The NZ Mortgage Mag – Sink or Swim

A mortgage broker who offers to sell her business for "$1 or near offer" is a sign that all is not well in the industry. Just how tough is it out there and how are businesses coping?

Friday, June 20th 2008, 12:11PM

Our lead feature in this month's issue looks at 'how bad is business' and also how brokers are charting the stormy waters.

In our 'My Business' section, we talk to John Bolton about how he has put his financial neck on the line in setting up new business Squirrel, at a time when the market is depressed. Although that hasn't stopped this livewire from aiming for the big time! This article is an inspiration and an apt reminder that when times get tough, the tough get to business – many opportunities can come from difficult times. Be encouraged!

Brokers are being urged to diversify, but moving into new areas of advice is not without risk. In the last issue of NZ Mortgage Mag had an article that debated whether mortgage brokers should – or could – diversify into selling life insurance. We continue the debate this issue and also welcome your feedback. We have an Opinion piece from the managing director of Special Risk Services, Brian Klee, on his views and also another feature by Steve Hart who talks to brokers who have made the move about their experiences.

Document, document, document! We investigate how to protect yourself from complaints and guess what – documenting is the best and most effective way to cover your bases so deals and clients don't come back to haunt you, according to NZMBA's Megan Salt.

This issue we profile Ian Webb, mortgage chair of the Professional Advisers Association, about his love of diggers, setting up his own construction lending business NewBuild Home Finance and why he's in charge of the competitive push being made by the PAA.

Other features in this issue:
NZ News:

Hey Presto! New commission structure
Presto Direct has revamped its commission structure in a move that it says has the potential to significantly boost brokers' incomes.

Ray White shakes up mortgage arm
Ray White's mortgage broking arm Loan Market has recently lost its CEO and is also in the middle of a restructure.

Canterbury exits competition race
All four finalists from Canterbury have dropped out of the race to be named Broker of the Year.

Market rebounding or just teasing?
The housing market round-up looks at how recent results, including a jump in new-build consents, have been giving mixed messages about the current state of the housing market.

International news: News bits from Australia, United Kingdom and United States to help keep you up-to-date

Book review: We look at the New Zealand Real Estate Investors' Secrets 2nd Edition, by Graeme Fowler.

Interest rates update – Relief in sight?: Lower rates are on the horizon, although it's not certain they won't continue to skyrocket, according to economists.

Mortgagee sales: The same – except for the differences: There are big differences between mortgagee sales and regular sales deals, and it pays to be aware of them!

Sales and marketing: Quest for the holy grail: Referrals are to brokers what the holy grail is to Indiana Jones – not only priceless but also vital for sustaining life in the industry. We look at how to achieve professional referrals.

CEO's letter: We all know the popular saying, 'what doesn't kill you makes you stronger' and it's the same in the current market, writes NZMBA chief Megan Salt. People in similar circumstances working together and supporting each other is the best way to survive.

Coach – Mentors: Seeking a mentor could be the best thing you ever do, both personally and professionally in terms of success and the mentor trend is catching on.

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