Discovering high value needs

Posted by Jul10, 2013 Comments Comments Off on Discovering high value needs
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There is a methodical system for discovering a prospect’s high value needs and if you get it right, you’ll win that client for life!

It starts with a low self-orientation approach. That is, approach every prospect with the question “how can I help this person” – not with the motivation of “can I do business”. My aim is that all prospects should hopefully be better off for meeting me regardless if we do business or not. So I’m constantly on the lookout for way I can help them. I try and find an opportunity to “give first”.

Secondly, you need to ask better questions. Ask questions that challenge the prospect – get them thinking. Questions like how much income do they need in retirement? What is their biggest fear with borrowing money? You have to earn the right to ask deep questions so begin with some simple ones and then get deeper as they are more comfortable.

Lastly, keep an open mind. A high value need might not be something directly related to credit advice. Maybe they need help selecting the right investment property – so introduce them to a buyers’ agent. Maybe they need help managing their cash flow. 95% of people need help with something.

Find one to three high value needs, get agreement from the prospect that you have correctly understood those needs and then go about helping them satisfy those needs (and/or introduce them to other trusted advisors that can help). That will position you as a trusted advisor.

You’re far better to sell on high value needs rather than something commoditised such as a low rate, saving the prospect time or service. Good luck!

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Competing on interest rates to win new clients? Why? Here’s how not to…

Posted by Jul03, 2013 Comments Comments Off on Competing on interest rates to win new clients? Why? Here’s how not to…
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I think we can learn some very valuable lessons from the retail industry (particularly apparel retail). You would have noticed lately that everything is on sale – 50% (or more) off is not uncommon. What is the retail industry teaching its customers? To never pay full retail price again! It’s a lazy strategy – to compete on price.

Price (interest rate) is rarely the most important thing to the client. If it was, there would be only one mortgage lender in Australia – the one with the lowest rate. I believe that 99% of prospects have 1 to 3 high value needs – a problem or need that they need a solution to. These high value needs aren’t price related (i.e. rates and fees). Your goal, as a credit (trusted) advisor, is to find out what the prospect’s high value needs are. You need to discover them as the prospect probably doesn’t even know what they are if asked outright. The best way to discover your prospects high value needs is to simply “ask great questions and listen”. The person that asks the questions is in control. You never learn anything while you are talking. The best way to influence people is to ask better questions. The best questions challenge prospects – get them thinking.

Let me ask you this: when you are in an appointment with a new prospect, who does most of the talking? If you are talking more than 20% of the time, you’re missing opportunities! Talk less, listen more and find the high value needs.

More about high value needs in my next blog…

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Timing is everything (to winning more business)

Posted by Jun05, 2013 Comments Comments Off on Timing is everything (to winning more business)
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Momentum is everything when it comes to winning new business. The time it takes you to respond to a prospects requests is directly proportionate to the likelihood of you winning the business. That is, the longer you take, the less likely it is that you’ll win the deal. It’s the single biggest thing you can do to improve your effectiveness as a mortgage broker.

Q. How long does it take for you to respond to a new lead?
Q. When a client leave a message for you, how quickly do you call them back?
Q. How quickly do you respond to emails?

I think 2 hours is the magic number. Aim to respond to new leads, phone calls and emails within 2 hours (or quicker if possible) and you’ll see the difference. With smart phones, iPads and the like, these days there’s no excuse for not getting back to clients quickly.

However, remember that consistency is equally important as a sense of urgency so don’t make unrealistic promises and be consistent with your response times. Inconsistency equals unreliable (in the prospects eyes) and will work against you.

And respect your personal time too. You don’t necessarily have to respond outside of business hours (good if you can). You can communicate to clients that your 2 hour rule only applies during business hours.

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Masterclass: Take your business to the next level

Posted by Jun03, 2013 Comments Comments Off on Masterclass: Take your business to the next level
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Like Eddie McGuire last week, I too have obviously made a mistake! A big mistake. And I want to have a go at fixing it. So perhaps you’ll give me two minutes of your time to allow me to do this. If so, please read on…

Q1. Are you working hard but still not seeing the results (settlements) you deserve?

Q2. Are you sick of prospects wasting your time and shopping you for rate?

Q3. Are you struggling to work out how to generate more leads?

If you answered yes to any of the above questions, I have failed you because about a week ago I wrote a blog about a masterclass I want to run. So far not one person has registered any interest! There may be only two reasons for this 1. I’m trying to sell something no one wants to buy 2. I failed to communicate it effectively. I think it’s the latter but time will tell.

There are only two systems that a broker needs to master to become successful 1. lead generation and 2. sales system.

Typically, lead generation systems are focused on maximising the amount of repeat and referred business (plus maybe some other marketing activities). There are many systems you can implement to maximise repeat and referred business – particularly referrals. The key is that they are “systems” and they work automatically to provide you with a steady stream of leads.

