News Review: General Insurance


Landlords clean up as FTBs let it be by


Jason Berry, head of


distribution and strategy, Safe & Secure


For letting agents across much of the country 2012 is off to a good start. Indeed, January saw record figures for a number of agents. I re- cently spoke to the managing director of one firm based in the Midlands and he told me his figures were up 25% for new tenant applications, up 29% for new instructed stock and up 5% on people moving into their properties. The company had set itself extensive growth targets for the year yet the MD, who is known for his realistic views, is convinced these will be surpassed. With the purchase market still subdued it is not surpris- ing that the rental market is, in turn, doing well. After all, would-be first time buyers who can’t quite save that de- posit or former buyers who found themselves unable to


maintain a mortgage have to live somewhere. But the figures point to the market’s success being bigger than anyone imagined. According to the Council of Mortgage Lenders the number of buy- to-let properties in the UK soared by 84,000 in 2011 – fuelled by a fervent demand for good rental properties – and that is likely to continue in 2012.


“With the


purchase market subdued it is not surprising that the rental market is doing well”


Opportunities


So where is the opportunity for brokers here? If those would-be buyers are instead renting one


could think


there is little opportunity. One could also be forgiven to thinking the boom of the


rental market spells nothing but bust for residential mort- gage brokers. But that isn’t the case. These renters still need in- surance products and a good broker who diversified ef- fectively should still be able to reap business here. Those people who were effectively forced to stay in (or forced back into) the rental market because of things like job losses will be only too aware of the importance of protec- tion in the current market. Losing a job without ad- equate protection can have countless repercussions and anyone who has experienced this will not make the same mistake twice. There are, of course, still opportunities in helping cur- rent renters to realise their dream of home-ownership. Saving for a deposit will be top of most would-be buyers list right now and an adviser can help support this ambi- tion through striking up ef- fective referral relationships with IFAs who focus on saving products.


OLYMPIC OPTIMISM MAKES BRITAIN BEST 2012 is going to be a great year to be British. After years of negative news surrounding the credit crunch the UK is crying out for reasons to be positive. And what better reason can there be than one of the biggest events in the sporting world taking place right here? Like the USA, the UK received a large portion of the blame for the economic crisis that gripped the world. For a long time taking hits at bankers, the government and the mortgage market as a whole became almost too easy. But the market is recovering – albeit slowly – and the Olympics gives us all something to feel optimistic about and makes for a new beginning. The optimism created will continue through the rest of 2012 and hopefully even into 2013. There may well be a slow period when the British public cheer on our Olympic hopefuls – and our national football team in the Euro Championships


Taking right steps in February and March pivotal


For most advisers, the New Year really kicks in during February. Much of January has usually been taken up with personal tax and Cor- poration tax returns, so Feb- ruary is when advisers can really start to put into action their business plan. With no distractions bro-


kers can concentrate fully on the year ahead. A good business plan is


the first rule essential for any company but it is all too often


www.mortgageintroducer.com


ignored. Personal experience has shown that activity in these next few weeks deter- mine how successful the rest of the year will be. It therefore follows that the steps you take in February and March are pivotal.


So what makes a good busi-


ness plan? Your goals and ul- timate finishing point should be realistic. Setting your self unachievable requirements is counter-productive. Not reaching what you strive for


will just lead to your moti- vation taking a hit and your confidence taking an al- mighty knock. Make sure your plan is


achievable and prove to your- self and your team that it is by clearly setting out the steps you need to take to reach it. Effective communication is essential if your plan is to be successful and a good plan is no use without successful ex- ecution so all parties need to understand the role they are


to play. Not only will having a clear and precise business plan help your staff to understand their roles in moving forward but it will also help to build their confidence both in you as a boss and in the firm. Staff should be able to be optimis- tic about the future of the business and positive staff makes for happy staff. Make February the month


you kick-start your action plan for success.


MORTGAGE INTRODUCER MARCH 2012 17


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