business processes

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.

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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.

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The one that “John West” would reject

The one that John West would reject

Remember that tuna commercial by John West from 1987? They repeated it again about 8 years ago.

There’s something in that advert that is very similar in your business. John West (the supplier of tuna products) created a market position in the consumer’s mind that they only package and sell the best tuna and that they would reject the rest.

What about you. Are you taking on clients that make the cut, or are you just wasting time on “the rest”?

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What do you love most about McDonalds?


Photo by Anderson W Rangel on Unsplash

For me, it’s definitely not the “junk” food. Having said that, a big juicy fatty Big Mac has come in handy at 2am on the way home 😉

McDonalds is well known as one of the most successful businesses in the world. Why? Because the systems and processes in their business are second to none.

You get the same consistent product anywhere around the world, in approximately the same time.

As your client base grows and you settle more loans, you will get busier and busier (as referrals will increase).

When that happens, your level of service will drop unless you establish appropriate systems and processes.

Take the time to establish your systems and processes for your business.

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Sense of Urgency

Time is your most precious resource –
Photo by Sonja Langford on Unsplash

The 3 most powerful words when it comes to closing a deal.

Have you found that some (or many) of your prospects will fluff around when it comes to making a decision and moving forward?

Many brokers seem to also fluff around when it comes to closing the sale. They provide a stream of ongoing valuable advice to their prospects (by keeping in touch), to later find that the business slipped through their fingers.

This not only demotivates you but wastes your valuable time. And as you know, time is the most valuable resource which you can never get back.

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What are your customers buying from you?

What do your customers buy from you?

Clients buy your confidence before they buy a mortgage solution (or mortgage product) from you.

When a client makes a purchase from you, all they have to base their decision on is your words. But it’s not what you say, it’s how you say it!

You may be the smartest and the most technically competent mortgage broker around, but if you don’t portray confidence, you will struggle to convert prospects into clients.

Research suggests that “what” you say has a 20% impact on your message. Compared to “how” you say it which makes up the remaining 80%. In other words, if you don’t portray confidence in what you say, you will struggle to convert prospects into clients.

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Your end of year checklist

It is almost the end of the year and what better time than to take stock and reflect on the year, and prepare your business for the new year.

This is also a good time to review on what worked and what didn’t work. List down your sucesses and achievements.  Did you develop as a person during the year?   Are you in a better place compared to the previous year? How did you go against your business plans?

During this review, it is also a good time to see what could have improved? What were the activities or initiatives that you tried that didn’t work so well?

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Are you organised for success?

 

Do you ever wonder why some brokers seem to write good volumes of business and make it look easy?

Do you think it is because they only receive perfect leads?  Or could it be something else?

If you look behind the scenes, these guys usually not only have a well oiled machine (operational excellence and rigid processes), but they also operate like clockwork.

The trick is to be super organised.

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Back to the future

 

An old time classic movie, wasn’t it?

Do you ever wish you had a time machine to either see into the future or go back to your past and make (some or many) changes?

Remember this guys.  Life is not a rehearsal.  You only get one life, but if you do it right once is enough.  Make this your business motto also.

In business people will tell you that persistence is the key, particularly in sales.  But if you think about it, persistence only works if you repeat the same things that worked.  No point repeating mistakes.

Here’s an exercise I recommend you do today!

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How to plan your day – by Vinay Gehi (Copper Finance)

How to plan your day

 

Planning your day is vital to your success.  It may seem obvious, but if you stick to a schedule, chances are you’ll be more productive and more likely to achieve your goals.

Letting your day happen “organically” may sound cooler, but according to the experts, this kind of approach will leave you vulnerable to the inevitable distractions, interruptions and unexpected tasks that interfere with your priorities.

If it’s a fact that whatever you don’t measure doesn’t get done, the same goes for planning, whether it’s your day, week, month, or year — right up to your long-term targets.

And no one wants to end their day feeling like it was spaghetti, and that they’ve hardly achieved anything.

I’ve been a broker for two years and planning my day allows me to deliver the best possible customer experience.

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