Visibility is the name of the game. Getting out there, talking to people, networking, being strategically active across offline and online… selling yourself and your business. Consistently. That’s the #1 game you need to play. Mortgage broking is the task you do once you sell yourself and win the client. Therefore mortgage broking… is the #2 game. Yet, most mortgage brokers spend 80-90% of their time doing mortgage broking, and only 10-20% of the time getting out there. In this episode of Mortga...
Dec 29, 2024•17 min•Ep. 219
Most brokers are what I call “variety store brokers”. A bit like a $2 shop or department store. You can walk inside and get pretty much anything. Everything is ok, but nothing is special. Access to resi, commercial, asset finance, SMSF, insurance and more. Helping first home buyers, investors, PAYG, self-employed, and more. Now to most brokers this sounds great, to be able to help everyone. But there’s a problem (actually multiple problems and challenges with this). In this episode of Mortgage B...
Dec 22, 2024•17 min•Ep. 218
If you don’t have 3-4 key referral partners each sending you at least one qualified referral every week, that results in at least $5m per month in settled loans… then you are doing referral partners wrong. I’ve been helping brokers for over 16 years, and it’s a fact that most brokers don’t have true key referral partners… they just have a bunch of people in their network who they know. Who they catch up with, go for coffee and lunch, and spend time in meetings with good intentions and promises… ...
Dec 15, 2024•17 min•Ep. 217
At every mortgage industry event, you’ll hear discussions about building a team. You’ll hear everyone talking about hiring a loan processor, outsourcing and offshoring, hiring a credit analyst (or parabroker), client services manager, perhaps a marketing person… and of course hiring loan writers or brokers. That’s fine, but the problem is it’s one-dimensional… and results in slow growth and bottlenecks in a mortgage business. I’ve been a solo operator as a broker and in business. I’ve also had a...
Dec 08, 2024•18 min•Ep. 216
We all want to get our clients amazing results. The problem is, the biggest challenge in all of that, is often the clients themselves! As a broker, you know that a client who takes action and follows through will get a better deal and save more money, buy that new home sooner, acquire an investment property, and so on. i.e. they’ll get the result they want! But… many clients still drag their heels, delay things, don’t get the docs back, forget things, don’t follow through… and ultimately fail to...
Dec 01, 2024•17 min•Ep. 215
If your mortgage business relies on the trail income to pay all expenses and be profitable… this is lazy and poor business practice. In fact, you might have a cash haemorrhaging business and not be aware of it. Unfortunately the financial literacy of many brokers is not up to scratch. I’ve seen it. The percentage of brokers who don’t know their numbers, key drivers, KPI’s, profit… is scary. The percentage of brokers who run their business by taking revenue in, paying bills, and the rest is left ...
Nov 24, 2024•17 min•Ep. 214
Every broker reading this, is losing deals, money and profit… guaranteed. Why? Because leads and clients are dropping off. They get stuck, stalled or ‘go cold’ during the process. Brokers often don’t even realise this is happening. Poor conversions… think it’s normal. Loads of AIP’s that don’t go anywhere or have to be reworked… think it’s normal. Losing deals at the 11th hour to lender retention teams… think it’s normal. Making matters worse, I see brokers actively trying to improve their proce...
Nov 17, 2024•17 min•Ep. 213
Marketing is the one thing I get asked about the most… unfortunately. I say unfortunately because it’s the #1 thing most brokers think will solve their problems, but it’s usually the last thing that actually will. It’s the single biggest waste of time and money I see in the industry. Time and money spent on websites, digital marketing, social media, content, newsletters, and the list goes on and on. Marketing itself isn’t a waste of time and money. Far from it. It’s the way brokers (and mortgage...
Nov 10, 2024•17 min•Ep. 212
If I only had 7 minutes to share the most important secrets to success as a mortgage broker and business owner… what would I say? Well I gave myself the challenge. Look back over my 20 years in this industry and the 200+ episodes of this podcast (over 70 hours of content!) and start the clock. In this episode of Mortgage Broker Acceleration, I go through 7 key insights from reviewing everything and running it through my filter of working with ambitious and successful brokers right now. UPDATE: S...
Nov 03, 2024•14 min•Ep. 211
Olympian’s don’t spend their lives training and preparing to win a Silver or Bronze. They go for the maximum result. They go for Gold. Most mortgage business owners, on the other hand, spend their lives building and operating their businesses… without a specific result in mind. They just want to help people and earn a living. Very few actually think about the End Game… let alone maximising it (and bringing it forward). Contrary to popular misguided opinions these days… The whole point of busines...
Oct 27, 2024•28 min•Ep. 210
A lot of our clients are using acquisitions as a strategy in their mortgage businesses. We help them think clearly, make the right decisions, and maximise the opportunities. Many mergers and acquisitions are ill thought out, and leave a lot of money on the table due to incomplete strategies and under-resourced businesses. There are two different types to consider: Trail book acquisition - simply buying a client list and trail income. Mortgage business acquisition - more complex involving purchas...
