Mortgage Broker Acceleration

This month has been all about key partnerships.

Every broker knows they are the backbone of a successful mortgage business, but unfortunately, most aren’t doing it very well… and not getting the results (referral flow) they want.

The past few weeks on the Mortgage Broker Acceleration podcast, we’ve shared some key insights and strategies to help in this space. This week, we have a case study episode with our strategic advisor, Ash Playsted, and it’s split into two parts.

Part 1

How Ash personally wrote over 1,000 loans, without sharing any commission, from just a small key group of referral partners.

Part 2

How Ash built referral partnerships on a national scale, from the ground up, including the pros and cons of chasing the “big fish”.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Should you share commissions with your referral partners?

The short answer is… it depends.

More importantly, and the thing most brokers get wrong, is that the default starting position… should always be a hard and fast “No”.

Unfortunately, most brokers default to offering a share of commission in order to win partnerships, which is a big mistake, and leads to an array of future problems.

In this episode of Mortgage Broker Acceleration, you’ll learn the important things to consider when it comes to sharing commissions; when to do it, when not to do it, how to do it, and how to deal with partners who ask.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Almost all mortgage brokers approach referral partners wrong.

Meeting for coffees and lunches… promising the world, the best rates, the best service, to help with even the trickiest deals… offering a share of commissions to win them over… to be “given a chance” to prove themselves.

Like a needy kid sucking up to their parents, begging for an ice cream. It’s not a good interaction. It’s annoying and cringe-worthy. No wonder most parents say “No” to the ice cream.

Most referral partners say “No” to brokers. You probably don’t even realise it’s a “No” because they won’t directly say it. Instead they will meet up, play along, string you along, make excuses and not follow through, sending no referrals. Sound familiar?

In this episode of Mortgage Broker Acceleration, you’ll learn why this is a mindset and positioning problem, including the wrong and right mindset to approach (and win) referral partners. Essentially you have to do the exact opposite of what you’re currently doing.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

If you have referral partners but they are not sending you direct referrals every single week… then sorry to say you have been “friendzoned”.

This is bad. You are not here to make friends.

You are a broker and in business to make money by helping people and writing loans. To achieve this you need people to talk to, people to help, people who need a loan.

If your so-called referral partners aren’t sending you referrals every week… then you are literally wasting your time, energy and money.

The reality is if you are currently in this situation, it’s 100% your fault. The good news is you 100% have the ability to fix it.

In this episode of Mortgage Broker Acceleration, you’ll learn how to escape the referral partner “friendzone”… and even better… avoid it from the start. If you want to know how to forge fun and fruitful referral relationships, this is for you.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Want to know exactly what James did as a mortgage broker to generate leads and write millions in loans each month from his 3rd bedroom, with no staff, without having to see clients, and take 3 months holiday a year?

Want to know how he then generated hundreds (actually probably in the thousands) of leads for other mortgage brokers using paid advertising on social media?

Want to know the strategies James uses in his current business to generate hundreds (actually thousands) of leads and sell millions of dollars in business services (that actually help brokers and make them many times more than what they paid)?

Well, that’s exactly what this episode of Mortgage Broker Acceleration is about. A case study with James Veigli in the firing line, and Ash Playsted asking the questions.

Everything shared is 100% relevant to all brokers out there. James says he’s not a magician, he just learnt and worked hard to figure out what works. You have the chance to do the same.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

An interesting thing about the mortgage industry is that it’s both a highly technical profession as well as a highly personal profession.

That means to be successful you need to be a great technician (i.e. credit analyst), understand how to do the numbers, structure the deals and provide solutions to clients.

Plus…

To be successful you also need to know how to market and sell yourself (i.e. sales person). Because being a great technician is useless if you have nobody to help.

Enter the problem. The elephant in the room.

Many brokers are not willing (this could be for many reasons) to do what’s required to market and sell themselves to generate enquiries. Many just don’t know how.

