The law of reciprocity

Posted by Sep14, 2012 Comments Comments Off on The law of reciprocity
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Many brokers are guarded with how much information they’ll give away to prospective clients. For example, a broker asked me recently if he should wait until a client signs an application before he gives them an RP Data report. The law of reciprocity definitely works so ignore it at your peril. Watch my video blog below.

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How much do you want it?

Posted by Sep07, 2012 Comments Comments Off on How much do you want it?
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Last week I had the pleasure of listening to a presentation by Rasmus Ankersen (the author of The Goldmine Effect). Rasmus has studied high performance to work out what drives high performance – to find the secret of success if you like. He studied phenomena like the athletics club in Kingston, Jamaica which trained nine of the sprint mentalists from the 2008 Olympic games (including 5 gold). Why does Kenya produce a ridiculously high number of marathon runners? Is it genetics or raw talent? Neither.

Rasmus concluded that sometimes high performance is partly due to natural talent – like Usain Bolt for example. However, that is rare. The single biggest factor that drives high performance is… wait for it… hunger. How much do you want it? Hunger is important because it leads to practice. Practising is the biggest difference between high performance and low performance.

In his book Outliers, Malcolm Gladwell talks about The 10,000 Hour Rule. Malcolm suggests that greatness requires tremendous effort and you have to do something for 10,000 before you become an expert at it. He says Bill Gates accumulated 10,000 hours of programing experience by the age of 13. That is the ‘secret’. High performers start early in life and they work very hard. If you want to become good at something, practise the task for 10,000 hours.

What do you want to become better at? Better at lead generation, selling, something else? How much practise are you doing? How much do you want it?

Success is a lot of hard work but anyone can do it. So the choice is yours!

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The rule of 3 – important when meeting new clients

Posted by Aug31, 2012 Comments Comments Off on The rule of 3 – important when meeting new clients
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The rule of 3 has given me a good methodology and system for ensuring I always kick off meetings well and quickly start building trust with prospective clients. Watch my first 3-minute video blog below to learn all about it.

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What’s your ‘interest only’ strategy? Are you losing business?

Posted by Aug24, 2012 Comments Comments Off on What’s your ‘interest only’ strategy? Are you losing business?
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A great opportunity and reason to make contact with an existing client is prior to the expiry of their interest only (IO) term. The bank will typically send the borrower a letter 6 weeks prior to the IO expiry telling them the repayments will revert to P&I. But brokers need to communicate with clients before the banks do.

The best case is to send a letter to the client 12 months prior to the interest rate expiry letting them know that it’s coming up. Warn them that rolling over the IO term may require a credit approval (depends on the lender of course) so if they are considering changing jobs or doing anything that may compromise the approval, then ask them to speak with you first. Then, I would suggest sending another communication no less than 8 weeks prior to the expiry suggesting that you need to complete a review and follow up with a phone call. That should leave enough time to arrange a refinance if that’s what you decide is in the clients best interest.

If you don’t take the above approach you risk the bank re-writing the loan (so you stop getting trail commission) or worse still, another broker looking after “your” client.

Here’s a goal for you this week: ensure you have a system for automatically generating letters to clients to warn them about IO expiry before the bank does. Put it in your diary now.

Do you have some tips or ideas? Leave a comment below.

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Improving your results is simple… deceptively simple!

Posted by Aug22, 2012 Comments Comments Off on Improving your results is simple… deceptively simple!
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I was reading a blog last night from one of the best thinkers of our time – Seth Godin. The short blog is about achieving results and changing behaviours – click here to read it.  Essentially, Seth is suggesting that you do not need to do one or two magnificent things each year but rather do the same simple tasks each day which you know work – like calling 2 to 3 past clients. Bestselling author, Jim Collins refers to this as the “20 mile march” because you need to take one step each day. Some days you might not see results. But after a year of taking one step each day, the results will be obvious. As Jim Collins says “the true signature of mediocrity is terrible inconsistency”.

Southwest Airlines (US domestic airline) is renowned for its culture, profits and long-time success. It’s ‘profit statement’ (i.e. a statement of how they make money) is simply “wheels up”. When the aeroplane’s wheels are up, they are making money and when they are down, they aren’t. Simple! Everyone understands it and works towards it. A mortgage broker’s profit statement is “talking to clients”. When you are talking to clients I bet you are making money (because when you talk you develop relationships, trust and look for opportunities). Talking to a lender, filling out an app, doing paperwork doesn’t make you any more money than you have already made.

So, what is the one thing that you should do each and every day that makes you more money? I suggest doing it for 3 hours per day (broken into two 90 minute sessions). Do that for 6 months and I’ll bet you’ll make heaps more money. But do you have the discipline??? Many don’t.

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