RP Data Tips: HIA calls for rate cut. Will your client’s want to refinance?

The Housing Industry Association (HIA) has called for the RBA to reduce the official cash rate when it meets on 6 August. HIA Senior Economist Shane Garrett is quoted in Australian Broker Online saying: “The release of a benign inflation outcome for the June quarter and weakness in the labour market, under-played by headline labour market figures, provides an environment where a further rate cut is appropriate.”

Mr Garrett further comments: “A second rate cut for the year on August 6 would bolster the prospects that the body of residential construction demand currently stuck in a pre-election holding pattern can subsequently be released.”

Many brokers agree that one of the most important parts of growing their business is retaining their current clients with re-fi deals. Talk of rate cuts is often a good prompt to reach out to clients and discuss the prospect of re-financing or potentially looking to upgrade, thus the conversation around the selling and/or purchasing a property is discussed. Ensure you’re at the top of their points of contact. We encourage you to use our weekly reports and property data for your own newsletters and communications to clients and prospects. This includes our monthly RP Data-Rismark Home Value Index, weekly property Pulse articles, monthly housing market chart pack, quarterly economic review reports, regional reports and much more.

Once you’ve touched base with your customer and prospects base, ensure you are equipped with the latest property reports in RP Data. This includes our rp.autoval (AVM) report, Suburb statistics report, Comparative Market Analysis (CMA), Rental CMA reports et al. Now is a great time to utilise Property Monitor, set alerts and dates to follow up with your clients and prospects. Log in to rp.professional and scroll down to your Activities box on the homepage (below). By using the property information and supportive reports will showcase your market knowledge in your local area and ultimately lead to being the trusted source for mortgage lending queries and business outcomes.

If you need to brush up on your RP Data Property System skills, book FREE training today! Or if you’d rather speak with someone, call us on 1300 734 318.

Source: http://www.brokernews.com.au/news/breaking-news/momentum-building-for-august-rate-cut-177563.aspx

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