Conveyancers Urged To Review Industry Relationships
It has been revealed that conveyancers have been urged by an online conveyancing distributer, that all mortgage brokers should review their contacts within the industry. The sector has been asked to take this step so they can ensure that they have a durable, profitable and strong business relationship. The warning has been issued in an attempt to stop other conveyancers going into freefall during the recession. 2009 and the start of 2010 have witnessed a high portion of firms, which provides mortgage brokers with services such as HIPs and networks, collapse under the pressure. Add to the mix several companies which have gone out of business, then this leaves many appointed representative firms short of money. The organisation believes a significant number of broker firms wait too long to investigate problems with a supplier, such as late payment of commission, and they should where possible not place business with a firm if there are ongoing difficulties with the existing relationship. Therefore, it is asking all broker firms to stress-test their relationships with suppliers to ensure they are fit for purpose and delivering the best service and terms in the marketplace. A word of advice Harpel Singh, managing director of the group explained: “While the number of suppliers is falling, there is still plenty of competition in the marketplace be that for networks, HIP providers or conveyancing distributors. We would urge brokers not to place good business after bad and, until a problem is solved, firms should use different suppliers who can guarantee not just a quality service but prompt payment. “The likelihood is that more firms who supply mortgage brokers with services will go out of business this year and therefore it is very important that time is taken to review all suppliers to ensure they are the best available. Collapses [...] should be salutary lessons to all those intermediary firms who do not fully investigate the relationships they currently have. “Many brokers rely on historical relationships which may not be providing them with the most up to date and efficient service available. This is why now is not only the time to review what is available in the marketplace but it is this type of action which could mean brokers ducking the hit later down the line, should the worst come to the worst and the supplier collapses. “In this type of situation there is often ‘no smoke without fire’ and for those brokers currently experiencing difficulties with suppliers, now is the time to heed the warning signs and try to get to the bottom of what is causing the problems. “Opportunity often lies elsewhere and if brokers believe their current supplier is not valuing their business, then there are plenty of firms available who will. We are urging all brokers not to settle for second best in what is still a particularly tough marketplace.”
This article looks at conveyancers and how they are being urged by an online conveyancing firm to find out about their contacts so their business will run successfully.
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