One lesson that will increase your settlements by 10% each year

Posted by Apr01, 2014 Comments Comments Off on One lesson that will increase your settlements by 10% each year
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If I could teach you one lesson and guaranteed that it would increase your settlements each and every year by 10% for the rest of your broking career, how much would that be worth to you? You would need to consider the value of the upfront commission, compounding trail commission and also the fact that any incremental revenue is pure profit (because overheads are already covered). I think you would agree that the value of this one lesson is probably worth at least a few thousand dollars wouldn’t you?

So why is it then that mortgage brokers are so reluctant to spend money on self-education? My past business coach once taught me to work harder on yourself than you do on your business. That is, educate yourself because you will benefit from that for the rest of your life. Running an ad in a local newspaper will only last a few weeks, if that! Learning something new lasts a lifetime.

I just bought Andrew Krauksts’ Mortgage Facebook Success program (click here for my proof of purchase if you don’t believe me). My investment was only $2k. I paid $2k to learn all the secrets to developing an effective Facebook strategy that results in generating new leads. Tell me why I would spend my own time, money, energy and frustration to learn all the lessons that Andrew has already learned? I know from experience that paying $2k for all the solution is easily 10 to 100 times cheaper. Never reinvent the wheel. Instead, find someone that has already achieved success and copy them. Easy!

Andrew is not just a teacher, he’s a doer. He’s not showing us theory, he’s showing us actual strategies that work. If it’s worked for him, it will work for me and you too. Social networking isn’t a fad or phase. It is here to stay. If you have any interest in Facebook whatsoever, you’d be silly not to pay for Andrew’s course – click here. Imagine how much more money you’d make if you paid for the course, implemented the ideas and wrote 10 extra loans in the next 6 months. What’s that worth?

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The one secret to mortgage broking success

Posted by Mar25, 2014 Comments Comments Off on The one secret to mortgage broking success
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When high profile and successful business people are interviewed by journalists they are often asked what the one secret to their success is. What is the one thing they should do in their industry that will guarantee success? I have found the one that thing guarantees success in the mortgage broking industry…

The secret to creating an awesome mortgage broking business is to do the little things well. That is, you will be far more successful if you improve 100 things by 1% than one thing by 100%. Most brokers don’t understand that it’s all about doing the small things well. Continual and incremental improvement is the key. The interesting thing is that because the simplicity of this lesson, most brokers will overlook this as “the one magical solution”. But don’t let that be you. Are you friendly when you answer the phone, do you get back to people quickly, do your emails look professional, are you on time for appointments, do you care about your clients and so on. There are hundreds of tasks we do each day and if you focus on improving one of them each and every day by 1% you’ll become a master.

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20 true fans

Posted by Mar08, 2014 Comments Comments Off on 20 true fans
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I went to a presentation by Tim Ferriss (author of The 4 Hour Work Week and a few other books) a few months ago and he strongly recommended people read an article by Kevin Kelly called “1,000 True Fans”. I just read it. The idea behind the article is that you only need a few true fans to make a living. So instead of developing a client base and network that consists of 100’s or 1,000’s of people that are merely satisfied with your mortgage broking services, design your systems and processes around converting a far smaller number of people into true fans. True fans love your work. True fans tell everyone they know about you. True fans will only do business with you and follow your advice verbatim. True fans refer lots of people.

I believe that most mortgage brokers only need 20 true fans. If you have 20 true fans then you probably have another 20 people that still love what you do but aren’t quite at true fan status just yet. These 40 people will likely generate between 30 and 40 referrals per year. Most brokers only need to write 40 to 50 loans per year to make a good living. The actual number is less important. The key to this idea is focusing your energy on finding a small number of raving fans rather than designing your business systems around many “merely satisfied” clients. Do you agree? How many true fans do you think you have?

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Ask better questions… the quickest way to making a sale

Posted by Mar06, 2014 Comments Comments Off on Ask better questions… the quickest way to making a sale
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Liz Wiseman (Book: Multipliers) says that the best way to influence someone is to ask better questions. Questions that don’t lead to a “no” answer. Questions that get your prospect thinking. Questions that start a conversations. Questions that draw out the emotions attached to the clients impending decision. I’m a big fan of starting every meeting off by just spending 30 minutes of asking great questions. You have so much to learn from a prospect and the more time you spend helping them discover their real needs, the more they will know you care. How much will it cost per year to live the lifestyle you desire in retirement? Have you considered how you’ll pay for your children’s education? What is the one thing that worries you financially? What do you think you have done well and not so well (financially) in the past? If you could imagine the perfect mortgage advisor, what would they do for you? How would they help best? There are lots of questions to ask. Just start by asking better more thought provoking questions. Better questions result in better advisors (mortgage brokers).

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Focus on trust and the rest takes care of itself

Posted by Feb27, 2014 Comments Comments Off on Focus on trust and the rest takes care of itself
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I read Seth Godin’s blog with enthusiasm this week (click here to read it). It’s all about trust. Developing trust with prospects is the ONLY thing a mortgage broker needs to focus on. Without trust, you can’t have a profitable, loyal, long-term client. In my opinion, by far the best thing you can do to demonstrate trustworthiness is to “focus on helping the client and forget about making a sale”. Ironically, when you do this wholeheartedly, you’ll become a magnet for new loans/business. Lots of new business will flow to you. You’ll feel more successful and you’ll genuinely help more people.

The more clients that trust us, the great the influence we have over our clients and the better we’ll be able to help them. And the stronger our industry will become.

Green and Maister’s trusted advisor equation has been the most valuable tool that I have used in my business. Click on the above link and develop all your sales systems around the four trust components. I have been travelling around the country talking to Aussie Home Loan brokers and encouraging them to do the same. It works!

What tools or strategies do you use in your business to develop trust with prospects? Share your ideas here and the stronger we all become.

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