Going into 2023 there was a lot of conjecture about the mortgage business that wouldn’t appear throughout the year.
Many economists and commentators focused on, for example, the anticipated drop in purchase activity that was ‘likely’, for both residential and buy-to-let.
To a large extent, that conversation continues to go on, but it appears to be something of a fool’s errand to spend so much time pining for non-existent activity.
I think most advisers would agree that you can’t fret over the business that isn’t there, you have to seek the business that is, ensure you secure the repeat business from existing clients, and ensure you cover off as many product/solutions with those clients when you do get in front of them.
In that sense, I would certainly suggest we all focus on the positives of the market – not always easy I know – because, whatever happens, you are only going to get paid on the business you complete.
I was going to write that you’re not going to spend any time advising clients who decide not to purchase, but that’s clearly not right, because I’m aware advisers will have many communications with those who – at that time – might ultimately decide now is not the time for them.
Indeed, the advice in such a situation is often pivotal for the outcome.
If you’re currently not in the right financial position to press ahead, perhaps to meet the affordability criteria, or to have the right level of deposit/equity to go ahead, etc, then that meeting with an adviser will have been crucial in determining the next steps.
And, of course, it’s not to say that the adviser won’t ultimately help such clients to get into the home they want/need, because as we’re all acutely aware, this market changes and changes quickly.
While that post mini-Budget period is all seared onto our brains in terms of the tumult it caused and what was required of advisers during that time – and while none of us would want to go through that again – a repeat performance can’t ultimately be ruled out.
Which is also not to say that next month’s Budget will kick-start similarly catastrophic impacts, but we’ve probably all learned that ‘never say never’ is a good maxim to follow, particularly given some of the politicians we have ‘running the ship’.
However, back to business, and that familiar requirement as an adviser to make the most of the opportunities that do exist, and to have as many options within the toolkit to ensure every single client – where there is a need – can secure those products and solutions from you, rather than going to a comparison site or, dare I say it, a competitor.
It is as always for advisers to make the most out of the opportunity presented and ensure that, where possible, it is you providing the products and solutions your clients need.
Hence why we at Broker Conveyancing recently introduced our new Survey product, with both nationwide coverage and local surveyors with local knowledge.
By advisers offering this service alongside the mortgage, protection, GI, conveyancing, etc, they not only open up a new revenue stream, but they keep that client closer by demonstrating they’re not just a ‘mortgage adviser’ but have many more strings to the bow, which negates the need for the client to look elsewhere.
Overall, the market will be what the market will be, and ultimately the important point for advisers is to secure as much business as possible and to provide those valuable clients with everything they could possibly need.
By doing that, and focusing on the positive means by which you can achieve this, it is likely you will continue to run/own/work in profitable businesses with an increasing value held within your firms.
Mark Snape is chief executive officer of Broker Conveyancing
