A former mortgage broker has criticised estate agents for their approach to mortgage referrals, claiming inadequate handovers between agents and brokers are reducing conversion rates and potentially costing agents commission.<\/p>\n
Paul Flavin, who now operates as a business coach at Paul Flavin Ltd, told Mortgage Solutions that the issue lies not with the leads themselves but with the subsequent handling process.<\/p>\n
According to Flavin, the mortgage question typically arises in one of two ways during property transactions: either as a cursory enquiry about whether finance is arranged, treated as a box-ticking exercise by negotiators, or as a more forceful suggestion that buyers must use the in-house broker for their offer to proceed. He argues both approaches result in referrals made without genuine engagement from either party.<\/p>\n
\u201cThe unmotivated purchaser, whose details were passed on by an unmotivated negotiator, finally speaks to an unmotivated broker,\u201d Flavin said. \u201cAnd we wonder why conversion rates are low.\u201d<\/p>\n
\t <\/p>\n
Flavin stated that the lifespan of a lead is approximately two hours, with conversion chances halving after that period. He claims that after 24 hours, a lead is \u201cpretty much dead\u201d. However, many referred buyers remain uncontacted for days, which he says slows progression and reduces the number of sales reaching completion.<\/p>\n
He identified buyers who are interested but not yet ready to proceed as a significant opportunity, particularly first-time buyers and home movers who have already indicated intent but require ongoing engagement. \u201cNot interested just means not yet,\u201d Flavin said.<\/p>\n
Flavin directed responsibility towards estate agents, stating that their \u201clack of nurture is the real problem.\u201d He warned that weak referrals at the start of the process feed through into lost momentum, ultimately costing agents sales and associated commission.<\/p>\n
The comments come as the property industry continues to examine processes for improving conversion rates and transaction efficiency in a competitive market.<\/p>\n","protected":false},"excerpt":{"rendered":"
A former mortgage broker has criticised estate agents for their approach to mortgage referrals, claiming inadequate handovers between agents and brokers are reducing conversion rates and potentially costing agents commission. Paul Flavin, who now operates as a business coach at Paul Flavin Ltd, told Mortgage Solutions that the issue lies not with the leads themselves […]<\/p>\n","protected":false},"author":1,"featured_media":8714,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-8713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n