Despite the abundance of Internet mortgage resources, more than 6 in 10 Canadians say they still need help when shopping for a mortgage, according to a RateSupermarket.ca poll.
Most folks also value meeting their mortgage advisor in person. The survey found that only 27% didn’t think a face-to-face talk with a mortgage professional was important.
Then again, well over 90% of investors felt it was necessary to meet with a stock broker prior to the 1980s. Now 45.5% of the 10.8 million retail brokerage accounts in Canada are self-directed, as per Investor Economics data. It’s the trend that matters here, not the absolute value.
Other stats from the survey:
- 25% say they need no help when selecting a mortgage.
- 13% “didn’t know” if they need help.
- 56% said they would not go to a bank for mortgage advice.
(This stat seems suspect since 72% of mortgagors have contacted a bank rep, according to CAAMP data.)
RateSupermarket.ca polled 453 Canadians via their newsletter and social media, so the survey cannot be deemed representative of the population. But it nonetheless supports the fact that personalized mortgage advice is still essential to the majority.
Rob McLister, CMT
Rob, another great truth. When you are able to meet your client face to face and you can go over different options for their financing they truly understand your value as a professional. When I shop for anything, I seek first to understand to make an informed decision. Only when there is a lack knowledge price is the differentiation factor. Or perhaps when there is no difference between the options!
6 out of 10. I don’t think it has anything to do with understanding options, I think it is that 60% of the population that like human interaction in a world where businesses want you to do everything online. I never use the bank machine at TD as the tellers are friendly and always nice to me. I like that, even when I have to wait in line. I go to Starbucks every morning to get my coffee. I don’t use a drive thru, I go in. They are friendly and it makes a great way to start the day. I don’t buy my clothes online, I go to stores with great sales clerks that help me and the odd compliment does not hurt. So why should a mortgage be any different. Finding someone who takes the time to meet with you and builds a relationship that can last for years has to be of value for at least for the 60% of us who still like the world to slow down and be human. The other 40…probably don’t want to deal with them anyways.
I have to disagree. Very few laypeople have a firm grasp on mortgage options. Most people like someone to explain what things like IRD, blend and extend and port gap means. That can be easier to do face to face than by phone or email.
I caution those who wish to embrace the past and hold it tight. Understand that if you choose to push back against technological and cultural change you absolutely can survive but you limit your market and you surly limit your ability to scale up a business.