Jeffery, Other/Just Looking in New York, NY

How are the brokers handling the market?

Asked by Jeffery, New York, NY Thu May 24, 2007

I've noticed that a lot of the smaller brokerage firms are closing up shop and headed to direct lenders, such as myself. Is the broker era over or do you think most of them will weather the storm?

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It seems like the big banks are taking the mortgage business back in-house. Some are buying mortgage brokerage firms. Mortage banker vs mortage broker seems to be the trend. I still think there are advantages to both. A banker can do their own underwriting but a broker can shop around for their client.
3 votes Thank Flag Link Thu May 24, 2007
Mitchell Hall, Real Estate Pro in New York, NY
In the San Diego real estate market, we are beginning to witness some casualties throughout the real estate business. A major title and escrow company is pulling out of the San Diego market entirely.
1 vote Thank Flag Link Fri May 25, 2007
Roberta Murp…, Real Estate Pro in Carlsbad, CA
Jeffrey, in southern California we're seeing a typical shift in market (which we've seen before). In most businesses related to real estate those firms that have sound business models weathering the change should be a bump in the road. Other businesses, in your case lenders, I think is the same...the cream always rises to the top. With the subprime issues out here, businesses built in the subprime model are declining, but brokerages with balanced models are doing fine.

I think a fair way to sum it up is that many of us are glad to see a little less competition.
1 vote Thank Flag Link Thu May 24, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
I have seen lenders leaving all aspects of the business, from brokerages to direct lenders. I doubt that the broker era is over, but perhaps you have a better sense of that than I have.
1 vote Thank Flag Link Thu May 24, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
Working harder on our personal referral business, keeping in touch with our contacts and just hunkering down. I have been doing real estate for over 25 years and have seen markets like this where the interest rate was 14,15,16,17% and still made a good living. This is the market that will separate the men from the boys so to speak. Frankly our industry needs a good weeding out of the true professional from the weekend warriors and this is just the kind of market that does that.
0 votes Thank Flag Link Thu Jun 7, 2007
I think a lot will depend on the local market.. in my area there are still a large number of independent brokers.. but if the market changes dramatically that could change
0 votes Thank Flag Link Sun May 27, 2007
Kaye Thomas, Real Estate Pro in Manhattan Beach, CA
Thanks for the update the shift has taken a toll on some of the broker I know but I'm glad to see that people like us thta know the business are remaining strong.
0 votes Thank Flag Link Thu May 24, 2007
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