Survey reveals key insights from 500 Commercial Brokers
BLOGOct 24, 2024
In a recent survey of 500 commercial brokers, commissioned by Close Brothers Brokers Solutions, several key insights have emerged that shed light on the current state of the commercial broker market.
Key Findings:
- Economic Outlook: The survey revealed that 49.8% of brokers are confident that the economy will grow over the next 12 months, while 44% are concerned that the economy will slow down. Only 6.2% believe there will be no significant change in the economy.
- Business Performance: When asked about their business performance expectations for the next 12 months, 22.8% of brokers expect their business to expand, 41% expect it to stay the same, 28.6% anticipate contraction, and 7.6% foresee closing down.
- Business Priorities: The main business priorities for 2024 among brokers include investing in staff (16%), remaining open (16%), business consolidation (15%), achieving growth (14%), continuing trading at current levels (14%), paying down debts (14%), and developing products/services (12%).
- Staff Recruitment: The survey found that 75.6% of brokers have recruited new staff in the last 12 months, while 24.4% have not.
- Business Income: Over the past 12 months, 58.4% of brokers reported an increase in business income, 32.8% said it stayed the same, and 8.8% experienced a decrease.
