Practice Management

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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Why you need a mentor

Achieve more with a mentor

Photo by Joe Roberts on Unsplash

Are you harnessing the power and wisdom of a mentor to build your mortgage broking business success?

Apart from the mandatory requirement – The Mortgage and Finance Association of Australia (MFAA) and the Finance Brokers Association of Australia (FBAA) require all new brokers to be mentored for the first 2 years upon entry to the industry. Here is another more important reason why you need a mentor for your mortgage business.

To build and grow a successful mortgage broking business you to grab every opportunity that you can get your hands on. A mentor can help you seize these opportunities.

“If I have seen further it is by standing on the shoulders of Giants.”

– Isaac Newton

You also need the right tools, insights and expertise – and here is why the right mentor can be invaluable to your business.

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How good are your conversions?

 

How good is your follow up process and follow up system?

Put the TV on mute and pay close attention to this article.  It will make you money!

Do you know the number one reason a successful broker has a high conversion rate?

Yes, skill is one attribute.  But nothing, and I mean nothing, beats a broker with a super-charged follow-up system.

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Strategies to make 2019 your best ever

 

Credit policy and criteria are tightening.  As mortgage brokers how can you leverage this for best results?

Lending criteria continues to change and tighten.  But the proportion of loans sourced through the broker channel continues to grow.

According to the latest MFAA IIS report, 55.3 percent of all home loans have been sourced through a mortgage broker.

Based on the findings of this report, the main trends in the industry are:

  • Increased compliance requirements for mortgage brokers
  • Tightening criteria in lender’s credit policies
  • Growing demand for mortgage broking services

With the increasing complexity and tightening credit conditions, this has increased the demand for mortgage brokers, as consumers seek help to navigate through the confusion to achieve their financing needs.

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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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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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How to build your one-page A4 business plan

Succeed with a business plan

 

One of the things we do at Masters Broker Group is helping our brokers build successful and sustainable mortgage broking businesses.

A key element to creating a successful business is to have a plan and a strategy.  According to a Harvard Business Review article a startup business with a documented plan is more likely to succeed and, more critically, become cash-flow positive.

Usually whenever someone mentions a business plan, the convention is for a 100-page tome. Unconventionally, we suggest that you put your plan onto one A4 page.

Here are some reasons why your business plan should not need more than one page:

  • The mortgage business is a simple business. You have no inventory, no stock, no samples and none of the requirements for handling inventory.
  • Most mortgage brokers start out with only one employee – you.
  • Lenders always pay their commissions on time.  You don’t need an accounts receivable division to follow up invoices.
  • The lending and real estate environment changes so quickly it makes no sense planning for more than 12 months ahead.  In my opinion it makes no sense trying to forecast more than 1 year ahead.

When you have to condense your business plan down to one A4 sheet, it makes you think more critically about your business goals. There is no space for BS. You are forced to only write down what you are going to achieve, creating that roadmap to reach your business goals in a brief, succinct, clear, to-the-point document.

You can download a copy of our A4 business plan from our website here.

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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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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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