Latest Posts

Comfortable or Uncomfortable

If you’re standing still, you’re going backwards.

Most people in life are cruising and will never reach their potential.

If this is the road you want to take, that is cool.

But if you want more, be more, achieve more, and have more, then there’s only one formula that works:  Work your butt off, take risks (emotionally and financially) and get out of your comfort zone!

It is that simple. It is not easy, but it is a simple formula.

Continue reading

Marketing is not about being unique

Being successful isn’t about being unique

Not far from where I live is a restaurant with an interesting cuisine.  The sign says that it is a Indian-Hungarian restaurant.  When I first saw this, I thought it was a new twist on fusion cuisine.  And this must be one of the few restaurants where you can order Stroganoff and Vindaloo together.

Needless to say I am not sure how successful this restaurant is. 

It is unique and different.  And certainly, made me take notice – but does it work?  Does this mean that this restaurant has the most delicious Indian and Hungarian food?  Or is the combination only a marketing ploy? 

Would a similar strategy by a mortgage broker work – by being so different that it would make people take notice?  And drive lots of business to that broker?  Would customers accept this?

Continue reading

So your client has been pre-approved? Now what?

Some time back, a Mortgage Broker friend of mine was frustrated as his business lodged around $20m in Approvals-in-Principles (AIPs) in a year, yet only around $4m resulted in actual settlements. A lot of work for little financial reward given a 20% conversion.

He asked me what I do once a client has been AIP’d and whether I experienced a similar statistic.

My first comment was “we get paid on settlements, not lodgements”. As obvious as that sounds, many brokers focus on the wrong levers.

Naturally the client has to buy a property for the loan to settle, therefore you should implement a diligent follow up process to ensure you’re not working hard for little financial reward.

Here’s what I recommend you do.

Continue reading

Setting up a customer-focused business for success

Ask any successful mortgage broker on the MPA Top 100 list, and most of them will say that the majority of their business is generated from referrals. 

Referrals and word-of-mouth marketing form the backbone of most mortgage broking businesses. 

Which makes a mockery of why regulators and Royal Commissions cannot get their heads around commissions and the conflict of interest issue.  Why is it that the mortgage broker share keeps increasing?  At the most recent MFAA report, the market share for mortgage broker sourced mortgages has increased to 59.7%. 

The reality is that mortgage brokers only become successful if they focus on the customer.  There may be inherent conflicts of interest or commissions from some lenders that are higher than others, but if the broker wants to become successful, they must put their customers first.  And when that happens, those mortgage brokers will generate more referrals and repeat business.

The corollary is that those same referrals ensures that the customer’s best interests are looked after first.  Because if those same customers are not looked after, they will not be giving referrals to you.

And on the evidence of things, more customers are seeking mortgages from mortgage brokers.

As a mortgage broker, how do you set up your business for referrals and repeat business?  Here are my top 3 tips.

Continue reading

Networking tips for mortgage brokers

Last month I attended The Adviser’s New Broker Academy in Melbourne and learnt a new thing.  Jason Back was presenting and he showed me a new feature in LinkedIn that I wasn’t aware of. 

It was the “Find Nearby” button.  And it was great as it allowed me to connect to others in the room with me.  You can read more about it here.

And here is the thing.  As a small business owner, mortgage brokers have to be fantastic multi-taskers who have to learn many new things, every day.  This is because they only have one employee – themselves, or only have access to a small team of people.

This includes tasks like creating marketing campaigns, posting on social media, touching base with clients and referrers, keeping updated with credit policy, dealing with credit assessors, balancing their own finances, and also taking care of the housework.

So as a mortgage broker, how do you learn how to do new things?  Or even to work out what types of skills or tools they will need to master?  And most importantly how do they meet the right people to help them find their customers?

One of my key continual improvement activities is to get out and network with like-minded people who may help generate new ideas.  Meeting like-minded people can help keep you motivated and inspired.  And some of them may teach you new things to run your business better.

Just like what happened at the New Broker Academy event, where I learnt something new from Jason.

The thing is even with social media there is no substitute for meeting people face-to-face.  Like it or not, the basis of all long term business referral networks rely on people physically meeting each other.

Plus I feel more connected to my LinkedIn and Facebook contacts if I have physically met them already.

Here are some ways to ensure your networking activities produce the right results for your mortgage broking business.

Continue reading

Are all Top of Mind (TOM) strategies the same?

Image by TeroVesalainen from Pixabay

There are many strategies to keep Top of Mind (TOM) with your clients, prospects, and centers of influence. But not all TOM strategies pack the same punch.

Let me explain.

Emotional TOM strategies pull at the heart (as people will always remember the way you make them feel). Logical TOM strategies are necessary but satisfy the head.

Continue reading

My top 3 issues to focus on

Last year, Niik Stewart (coach to celebrities, executives, and businesses) was training at my gym and approached me:


“Mario, you’re a positive successful guy in the mortgage game. Today I’m presenting to around 200 brokers hosted by The Adviser New Broker Academy.

What would you say to the room are your top 3 most important issues to focus on in order to succeed in the mortgage game?”

Here’s what immediately sprung to mind:

Continue reading

Seven low cost marketing ideas to grow your mortgage broking business

It does not take much to grow your audience

Whether you have been in the mortgage industry for a while, or just starting out, marketing your business does not have to be a big budget production.

There are many inexpensive ways to build your brand and your customer base.

Some of these ideas have been tried by our brokers, and they certainly don’t involve a lot of capital.

With a little bit of ingenuity, innovation, industry connections, and some work, here are seven marketing ideas you can use to grow your business.

Continue reading

Want to know the secret of converting more leads?

There is no "one size" that fits all your clients

It’s all about having the right PROCESS. And not just one generic process, but a process for each client type.

That is what makes all the difference!

In our game, having a ‘one size fits all’ qualification process won’t cut it.

Think about it: Your qualification process for a First Home Buyer should be completely different to an investor, an upgrader, or a refinance client.

I recommend you document key points that are relevant for each client type. This way you have a reference point for when an enquiry is received, which in turn will help you become more efficient.

Continue reading

Why you need to focus on your existing customers

You should have a Customer For Life approach in your business

Photo by Matheus Ferrero on Unsplash

The mortgage industry traditionally is focused on acquiring new customers.

All you need to do is take a look at the way banks and lenders advertise their latest home loan rates, and how they treat their customers.

Here is one I found amongst a prominent bank’s fine print about the interest rates advertised:

Interest rate discounts for LVR 90% or less are available only for new owner occupier borrowings and new to bank security property.

The corollary being that if you are an existing customer, these new rates being advertised are not for you.

The message being that: to get a better deal, you should refinance or complain.

Not very customer-centric is it? Despite what the bank is no doubt try to promote.

And as a mortgage broker, finding new customers is a great rush. It reminds us of the days when we were hunter-gatherers, the thrill of the chase, the high-fives and fist-bumps, plus the winning feeling when your customer says yes to going ahead.

Continue reading