Oct 20, 2024•26 min•Ep. 209
Do you want to get off the tools? Work more ‘on’ your business rather than ‘in’ it? I hear this like a broken record. A throw away statement. Often from brokers who have no intention or desire to do it. Being a mortgage broker, helping clients and writing loans… is easy. And most brokers love it. Building and operating a mortgage business… is hard. And most brokers hate it (or aren’t good at it). I find it bizarre that most are trying to run away from the very thing they are good at and enjoy… a...
Oct 13, 2024•28 min•Ep. 208
Bigger is not always better; it’s what you do with it that counts. So they say. This could be the most crass or cliche way to start an email ever. But, there’s an appropriate analogy here for a mortgage business. I assure you. Because in business… Bigger is not always better; it’s the profit and value creation that counts. But unfortunately… most brokers focus on the wrong things: Growing a bigger business and team. Writing more and more loans. Winning awards and following passion projects. Addi...
Oct 06, 2024•25 min•Ep. 207
This week's episode of Mortgage Broker Acceleration is special. I have a ninja business-building guest with me, taking the seat of Ash for the week. This episode is for the serious mortgage business builders. A behind the scenes look at how our business grew by 500% in the space of a couple of years, and simultaneously went from almost full reliance on me to virtually zero reliance on me. This is not a one-off case study either. We’ve helped a number of mortgage brokers achieve similar levels of...
Sep 29, 2024•39 min•Ep. 206
I am giving you permission to work less and earn more. Now let’s take a step back… because it’s not that simple. I’ve worked with hundreds of brokers over the last 15 years. Some who are just making ends meet, to those making seven-figures a year (in personal income, not settlement commissions / revenue). You want to know the common thread, that is consistent among brokers, regardless of how much they earn? They all keep working hard, full-time hours, Monday to Friday, 9-5… and more. Many sit at...
Sep 22, 2024•20 min•Ep. 205
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...
Sep 15, 2024•26 min•Ep. 204
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 ...
Sep 08, 2024•27 min•Ep. 203
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). N...
Sep 01, 2024•31 min•Ep. 202
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 m...
Aug 25, 2024•34 min•Ep. 201
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 ...
Aug 18, 2024•24 min•Ep. 200
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 diffe...
Aug 11, 2024•30 min•Ep. 199
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 cre...
Aug 04, 2024•27 min•Ep. 198
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 w...
Jul 28, 2024•32 min•Ep. 197
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 perspec...
Jul 21, 2024•23 min•Ep. 196
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 doin...
Jul 14, 2024•23 min•Ep. 195
Public speaking is one of the most valuable things you can do in business. Why? 1:MANY The fact you can connect with, educate, inspire and motivate a group of people… all at the same time… is a scale gamechanger (think efficiency, conversions, profit and more). What’s even better is it can actually be fun, once you flip your approach and mindset. I used to be the shyest kid in school and the last person you would think to put their hand up to speak in front of a room… let alone become good at it...
Jul 07, 2024•25 min•Ep. 194
Today marks the first day of the new financial year, at least in Australia. So what should you do to start strong? First, you should have started at least 3-months ago, but we’ll skip that since we don’t have a time machine handy. What you’ll want to consider are three things. Your clients: how are you pre-empting and supporting them around this time? Your partners: what are they working on and what’s important to them and their clients, and how can you support all that? Your business: what resu...
Jun 30, 2024•21 min•Ep. 193
The world is obsessed with technology. The mortgage industry is obsessed too. Conversations centre around using technology, the latest and greatest CRM, chatbots and AI, video meetings, systems, process flows, automations, social media, digital marketing and more. The fintech sector is buzzing with 1001 things to make business and life easier. All valid and valuable topics by the way. Lots of useful products and solutions. No argument there. But there is a problem with this. In fact there are tw...
Jun 23, 2024•22 min•Ep. 192
Direct Messaging is actually not new. SMS has been around for 25 years. Messenger and WhatsApp have been around for 15 years. What is new… is how people are using these communication channels. The game has changed. And the problem is… most brokers have been left behind. In this episode of Mortgage Broker Acceleration, learn how and when to use different communication channels with your prospects, clients and partners… to meet them where they are at… play the game effectively… and maximise your r...
Jun 16, 2024•22 min•Ep. 191
Hyper-engaged clients are more secure and refer more. This means they make brokers a lot more money and make a mortgage business a lot more valuable. Problem is… most don’t put the effort and resources into creating a hyper-engaged community. They do the basics, at best. A monthly newsletter, social media activity, interest rate updates and annual reviews.. which doesn’t cut it. Not even close. The solution is a content and connection ecosystem. Delivered online and offline. That is unique and m...
Jun 09, 2024•23 min•Ep. 190
