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A sad day for the industry and for Tenet. What now for affected ARs? – Day

by: Paul Day, managing director of Network Consulting Services
  • 23/08/2023
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A sad day for the industry and for Tenet. What now for affected ARs? – Day
Early this week, Mortgage Solutions reported that the Tenet Group had completed a strategic review of the business, with The Openwork Partnership and LSL Property Services taking on parts of their business. So what does this mean for appointed representatives (AR) and their potential new networks?

The news that arrived on Monday wasn’t out of the blue but it was a sorry day in our industry, to see a long-standing network of over 30 years go this way. Although, with the many negative press articles we’ve witnessed, it isn’t altogether a surprise. Undoubtedly, any affected firm will feel uncertain about their future given the prior coverage and now this.

 

Strong offering but different propositions

Openwork, 2Plan and LSL are strong offerings and businesses but with very different propositions to Tenet, yet I would urge any affected firms to listen to what they have to say before doing anything. Whatever it looks like, each firm principal will need to understand the changes imposed, the implications of the proposition changes and read the contracts fully, so they know what they are offering their customers and what terms are being offered to them individually, along with any covenants.

Time to take stock

It has to be said that many may see this as an opportunity to take stock of what they actually want. At the end of the day, this is an enforced change and if it doesn’t suit their business model or values then they should look to change on their own terms. However, they must understand what is being offered first before making a knee-jerk reaction.

 

Question time

Right now, every other network available will be in contact with Tenet ARs trying to lure them away, telling them they are the best network. Before making any move, any affected Tenet firms must think about what they want versus what is being offered.

And there are three questions that these firms need to ask themselves:

  • What do we definitely want?
  • What do we definitely not want?
  • What can we compromise on?

This will help steer them to a decision that is right for them, be that to follow with the sale, a new network or going DA.

In an exclusive for Mortgage Solutions, Paul Day breaks down how networks have changed on a quarterly basis. The latest edition can be found here.

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