“The blessing is that tough times tend to weed out those who can’t weather the storm, so from a recruitment standpoint it helps us to identify those who are really serious about the business – and it also forces us to really hone in on our value proposition to ensure we’re winning clients’ business. So when the market eventually turns, we’ll be set up for success in order to really accelerate our business.”
The company’s name reflects its intention to remain versatile, flexible and innovative, according to Lee, allowing it to provide solutions by having access to a wide array of lenders and solutions while also expanding its business in the future to other areas.
Lauren Haw of Zoocasa, anticipates that the real estate market will experience increased activity once fall begins, despite a slight cooling in national sales in July. https://t.co/zrbZWrehUg#mortgageindustry #housingmarket #houseprices
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 30, 2023
Developing a brand in the mortgage market
Building brand recognition with lenders can be a challenge for a new brokerage – but Swivel has been bolstered by the existing relationships its two founders have already developed during lengthy tenures in the industry, Lee said.
“It’s been great that we have previous relationships with lenders,” he said. “So to be able to onboard lenders quickly has been great for us, but then also having contacts throughout the industry and knowing that we’ve launched our brokerage, we’ve been getting mortgage professionals reaching out to us, asking us what our business is like and showing a lot of interest in joining us.”
The company has built its value proposition around a team of “seasoned vets” with the know-how to eke out solutions during a time when securing approval for a mortgage is a more onerous task than ever for many borrowers.