The sales system should automate the sales process. There are things you should and can do that automatically build trust before you meet with a client. When you eventually meet face-to-face, there’s a system for building trust within one hour so that prospects say “yes” before you’ve even pitched your solution (i.e. lender and rate). If you get this system implemented in your business, it will save you masses of time and you’ll make heaps more money and never have a prospect waste your time again.

If you answered yes to any of the 3 questions above, I’d almost bet my house that you don’t have a satisfactory sales or lead generation system and its costing you business!

Don’t take my word for it. I have ran this masterclass for some brokers previously and this is what they said:

Alycia Inglis from Inglis&Rock said: “The sales process masterclass has benefited me significantly with immediate results, it completely overhauled my current process making me more efficient. It is a detailed process which has helped me assist clients more accurately/deeply, identify and meet their needs. All the additional resources Stuart provides have been invaluable, and every step has been trialled and refined already by Stuart, meaning you benefit from his direct experience. Well worth it.”

Glenn Ruthven from Seven Point Finance said: “Stuart has transformed our mortgage broking business with an intense sales process masterclass. He identified shortcomings in our current process, provided solutions and then assisted the team to implement the changes required to improve the process. Results have been impressive, we now only engage those clients who are low maintenance and high return to our business. Having engaged someone outside the business with specific industry experience has helped to refine our process and improve our profitability significantly. Stuart’s guidance has not only helped the bottom line, the improvement in staff morale has been amazing. An improved system has helped sharpen their focus and has made for a more enjoyable working environment.”

So if you are interested, click here to register your interest in attending the masterclass (there are 3 levels of tickets). If there is enough interest registered by 10 June, the masterclass will go ahead. Over to you.

Leave any feedback, comments or questions below.



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Workshop in June: Transform your mortgage broking business with proven systems

Posted by May22, 2013 Comments Comments Off on Workshop in June: Transform your mortgage broking business with proven systems
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I have helped many brokers greatly improve their businesses and make more money through simple, yet highly effective sales and lead generation systems. I am considering running a one day workshop (in Melbourne on 17 June) for brokers that are serious about taking their business to the next level. I will only accept a maximum of 30 brokers in total as the workshop will be small and interactive to ensure you get the most out of it. However, I will only run the workshop if there’s enough demand so if you are interested, read on and please help me get this off the ground.

Seats are allocated on a first in, first served basis, register now – click here.

Amongst other things, the workshop will cover:

  • the two key and proven lead generation systems that all successful brokers master which result in growing a profitable broking business that enjoys an endless stream of leads
  • a sales system that aims to convert prospects in 2 hours (of your time) or less. Therefore, if you get 10 leads per month you shouldn’t spend any more than 20 (to 30) hours per month dealing with these prospects if you have the right systems. If you aren’t achieving this (add up how much time you spend on prospects), you’re wasting oodles of time (and money)!
  • a meeting system that positions you as the clients trusted advisor for life (not just the current deal you’re working on) – we all know that it’s far easier to work with clients that trust us as they respect your time, ask less questions, refer more, are more loyal, aren’t as rate sensitive and are enjoyable to work with
  • how to deliver your credit advice so that you convert quickly, minimise questions and fulfil all NCCP requirements – this is something I have been doing since 2002 and it saves a tremendous amount of time.

Remember, I’m not teaching theory. This is all proven, practical systems that I have developed and refined over the past decade and that I still use in my business today. They work – there’s no question about that.

When? The workshop will run from 10am to 4pm with a few short breaks during the day to check emails and return calls. As such, if you register, I ask that you do not check emails/messages while the workshop is in session.

The workshop will be located in Melbourne (venue TBA) on Monday 17 June 2013. Click here to register.

There are three grades of tickets available:

1)      attend the workshop including morning tea, lunch and afternoon tea – $990

2)      everything in # 1 plus receive all of my systems (checklists, template emails, scripts, credit advice report, etc. – click here for a list) – $1,990

3)      everything in # 2 plus two hours of personal coaching/consulting with Stuart (by phone or in person in Melbourne) – $2,490 (only 4 spots available)

100% guarantee

I guarantee that the systems, tips and solutions that you learn about at the workshop will more than pay for the cost of your ticket within 30 days. If you are not totally convinced of that at the end of the day (of the workshop), I will give you all your money back. It’s that simple. The information you’ll learn is practical, easy and simple to use… most of all it’s proven to work.

I am using Pozible to launch this workshop which requires you to pledge to buy a ticket. If there’s enough demand and I reach the minimum amount of sales, the workshop will go ahead and you will be charged for the ticket you purchased. If there’s not enough demand by the deadline (which is 4 June 2013), the workshop will be cancelled and you won’t be charged. So if you’re keen to attend, please forward to as many brokers as you can (and recommend they come too) to make sure this workshop proceeds.

Seats are allocated on a first in, first served basis, register now – click here.

Any questions, email me at I look forward to seeing you there!



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