Comment of the Week goes to MCC

by AB06 Sep 2013

This week’s winning comment comes from ‘MCC’ and relates to Wednesday’s article on brokerage group Shore Financial, who lodged over $60 million in home loans applications in August 2013- a feat they largely put down to positive working relationship with Richardson & Wrench real estate.

Many brokers expressed concerns around real estate/brokerage partnerships, but we thought MCC brought up a particularly interesting point:

 “In house relationship will work well because the operation becomes seamless. The only issue I have is more from the point of the 'Chinese wall' position. Estate agents are very driven by the transactional sales culture & constantly wrestle with who's interests they really act on behalf of (vendor, self, purchaser etc.). The industry is not heavily regulated. Whereas the mortgage broking industry is moving more towards fiduciary duty of care via legislative change. Therefore this internal conflict could bring such alliances unstuck?”

Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Australian Broker's next top 'Comment of the Week'!