Steering brokers towards success: A message from our CEO
05 December 2023
FOUNDER | CEO
Reflecting on 2023: Triumph amidst turbulence
As we gear up for the upcoming year, it’s crucial to recognise the formidable challenges that left their mark on the industry in 2023. The landscape was tumultuous, defined by a harsh market, unyielding interest rate rises and inflation.
Yet, your resilience was pivotal, steering through these challenges with sheer determination. Our mission is to continue supporting your business’ growth and resilience.
Anticipating a prosperous 2024: Seizing opportunities in a recovering market
Looking ahead to 2024, optimism fills the air as the property market shows signs of recovery. The residential market has surpassed 10.3 trillion, according to CoreLogic, and this year is poised to create more millionaires than ever before.
Now is the time to harness your full potential and redefine success on your terms. As a pivotal figure in this industry, you’re not a mere observer; you’re a catalyst for change. We invite you to be at the forefront of this success as we continue to simplify property integration for both you and your clients.
Our commitment to empowering you, our valued partners, extends beyond the realms of business. We believe in redefining success by providing you with more resources to grow your business and, importantly, granting you back the irreplaceable commodity of time. This commitment comes at no cost to you or your clients, showcasing our dedication to your success.
In the third quarter of 2023, mortgage brokers played a pivotal role in securing over 70% of home loans—a promising feat given the intricate landscape and prevailing interest rate conditions. At Wealth Street, our mission is to elevate this figure even further by simplifying the process, making property diversification more accessible and seamless for you.
Revolutionising broker productivity and support
Despite the growth in broker market share, a concerning surge in inactive brokers has emerged from the challenges of the market. Between October 2022 and March 2023, over 3,400 brokers—22% of the workforce—ceased to settle home loans, reflecting a two-fold increase in inactivity compared to the preceding six months.
Reasons span from rising interest rates to tightening credit conditions, impacting borrowing capacity. We deeply empathise with your challenges, understanding them intimately as a team of former mortgage brokers and financial planners.
Amidst this concerning decline in productivity, we are dedicated to catalysing transformative change. Our commitment extends beyond rhetoric; our systems are designed to facilitate productivity and minimise the risk of inactivity. Recognising the urgent need for enhanced processes, training, and robust support, we aim to bolster your capabilities as a broker.
Acknowledging our collective responsibility as industry leaders, Finsure leads the charge in spearheading comprehensive broker support, from marketing to administrative assistance. Our revolutionary partnership with Finsure, Australia’s fastest-growing aggregator, has evolved into seamless integration into the Infynity CRM, reshaping our industry and positively impacting countless Australians—with you as the key. We are committed to empowering you not only to navigate but to thrive and set new standards of success.
Sustaining your productivity is not just a professional necessity but a cornerstone of personal success. By ensuring your clients become customers for life, we empower you to navigate market challenges, fostering sustainability and success. Beyond business, our teams have forged genuine connections, enriching our industry with a sense of community extending far beyond professional collaboration.
Simplifying property investment and wealth creation by focusing on numbers, not floor plans
At the heart of our mission is the ethos to focus on numbers, not floor plans. By removing the emotion, overwhelm and uncertainty from the equation, we aim to help you and your clients achieve financial goals with confidence. Many of our clients are everyday Australians realising the great Australian dream through the power of property, and you, their valued mortgage brokers, are the key to unlocking this dream for them.
Embarking on this journey with Wealth Street means being an integral part of a transformative movement aimed at spreading and generating wealth across Australia. Astonishingly, data from the Australian Taxation Office exposes a stark reality—only 1% of Australian taxpayers possess nearly 25% of all property investments nationwide. Surprisingly, a mere 15% of the total number of taxpayers in Australia identify as property investors.
This is precisely where Wealth Street steps in with purpose. Our mission is not just about simplifying property integration; it’s about reshaping perceptions and breaking down barriers. Contrary to the common belief that real estate investment is reserved for the wealthy elite, we firmly believe in making this wealth-building opportunity accessible to all. It’s a notion grounded in the understanding that millionaires leverage real estate to not only amass personal wealth but also to invest meaningfully in their communities, playing a pivotal role in the gentrification of new areas.
The enduring words of U.S. President Franklin D. Roosevelt further emphasise the time-tested security of real estate as an investment.
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
It’s no coincidence that property investors consistently find themselves atop the Australian Financial Review’s Rich List. While it’s true they haven’t reached these heights through investing alone, real estate stands as a key vehicle propelling their overall success. Wealth Street invites you to embrace this paradigm shift, recognising the transformative power of property investment as we collectively navigate the path toward financial prosperity and community development.
As we conclude 2023 and look forward to a groundbreaking 2024, I extend my heartfelt gratitude for your dedication, hard work and partnership.
A special thank you to all the brokers who joined forces with us this year – your successes, fuelled by our collaboration, fill us with pride and inspire us to keep pushing the boundaries of industry improvement.
To those brokers who have been on the sidelines, perhaps uncertain about the potential for enhanced business and lifestyle success, we’re here for you. Your journey is just as important, and we’re committed to supporting your aspirations. The time is now.
Together, we are shaping the future of the property industry. By confronting challenges head-on, we’re laying the foundation for a future where resilience, innovation and support redefine the mortgage industry landscape. Let’s transform obstacles into opportunities, forging a path toward a thriving and empowered community of brokers.
Stay tuned for more updates as we embark on our transformative journey into 2024 – a journey you’re an integral part of.
Wishing you a Merry Christmas and a year of limitless horizons
May the coming year be an epic journey filled with prosperity, success and a collaboration that transcends expectations.
"2024 is poised to create more millionaires than ever before."
John ZadaFounder | CEO
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