KMC Savills was one such company that saw a need to adapt to the changing landscape of the real estate industry.
As an award winning real estate leader, KMC was already adept at adopting modern work practices and seeing things differently to others; a strong part of KMC’s competitive edge.
So when the pandemic necessitated business change, KMC was ready.
One of the first challenges recognised was the difficulty in accessing bank financing for property purchasers during the lockdowns.
ppines is very traditional in its home loan processing which means property buyers are generally burdened by paperwork, procedures and physical trips to bank branches in order to accomplish the housing loan. All of which are quite difficult during lockdowns - equally difficult with heavy traffic in non-pandemic times.
To solve the bank financing problem for their clients, KMC turned to Nook, the Philippines first digital mortgage broker.
Nook has partnered with the biggest banks in the country with the goal of making home loans simple.
But what is a mortgage broker? Quite simply, a mortgage broker acts as a middle-man between banks and borrowers to save the borrower attempting to choose a complex financial product like a home loan all by themselves.
The mortgage broker will do the entire housing loan process for the borrower and will also help them choose the right mortgage product for the borrowers unique financial circumstances. This alone can save the borrower thousands in repayments and years off the life of the loan.
And a mortgage broker like Nook does this all for free for the borrower because the bank will pay Nook a commission for finding them new qualified borrowers.
Nook acts like a sales and marketing extension of the big banks which means property buyers get the convenience of Nook's service completely free of charge without needing to work directly with the banks themselves.
Mortgage broking is the number one way people get home loans around the world in countries such as the USA, Australia, Canada, New Zealand, the UK, and more. It's a service that has existed for decades around the world.
Thanks to companies like KMC teaming up with Nook, Filipino families can now enjoy this same mortgage broker service in the Philippines.
So why would a property buyer use Nook instead of doing the home loan process themselves?
Apart from the fact that the mortgage broker service is free, it's also about convenience and speed.
Convenience because a borrower does not need to leave their house to get a home loan with Nook doing all the legwork to get the approval and loan paid.
And speed because Nook utilises technology to help the property buyer find out which banks they are qualified to lend from in a matter of minutes.
That means there is no need to waste time applying to multiple banks to find out if the buyer is qualified to lend. This speeds up the home loan process dramatically.
With KMC and Nook working together, property buyers can experience a more professional, modern and convenient home buying experience.
For more information: https://partner.nook.com.ph/kmc-savills/