theirt private networks to make certain they are continually getting a supply of referrals and repeat business.
Every modern mortgage broker must have a good website, and it is frustrating for the vast bulk of the independent mortgage brokers to know that their website is only there as an elegant business card as it is not actually winning them any business at all simply because it is not visible to anyone who searches on the Internet for a mortgage broker. The only companies that benefit from Internet searches are those that have invested a lot of money to ensure that they are ranked number 1 or 2 in Google search.