Connells, Countrywide etc.....

ThomasJames_2

Has anyone or is anyone in the process of getting a mortgage via a mortgage advisor who operates through an EA branch, who only use a panel of lenders, loaded L&G insurance products, and loaded valaution fees?!

If so why ?!?!?!

Cazza

Because they get pressurised into it. (I'm ex Countrywide staff, they're great for training but then I ran for the hills!)

ThomasJames_2

I wish people would wise up to their ways ! We have done a mail shot out to everyone that could of had L&G insurances put in place by these people, in a bid to re-write them. the standard L&G plan is about 20-25% cheaper!

Dan_Collins_2

The above companies are !!!!!!!

homer_j_3

Don't hold back will you Dan, please tell us how it is lol....:D

I believe that a lot of people use them because of pressures from staff who are paid for hitting targets to make money on top of their 10k salaries.

Any sales force works in this manner and as a result, it is probably not restricted to a couple of estate agency chains. Where people are paid peanuts as a basic and then offered reward for performance, then before the customer realises what has happened, they are in there and signed up.

We could say the same for banks also, could we not? Whilst not a fan of countrywide, I feel the naming and shaming of 2 companies is not relevant here and its the bigger issue of sales force mentality.

ThomasJames_2

homer_j wrote: »

Don't hold back will you Dan, please tell us how it is lol....:D

I believe that a lot of people use them because of pressures from staff who are paid for hitting targets to make money on top of their 10k salaries.

Any sales force works in this manner and as a result, it is probably not restricted to a couple of estate agency chains. Where people are paid peanuts as a basic and then offered reward for performance, then before the customer realises what has happened, they are in there and signed up.

We could say the same for banks also, could we not? Whilst not a fan of countrywide, I feel the naming and shaming of 2 companies is not relevant here and its the bigger issue of sales force mentality.

Did you miss my etc.... on my OP ??

homer_j_3

No mate, I didnt miss it but assumed that you were talking about estate agent groups, one of which I believe is making a lot of people redundant at the moment because it cannot sustain business since trying to please shareholders..

I just wanted to expand on the fact that these tactics are not the devil child of EA's but those brought from Banks and other institutions.

The whole world just seems to be wrong at the moment to us brokers and I am very sympathetic to it of course but feel that frustrations being directed at EA's solely is not the answer.

I am now thinking that our roles are becoming seriously threatened as banks look to expand their branch networks.

Conrad

homer_j wrote: »

I am now thinking that our roles are becoming seriously threatened as banks look to expand their branch networks.

Nothing particularly to worry us, I've seen this all before in the mid 80s / early 90s when the likes of the old TSB had large aggresive sales forces.

The whizzkid MBA's pushing these expansions propbably were'nt around to see what happened last time thye did this - they soon will.

homer_j_3

could you expand?

I have thought about the consequences of more branches opening and initial thoughts are that increased expense to the lender and whether the model is sustainable - i.e will more branches not dilute existing branches in areas.

My concerns are that they will turn their backs on the intermediary market when they have all these branches set up and only the affluent or client requiring more specialist advice will use any kind of broker.

Clearly, we could be seeing future wine bars but its going to take a cycle of events to realise their mistakes if they are mistakes and more casualties along the way.

toonfish

these big corporates are really struggling in the current market and the parent companies won't sustain them for long - more power to the small independent

homer_j_3

I can see brokers at these ea's becoming multi branch brokers as a cost reduction. I will then see the EA's setting up virtual offices. I.E. having phones diverted to other offices or to admin centres to deal with viewings etc.

The banks will increase their branch networks or staff as more business starts going into them.

The broker doesnt fit in here because a lot of people who walk into EA's will only use the EAs because they feel they will get the house that way. Otherwise they go to a branch of their bank. Unless you have a high street presence within the financial districts of your town amongst the EA's and Banks, we may still not see anything from the demise.