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Commission-free Hello Real Estate wants to become the Uber of the real estate industry; oh dear
Topic Started: 12 Sep 2015, 09:22 AM (2,093 Views)
stubby
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Loki
12 Sep 2015, 02:20 PM
Next stop on the Technology Disruption Express: Mortgage Brokers.
Probably not. The Mortgage Broker value equation will likely get narrower over time, but there exist now at least three forms of Mortgage Broker that are likely viable over the long haul:
-- those who market more assiduously to culturally-defined niche markets, whether defined by ethnicity or other demographics
-- those who specialise in small-business finance
-- those who specialise in hard-to-finance consumers (i.e. the credit-challenged)

Add to that, some residual bread-and-butter deals for simply-passing-through business to the majors, and I can't see any likely scenario in which hi-qual mortgage-brokers get significantly disrupted over time.


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Loki
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stubby
12 Sep 2015, 11:10 PM
Probably not. The Mortgage Broker value equation will likely get narrower over time, but there exist now at least three forms of Mortgage Broker that are likely viable over the long haul:

Mortgage Brokers are a sales channel for banks. I would think the inexorable march to dis-intermediation would swallow them whole. No?
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-- those who market more assiduously to culturally-defined niche markets, whether defined by ethnicity or other demographics
Doesn't Google or Facebook already know everything about your demographic? This is just big-data slicing.
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-- those who specialise in small-business finance
I think P2P will probably disrupt that space, but it is early days.
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-- those who specialise in hard-to-finance consumers (i.e. the credit-challenged)
Yes, creative accounting (fraud?) is unlikely to be replaced by software. Not sure how lucrative it is though?
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Add to that, some residual bread-and-butter deals for simply-passing-through business to the majors, and I can't see any likely scenario in which hi-qual mortgage-brokers get significantly disrupted over time.
Well, I disagree, but it is still early days.


“Talk sense to a fool and he calls you foolish.” - Euripides
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stubby
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Some are, and remain quite successful because they are simply better at their jobs than local branch droids. And, the majors are happy to pay compensation at least equivalent to local branch droids as a result.

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Doesn't Google or Facebook already know everything about your demographic? This is just big-data slicing.


Big-data slicing" doesn't reach non-English-native-language demographics in Australia all that effectively. Ask any Big 4 bank who their best local mortgage writers are--internal or external--in newly-built suburbs of Sydney, Melbourne, and other capital cities: (hint, the answer won't involve many Anglo-Saxon surnames.)
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Loki
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stubby
12 Sep 2015, 11:33 PM
Big-data slicing" doesn't reach non-English-native-language demographics in Australia all that effectively.

I can see how that would be the case. Not sure how long that will last though.
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Ask any Big 4 bank who their best local mortgage writers are--internal or external--in newly-built suburbs of Sydney, Melbourne, and other capital cities: (hint, the answer won't involve many Anglo-Saxon surnames.)
Will it be Li, Wong, Zhang or Liu?


“Talk sense to a fool and he calls you foolish.” - Euripides
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A Lurker
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Anyone who tries to represent themselves in selling their house has a fool for a client. I've actually tried this myself and getting people in is easy but closing the deal is hard. It's much easier for a third party to do that, than yourself. A good agent will easily get you 2% more than you would achieve by yourself, probably 10% more. Pays for itself and lots of hard work avoided.

I know people won't believe me (I wouldn't have believed me) but I've done it and you appreciate the skills of a good agent if you have tried it yourself.
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stubby
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Loki
13 Sep 2015, 12:19 AM
Will it be Li, Wong, Zhang or Liu?
Wow, you really haven't kept up on Australia demographics since the post WW2 period have you?

Yes, there will be some Chinese surnames in the mix, but your exclusive focus on such examples just highlights how wildly you've missed the point.

:lol :lol :lol
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Loki
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stubby
13 Sep 2015, 12:29 AM
Wow, you really haven't kept up on Australia demographics since the post WW2 period have you?
Post WW2?????!!!!

Sheeat, I thought you were talking the last 10 years. I went to High School with most of the post WW2 immigrants. Serbs, Croats, Macedonians, Itais, Greeks, Turks, Lebs, Viets,Polacks, Cantos, Hakkas, TeoChiews. Pretty much all of them got jobs, got married and became Aussies. They sure as shit didn't need no special mortgage broker.
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Yes, there will be some Chinese surnames in the mix, but your exclusive focus on such examples just highlights how wildly you've missed the point.
Actually I was just asking the question. But it seems you have a bee in your bonnet, so let it rip.
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:lol :lol :lol
I concur.


“Talk sense to a fool and he calls you foolish.” - Euripides
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Ex BP Golly
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Trollie
12 Sep 2015, 09:15 PM
Because I'm not the one who sounds like a moron.
You...... moron.
A Lurker
13 Sep 2015, 12:23 AM
Anyone who tries to represent themselves in selling their house has a fool for a client. I've actually tried this myself.
You..........moron.
Edited by Ex BP Golly, 13 Sep 2015, 04:21 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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A Lurker
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Ex BP Golly
13 Sep 2015, 04:13 AM
You...... moron.

You..........moron.
Agreed. I had to try it for myself and it was a waste of time. I used an agent in the end though so lost time rather than money.
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Trollie
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Terry
12 Sep 2015, 10:06 PM
An algorithm can probably do better than a mortgage broker as it can analyze multiple variables from any number of solutions. Also, by removing the human lost, the savings can be passed on to borrowers. Relay that back to the puppet master and see what he thinks.
You assume you know all the variables. Classic propeller head mistake.

Also savings are banked, not passed on you naive idiot.
lonewolf
12 Sep 2015, 10:59 PM
Ha ha ha..yeah..I guess Larry Page would do much better if he invested in real estate rather than writing algo..wait..did you just google Larry Page?
Imagine if google came up with this kind of irrelevant dribble, I doubt it'd have lasted.
Loki
12 Sep 2015, 11:09 PM
Now he is more confused than ever.
Maybe you can tell yourself you're number 1 a bit more, feel more like a winner.
Edited by Trollie, 14 Sep 2015, 02:18 AM.
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