Brickfloor is working with Melbourne mortgage brokers to transform the way Aussies buy and sell their home.
As Brickfloor’s CEO and Founder, Dean Fraser, says “Mortgage brokers can use Brickfloor to create better outcomes for their customers by giving buyers the confidence to buy their dream home before they have sold. It also provides buyers with peace of mind in the event they have bought first, but are yet to sell. Ultimately, we aim to facilitate more and safer purchasing transactions – which is a win for the purchaser and mortgage broker”.
How does Brickfloor work?
Giving buyers the confidence to buy before they sell, our Brickfloor Cover is a commitment to buy your purchaser’s current property for a competitive price if they don’t get a higher offer at auction. A key feature of the Brickfloor model is that the purchaser still tests the market by running a private sale or auction campaign for their current home with their preferred agent. If they get a higher offer from someone else, they sell for the higher price. If they receive no or low offers, they can sell their current home to Brickfloor for the committed amount.
We breakdown how Brickfloor is working with mortgage brokers and how our model can benefit yours.
1. Giving your customers the confidence to buy first
Brickfloor’s Cover empowers your customers to buy first with confidence and certainty, resulting in better customer outcomes and experiences.
“While selling first is the safe way, it often means the buyer misses out on the home they really want, two moves are involved, and it can be challenging to get back into the market with buyer competition and low home supply,” Brickfloor Founder and CEO Dean Fraser said.
MoneyQuest Managing Director Michael Russell agrees that the Brickfloor method removes stressors for both mortgage brokers and home buyers alike. “It is an excellent new tool for mortgage brokers keen to assist their clients solve the complex ‘buy first or sell first’ dilemma and in doing so enables new buying and borrowing transactions,” he said.
Working swiftly alongside mortgage brokers to provide a guaranteed sale price on the customer’s current home, your client is given the confidence to buy first.
Brickfloor customer Abigail Turner worked with her mortgage broker and Brickfloor to leverage a great outcome that got her into her new home sooner. “Brickfloor allowed us to clearly define our actual buying power. Between the guaranteed offer and our broker’s assistance with loan amounts, we were able to put the numbers together and bid on our next home with full confidence and precision. We would not have bid on our next home without Brickfloor,” she said.
2. Providing buyer peace of mind
If your customer has already bought first (or put their deposit to buy down), this can create significant stress and pressure to sell for a particular minimum price and on a particular time frame.
By having a Brickfloor Cover, your customer knows they have an acceptable outcome for their current home, giving them financial certainty and peace of mind.
3. Avoiding bridge loans or making them safe
We know bridge loans can get messy, so we’re bridging the gap!
If Brickfloor buys your customer’s current home, it can be settled in as little as 10 business days. This means that a bridge loan can either be avoided or that it will be a safe “covered” bridge loan.
If a third party buys your customer’s home, a bridge loan may still be required, but again it will be a safe “covered” bridge loan.
4. A simple referral process
Mortgage brokers have access to a very simple ‘one click’ referral process that frees your time up to spend better on servicing your clients.
Get in touch with Brickfloor
If you’re a mortgage broker or financial advisor and are interested in working with us to support your client with the best possible outcome, we would love to hear from you. You can contact us here.