By Broker Ideas Group
Being a successful mortgage broker is not about how many loans you write, working hard, or winning awards. It’s about building a sustainable, high-performing business that works with or without you
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The podcast currently has 204 episodes available.
There are levels of how hands-off you can go in business.
From zero, i.e. you are responsible for everything!
To completely, i.e. you are responsible for nothing.
Most brokers want to end up somewhere in between.
They love what they do.
But they want flexibility to have a life, travel and follow passion projects.
I’ve personally been at both ends of the spectrum. Having a business that was essentially “all me” and also a business that ran independently of me. Both have pros and cons for sure.
In this episode of Mortgage Broker Acceleration, we discuss the different levels of systemisation (we call it Go Hands-Off), how to think about them and progress through the ranks. Note this month is all about systems, but it runs deeper than that, which you’ll find out when you listen in.
Accelerate Faster
Building systems, processes, workflows, automations and so on is a MUST in business.
I know that.
You know that.
Even the guy down the street… who is not in business… knows that.
Because without systems you have a mess… fly by the seat of your pants... business.
The problem I see working with brokers, is the definition of systems, and the extent and depth of their installation… is vague and half-baked.
Take an easy example.
Brokers with little-to-no systems, they know this and know they need to do something about it… which is a good thing. Because if they stop working, everything stops.
Here’s where it gets tricky and dangerous.
Brokers who do have a lot of systems in their business, think their systems are really good and are kicking goals, but in reality it’s primary school level at best. If they stop working, some things keep working because of a support team in place, but many things stop and break without them.
A lot of brokers have a basic system for the loan process, but have virtually no systems for lead generation, referrals, partnership nurture, marketing, admin, HR, team performance, client care, reporting, and so on.
In this episode of Mortgage Broker Acceleration, we discuss the purpose of systems and the various levels of ‘system achievement’ needed to go from solo broker to true business owner that is not required in any way.
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As a mortgage broker and business owner, you can focus on two types of value.
Now Value and Future Value.
You also have the choice of how to invest your time (a finite resource) each day.
Most invest all their time on Now Value tasks; such as generating new business, writing loans, nurturing referral partners, client care, working with support team, and so on.
A focus on Now Value means you have a job, not a business. If you stop working, your business and income stops (or is greatly reduced). Now Value is about creating an income from your effort now and forever.
The fundamental purpose of business is to build Future Value, and I’m not talking about building your trail book, that’s very limited in thinking and one-dimensional.
Future Value is doing something today that will make tomorrow easier, or even better, something you no longer have to do. Future Value is about creating an income (and asset) that doesn’t require your effort in the future to generate it.
If you prioritise business building, and Future Value, you will result in income generation and asset creation that is independent of you and your time.
If you fail to prioritise business building, and keep chasing Now Value, you will be locked in having to trade your time and energy for money indefinitely.
In this episode of Mortgage Broker Acceleration, we discuss this in more detail and share why you should switch your focus to business building and Future Value, but doing it smart so you continue to generate a solid income (Now Value).
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There are many common mistakes brokers make when building a team.
And it makes business hard, annoying, and frustrating.
In fact a lot of brokers end up thinking it’d be easier to just go solo and do everything themselves! But we all know that’s not a real business of course… that’s just a job.
So we need a team.
And if we do it right, it can be easy, fun and lucrative.
In this episode of Mortgage Broker Acceleration, we discuss the key mistakes to avoid when it comes to team building and team management. These are hidden mistakes brokers don’t even know about, so this is a guaranteed eye-opener.
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What’s the one person all brokers should hire… but virtually none do?
Is it a loan processor? No.
Is it a parabroker? No.
Is it another broker? No.
Is it a CSM? No.
Is it a virtual assistant, or a marketing person, or an office manager?
No. No. No.
It’s actually not what you think, which is why almost nobody does this.
I’d argue that it’s impossible to have an efficient, high-performing team without ‘this person’.
In this episode of Mortgage Broker Acceleration, we discuss the trap most brokers fall into when hiring people, and share the smarter hiring strategy that will accelerate results.
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Grow your mortgage business.
Build your mortgage business.
Scale your mortgage business.
You’ve gotta build a business!
…says who???
Forget what everyone else is saying, doing, or telling you to do.
The fact is…
You don’t have to do anything.
The forgotten (and crucial) question is…
Should you build a business or not?
And the answer isn’t always yes.
In this episode of Mortgage Broker Acceleration, we discuss the situations where brokers should build a business and where they should take a different approach to reach their financial and life goals. Building a business isn’t for everyone, and it’s not always the smartest and fastest path to success.
Accelerate Faster
Building a team is easy.
Any broker can hire people.
But keeping a team long-term, high-performing, happy and sustainable… and have them treat your business like their own… is a completely different story.
There are a number of strategies required to achieve this. To create stars (or A players) in a mortgage business.
In this episode of Mortgage Broker Acceleration, we discuss our Team Advancement strategy that keeps A-players happy and performing for years and years. This same strategy also creates the highest level of efficiency and profit.
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Being seen as a micro-celebrity is a good thing for business.
A customer choosing a mortgage broker will… all other things being equal... gravitate to the person who has a higher level of (real or perceived) celebrity.
The definition of ‘celebrity’ here is complex and there’s psychology behind it, a good reason to listen to this episode in full where we unpack it.
In short… building celebrity status is definitely something you should consider (for you and your business).
And there are two main ways to achieve it.
Earn and Manufacture.
One takes years (or decades), the other takes a simple decision and only days… if you know how.
In this episode of Mortgage Broker Acceleration, learn the secrets of manufacturing celebrity and the huge benefits to your business, your clients and you personally.
Accelerate Faster
Should you invest the time and resources to enter awards?
You might think the answer is a straightforward Yes or No.
But it’s not.
Because it takes a fair chunk of time to submit entries in all the industry (and non industry) awards, you want to make sure you are doing it for the right reasons.
And personal recognition, a trophy and a night out at an awards ceremony… isn’t one of them.
In this episode of Mortgage Broker Acceleration, learn how to consider awards from a strategic business perspective. Why you should consider entering (or not), how to maximise your chances of winning, and what to do if you are a finalist or winner.
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I currently live in Melbourne, Australia.
It’s winter.
And everyone wears black.
It’s kinda dull, boring and depressing.
But… I’m not here to critique the fashion choices of an entire city.
Afterall, I do wear my fair share of black clothing.
Now… I notice a similar trend in the mortgage industry.
Everyone looks and sounds the same.
Following and copying one another.
Also kinda dull and boring.
To succeed in business and as a mortgage broker, you want to go out and see what everyone else is doing… and then do something different… often the opposite.
Wear white when everyone is wearing black.
In business… standing out and being unique is the name of the game.
Boring, beige and plain vanilla is not.
In this episode of Mortgage Broker Acceleration, learn why most people don’t do this and why they prefer to blend in. Discover how to get comfortable with standing out and why the marketplace rewards those who do.
Accelerate Faster
The podcast currently has 204 episodes available.
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