What can brokers do about it?
The role of the mortgage broker, in Lamdin’s view, is not to speculate on where the market is heading but to understand what is actually happening in their client’s life. The best advisers, he argues, are the ones who read personal circumstances without being asked and structure their advice accordingly.
“The best brokers are the ones who, without asking, can tell that this marriage is on the rocks and there’s going to be a divorce in a couple of years’ time,” he said. “They do not want to be locked in with an early redemption that lasts for five years.”
That kind of advice requires a quality of attention that technology cannot replicate. Lamdin, who has spent his career building software for the property industry, is emphatic that AI will not displace brokers or estate agents, not because the tools are insufficient, but because the work is too personal.
“A broker’s job is to listen to the personal circumstances of their client and advise them on the right product features that they should be going for,” he said. “It involves sensitivity to people’s life circumstances and finances. You need a human being who understands what happens in this marketplace to guide you through it. That’s not going to change.”
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