Learn from my personal business coach

Posted by Nov03, 2014 Comments Comments Off on Learn from my personal business coach
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I know you’re busy, but if you can, do yourself a favor and watch this complimentary video series about getting your business model right by my business coach, Andrew Roberts.

Click here to watch this training for free. I wouldn’t recommend it if I didn’t think it was awesome.

I worked with Andrew for a couple of years and he helped greatly improve my mortgage business and more importantly, my life. He’s an experience entrepreneur and “does” as well as “teaches”. And that was really important to me when deciding to work with him. He speaks from experience, not a text book.

He has worked with many other brokers and some of the top business owners around Australia.

This video will help you learn that in order to be successful, you need to be passionate – but more importantly – you need to have a great business model.

He teaches you that your model is everything. He will also show you that with some tweaks to your model, you have the ability to create a much more profitable broker business in a short time frame.

Andrew has built and sold two of his own companies, and I know you will get a lot from this complimentary video training.

Again – the link – click here.

Have a great week!

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You can choose to either be ‘always right’ or ‘successful’… the choice is yours

Posted by Oct24, 2014 Comments Comments Off on You can choose to either be ‘always right’ or ‘successful’… the choice is yours
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Every client you deal with will teach you a lesson. It will be a lesson about something you did right or something you did wrong but the lesson is there if you are open to receiving it. Some brokers spend their time blaming clients and prospects. Things like “that client just didn’t get it, that client didn’t value my time, that client used me and ended up going direct to the lender” and the blame game goes on. However, it’s not the client’s fault. You can’t control the client but you can control yourself and your reaction to clients. Ask yourself if it’s something you have done:

  • If you booked a meeting with a client without qualifying them properly over the phone, is it their fault they wasted your time? You chose to be undisciplined and not follow your system.
  • If your gut told you that this prospect is a time waster and it eventually turns out just how you expected it, is it the client’s fault? You chose to ignore your better judgement.
  • If you discount or waive your standard fee just to win the business, is it the clients fault for not valuing your advice/service?  You chose to undervalue yourself.
  • If you meet a new prospect and win their business quickly and simply, is it because of the client? Or did you perfect your sales process? You chose to be the best you could be.

I have chosen to try and build a successful business. I have not chosen to always be right.

 

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Are you teaching your clients to value your service at $nil?

Posted by Oct18, 2014 Comments Comments Off on Are you teaching your clients to value your service at $nil?
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Most mortgage brokers don’t charge for their service. This is often viewed by the client as a benefit i.e. they essentially get something for nothing. Whilst I think it’s a benefit too (from a mortgage brokers standpoint), the risk is that we teach our clients to value our service at the price they pay – nothing.  So it is critical that you do something to avoid this. Let me share an experience with you that I had this week that reminded me about this point.

About 18 months ago I made an incredibly stupid decision (in hindsight) to offer 3 clients free financial planning advice as a reward for their custom and loyalty. Clients had to apply for the free advice and indicate why they wanted help. I then selected 3 clients who I thought were loyal and deserved the investment of time. I will never do this again. There were a few things that didn’t work but mostly the problem was that because the advice was “free”, they didn’t value it. The lesson I learnt is to never offer something for free or discount prices when it comes to selling advice. The right clients will always pay a fair fee. The wrong clients will be attracted to “free” or ask for discounts.

But what does this experience have to do with broking? Well, the risk is that because you don’t charge, the client won’t value your time, advice and service. Given this, we need to be vigilant in communicating our value to clients as often as possible (within reason) and never stop. A good recent example in my business is we did a valuation with lender A and the valuation came in $200k less than the customer’s estimate. We went to Lender B and the valuation came in bang on the customer’s estimate. This is a benefit that is exclusive to dealing with a broker, as opposed to going to the lender directly. We need to communicate this benefit: “I’m so happy we were able to help you overcome the stupid valuation Lender A did. This is the benefit of dealing with us. We’ll always be ready to find you the best lender that suits you at any particular time. We always look after your best interest”. There are many advantages we offer compared to dealing directly with lenders and some benefits compared to other broker. Always communicate them.

And if you can get the client to actually say out loud to you “I’m very happy with your service”, it will make a big psychological difference to their feeling about your business (based on research).

If you always assume your clients don’t value your time/service until you talk to them about it, you won’t be disappointed.