Unfortunately, many brokers enter this industry without knowing this reality. It’s not their fault. Many also continue and struggle, writing barely any volume, oblivious to or avoiding this reality.

If you are afraid (or are unwilling) to go out and sell yourself, then you should either not be a broker, or you should go and be a loan writer in a mortgage business that feeds you leads.

Sounds a little harsh, but we see far too many square pegs in round holes, going through unnecessary hardship.

It’s time to consider who you really are? And is this industry right for you?

Have a listen to this episode of Mortgage Broker Acceleration, where James and Ash discuss the reality that if you want to be a successful mortgage broker… then you actually have to become a successful marketer and seller of mortgages.

This one will hit home for sure.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Every broker wants more quality leads.

Even those who don’t currently want more because they are too busy, when things quieten down or they want to scale up, will need a consistent lead generation strategy too.

Leads make business go around.

They are the oxygen. But… do you know how to breathe? Sure, you ‘are’ breathing right now, but do you really understand how it’s working?

It’s the same with leads. Brokers ‘are’ getting leads in the door, but they often have no idea how or why it’s happening… other than knowing they do a good job and people talk and refer. The problem is they have little to no control over it.

When times are booming, good brokers are busting at the seems automatically. Too much business! But when times are flat, the same good brokers have their volume drop off and don’t know how to get it back.

In this episode of Mortgage Broker Acceleration, James and Ash talk about the most powerful, effective and market-proof strategy you can use to generate all the (quality) leads you’ll ever need.

It’s probably not what you think it is either.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Digital marketing is the minefield of all minefields!

When it comes to your website, social media, content, video marketing, advertising, emails and more… there are 1001 tools, services, consultants and providers to choose from… all promising the world.

So what should you do?

What should you NOT do?

It’s tough as a broker and business owner. So much conflicting (and often biased) information. Things are not always as they seem.

In this episode of Mortgage Broker Acceleration, James and Ash talk about all things digital marketing. They know a thing or two, having made many millions for their businesses and clients, directly using digital marketing strategies.

They talk about the three stages of digital marketing (from being a ‘beginner’ to the ‘next’ phase and ultimately being a ‘ninja’) and which you should focus on in your business. It’s quite likely you’re getting this wrong right now.

There’s a lot in this.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

The secret to growing your loan volume and growing your mortgage business… is actually to NOT focus on doing these things directly.

Instead, a focus on greater community presence and client impact is the key.

We call this The Impact Zone.

The concept is simple. When you make a bigger impact, you will enjoy more opportunities in your business. It’s the ultimate lead-generation tool.

It takes time and skill to build. It’s a bigger picture, longer-term play. But the rewards in terms of personal satisfaction and business growth are massive.

In this episode of Mortgage Broker Acceleration, James and Ash discuss how to make the transition from an expert product provider to a true expert authority and financial educator.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Every day brokers are talking to people, looking to help, spreading the word about what they do. They want to help people and build a successful business for themselves.

So much time and effort is spent posting and sharing online, talking to networks, and meeting with potential clients.

But they don’t realise they are unknowingly limiting their results, their impact and business valuation by focusing on the wrong thing. 

It’s not what they’re doing that’s the problem… it’s what they’re saying.

In this week’s episode of the Mortgage Broker Acceleration podcast, James Veigli and Ash Playsted unpack the three levels of communication brokers use with their prospects and clients. You’ll learn how speaking at the ‘top of the pyramid’ will transform your results.

Brokers who are willing to change how they talk with their prospects, partners and clients will stand out in the market and build clients for life.

The Key Questions

• Why is it important to change your focus with clients and how you talk about your business?
• How does this mortgage industry lag (compared to other industries) present a significant opportunity for brokers who take action?
• How can brokers balance writing loans today while making these changes, to build a stronger business tomorrow?

What You’ll Discover

• The three levels of communication - and what you should be doing in your business.
• The importance of specialisation in crafting relevant messaging.
• How to level up your content and education to attract more clients and boost your business value.

Accelerate Faster

• You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
• Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!