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How to generate more leads?

How to be the grandmaster of mortgage professionals

 

If you have recently started in the industry, you would realise by now that a “lead” is not a lead.  And an unqualified lead is not real.  In fact, unqualified leads cost you – in time and money!

And unless you have a large marketing budget, how do you cut through the noise to get prospects to recognise what you do?   Come to think of it, an expensive advertising campaign may not cut through the noisy marketplace if it isn’t executed well.

Here are some key actions you need for your business to succeed:

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Congratulations Mario Borg on making the MPA Top 100 for 2017

 

Well done Mario Borg on making the MPA Top 100 list for 2017!

Mario Borg first entered the Top 100 in 2005 and has been on the list almost every year since.

He’s remained a top broker despite big changes.

“People want certainty, and it’s the best time for a broker to shine.”

Mario Borg puts his consistency down to an excellent client service manager, learning to say no and sticking to what he’s best at: residential and investor lending.

If you want to learn more about what we do to help you get to the MPA Top 100 or improve on your current business success, contact us.  Check out our Facebook page for more updates, tips and news.

 

 

Get to know your clients

Know your customers well

 

In his article “How to write a great business plan”, Bill Sahlman poses a number of questions that we should focus on.  And the main focus of all our mortgage broking businesses should be about our customers.  Less so than our competition.

For instance, if we focus our mortgage broking business on what our competitors, (for instance, the banks) were doing, we might do things a bit better than them.  How are they doing it, what products and services are they providing, etc.

But most of that would be on the basic level.  And we could run into the trap of being a “me-too”.

What if we focus on what the issues our clients and customers are facing?  And what problems we can solve for them?  Perhaps we can provide better value to our customers.

And the by product is we will leap-frog our competitors.

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To get more customers – you must blog

 

 

Two weeks ago, Mario and I attended the 2017 Connective Conference at Melbourne.  It was a great event to catch up with your peers and share some ideas.

Whilst we were there, I caught up with Kevin, and he asked a really interesting question: Why do some brokers seem to effortlessly generate business, whilst others struggle to get leads?

And this is especially pertinent for anyone new to the industry.

Mario and I discussed this question, and one of our observations was that most successful brokers use social media and blogs to help them reach out and engage with their customers.

If you look at the MPA Top 100, most (if not all) brokers on that list has a blog (you can check out Mario’s blog here).

The key message here is: regular, high quality blogging is a fantastic way to build awareness and encourage engagement with your customers.

For new brokers trying to build their profile among their communities, writing a blog is essential.

You need a blog to reach a bigger audience, and build your reputation and personal brand at the same time.

 

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Financial literacy is a public policy problem

 

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Financial illiteracy contributed to the last financial crisis.
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Ross Guest, Griffith University

As the world of finance becomes more complex, most of us aren’t keeping up. In this series we’re exploring what it means to be financially literate.


It’s pretty common nowadays to see the likes of the Reserve Bank of Australia or the Australian Bureau of Statistics issue warnings about the size of Australian household debt. The reason is that the consequences of poor financial decisions often reach far wider than an individual or family.

The global financial crisis showed us how rapidly financial contagion can spread – one person’s debt is another person’s asset, so when the debt is written off so is the asset. However, there has been little improvement in financial literacy in the wake of the financial crisis, the lack of which was one of the underlying causes.

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The mortgage broker’s start-up directory

Want to launch your own mortgage broking business?  From bookkeeping to business advice, advertising and websites, we have got you covered.  Here is a list of some apps and websites that may help you launch (which we also use in our own business).

 

 

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Client communication tip: Try to “reverse” a question

 

Have you ever had someone throw a difficult question at you?  Here is a tip: Respond to a question with a question.  Otherwise known as a “reverse”.
A reverse is when you return-serve by responding with a question yourself.

This can help you define the situation better, and help you get closere to understanding why they asked the question in the first place.

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Build a business that makes a difference

A good business plan starts with good marketing

 

“Hey Andrew.  You are going to laugh, but I have now decided to leave my current job and start my own business,” my friend Cas, whom I have known for a few years, tells me.

“Wow, what caused the change of heart?” I asked Cas.

“I have been thinking about what we discussed a while back, and I now feel more confident to go out on my own.  Especially now that I have got some experience in the industry.” Cas says.

Cas asks me, “As a newbie, can you have a look at my business plan?  Is that the first thing I should do?”

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How Mortgage Brokers Can Help Clients Buying Into Strata

 

Buying into Strata
Buying into Strata carries a different set of risks than buying a traditional stand-alone property. Whether your client is buying an off the plan development or buying into an established community, there are some key questions you should be asking your client. While you are not expected to be an expert in strata, getting your client to review these questions will help them make the right decision and help you cement a long-term relationship.

Buying off the plan?
Buying off the plan carries greater financial risk than buying into an established community. Leaving aside the well publicised issue of capital appreciation, often a first-time strata purchaser is surprised by what it costs to live in a community. When you then consider that the ongoing annual costs of a new community are often not settled for two or even three years it is easy to see why some clients look back and wish they had known what questions to ask before purchase. You can assist your client considering buying an off the plan apartment to buy into an affordable community by getting them to do some simple research.

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Computer says no: robo-advice is growing but we still don’t trust it

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Those who got advice from the online calculator in the study showed a small, but statistically significant, increase in trust towards robo-advice.
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Andrew Reeson, CSIRO; Andreas Duenser, CSIRO, and Martin Lochner, University of Tasmania

People are open to receiving financial advice from robots, our studies show, but there might be a way to go to in convincing people to trust them over a human.

We surveyed 138 people about their attitudes to, and preferences for, superannuation advice from a human or a computer. Unsurprisingly, most stated they would prefer to deal with a human across a broad range of financial decisions.

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