 

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Tell your story as often as you can

Posted by Oct02, 2014 Comments Comments Off on Tell your story as often as you can
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I recently attended a one day workshop with the teacher I respect the most, Seth Godin (I have referred to his blogs in previous posts). Whilst I learnt many things throughout the day, perhaps the most powerful was to tell my story. Doing so will attract only “perfect” clients.

The first lesson is “as soon as you say you want everyone, you want no one”. Which means if you don’t have a clear idea of who your target client is and instead you try and appeal to everyone, it’s likely that you just won’t stand out of the crowd and getting new clients will be difficult. So find and develop your own niche.

Once you have a niche, tell your story. Seth suggests your story should be in the theme of “people like us do things like this”. So your story should resonate with your target market. For example, a fly fishing retailer will tell a story about how a serious fly-fisherman never compromises on the quality of their equipment – they spend $1,000’s. An Apple customer believes that beautiful and simple design reflects their personality. A broker’s story might be about helping his client’s access equity to build an investment property portfolio as soon as possible e.g. the story could be people like us want to take control of our finances. People like us realise that borrowing to invest plus strong capital growth is the easiest way to build wealth. People like us are focused on building wealth, not inconsequential things such as small differences in interest rates or fee waivers. You get my drift?

Prospects come to you already telling themselves a story about money. It’s hard to change that story as it’s probably the result of a lot of things including what their parents taught them about money, their experiences over many years, their mistakes, what their friends tell them and so on. Therefore, instead of trying to change that story, just tell yours. If your stories are aligned (or not too far away from each-other) the prospect will be attracted to doing business with you. If your stories are wildly different, it’s likely the prospect will run in the opposite direction. The aim is to do more business with the people that “get it” and don’t worry about the ones that don’t. They’re just not for you.

So, what’s your story? If you don’t yet have one, get one and tell it as often as you can.

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Using NCCP Compliance As A Marketing Tool

Posted by Aug26, 2014 Comments Comments Off on Using NCCP Compliance As A Marketing Tool
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Many mortgage brokers love to complain about the NCCP Act. They protest that the regulations are too restricting, too time consuming. While it is true that NCCP Compliance takes time and effort, if you are looking at compliance as an imposition then you are missing out on some of the great benefits that compliance can offer.

In truth, full NCCP Compliance is a good business practice all across the board. The policies and procedures that you are required to have to cover your obligations under the Act are full of good business strategies and advice. When you are fully compliant, you will see remarkable benefits for your business. But it doesn’t stop there. You can also use your compliance to attract new clients.

Ironically enough, the processes that people complain about the most are the ones that create perfect marketing material. In order to be fully compliant, you have to have testing procedures in place that prove your compliance. And if you are frequently testing and showing results, there is no reason that you shouldn’t share that with consumers as part of your marketing efforts.

“Your status as a licensee should be used as a selling point to consumers, to highlight the fact that you have an absolute duty to ensure their best interests,” said Greg Ashe, Director of NCCP Compliance monitoring company QED Risk Services, “NCCP compliance is a must to maintain your ACL. However, if you’re doing it you may as well brag about it.”

The benefit is that there is really no additional work needed to leverage your compliance as a marketing tool. Once the procedures and reporting methods are in place, the marketing potential is limitless. Following are a few tips from Ashe on how you can use NCCP Compliance as a marketing tool:

  • Include it in credit disclosure documents.
  • Use compliance and ACL statements as advertising on your website.
  • Use your compliance in your sales pitch, which may even put doubt in the consumers’ minds about your competitors.
  • Publish case studies and test findings.

Your compliance will also help put your potential clients at ease. One of the keys to complying with the responsible lending obligations in the NCCP Act is doing a detailed and personalised assessment of the consumer’s budgetary circumstances. This type of assessment assures both you and the consumer that the contract is a good one.

The whole assessment process should be directed to providing comfort to consumers looking to place their financial future in the hands of a mortgage broker. By publicly acknowledging your compliance, consumers can be sure that they are working with a broker who is not only licensed, but also has the their best interests at heart when making deals.

Remember that the NCCP Act is there to provide protection and security to both clients and mortgage brokers. Your compliance should be at the heart of your business, and talked about often in your sales meetings and marketing materials. When leveraged this way, your compliance will not just help you run a better business, it will also help you attract new clients, and keep them.

 

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