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Being a successful mortgage broker is not about how many loans you write, working hard, or winning awards. It’s about building a sustainable, high-performing business that works with or without you. James Veigli has been a part of the mortgage industry for over 20 years; as a mortgage broker, business owner and strategy adviser. He is known internationally for helping mortgage brokers double, triple and even 10x their revenue, while building a sustainable mortgage business that can run without them. If you want to grow your mortgage business, and do it smarter, listen in to the weekly show.
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Visibility is the name of the game. Getting out there, talking to people, networking, being strategically active across offline and online… selling yourself and your business. Consistently. That’s the #1 game you need to play. Mortgage broking is the task you do once you sell yourself and win the client. Therefore mortgage broking… is the #2 game. Yet, most mortgage brokers spend 80-90% of their time doing mortgage broking, and only 10-20% of the time getting out there. In this episode...
Most brokers are what I call “variety store brokers”. A bit like a $2 shop or department store. You can walk inside and get pretty much anything. Everything is ok, but nothing is special. Access to resi, commercial, asset finance, SMSF, insurance and more. Helping first home buyers, investors, PAYG, self-employed, and more. Now to most brokers this sounds great, to be able to help everyone. But there’s a problem (actually multiple problems and challenges with this). In this episode of...
If you don’t have 3-4 key referral partners each sending you at least one qualified referral every week, that results in at least $5m per month in settled loans… then you are doing referral partners wrong. I’ve been helping brokers for over 16 years, and it’s a fact that most brokers don’t have true key referral partners… they just have a bunch of people in their network who they know. Who they catch up with, go for coffee and lunch, and spend time in meetings with good intentions and promi...
At every mortgage industry event, you’ll hear discussions about building a team. You’ll hear everyone talking about hiring a loan processor, outsourcing and offshoring, hiring a credit analyst (or parabroker), client services manager, perhaps a marketing person… and of course hiring loan writers or brokers. That’s fine, but the problem is it’s one-dimensional… and results in slow growth and bottlenecks in a mortgage business. I’ve been a solo operator as a broker and in business. I’ve also...
We all want to get our clients amazing results. The problem is, the biggest challenge in all of that, is often the clients themselves! As a broker, you know that a client who takes action and follows through will get a better deal and save more money, buy that new home sooner, acquire an investment property, and so on. i.e. they’ll get the result they want! But… many clients still drag their heels, delay things, don’t get the docs back, forget things, don’t follow through… and ultimately ...
If your mortgage business relies on the trail income to pay all expenses and be profitable… this is lazy and poor business practice. In fact, you might have a cash haemorrhaging business and not be aware of it. Unfortunately the financial literacy of many brokers is not up to scratch. I’ve seen it. The percentage of brokers who don’t know their numbers, key drivers, KPI’s, profit… is scary. The percentage of brokers who run their business by taking revenue in, paying bills, and the rest ...
Every broker reading this, is losing deals, money and profit… guaranteed. Why? Because leads and clients are dropping off. They get stuck, stalled or ‘go cold’ during the process. Brokers often don’t even realise this is happening. Poor conversions… think it’s normal. Loads of AIP’s that don’t go anywhere or have to be reworked… think it’s normal. Losing deals at the 11th hour to lender retention teams… think it’s normal. Making matters worse, I see brokers actively trying to improve th...
Marketing is the one thing I get asked about the most… unfortunately. I say unfortunately because it’s the #1 thing most brokers think will solve their problems, but it’s usually the last thing that actually will. It’s the single biggest waste of time and money I see in the industry. Time and money spent on websites, digital marketing, social media, content, newsletters, and the list goes on and on. Marketing itself isn’t a waste of time and money. Far from it. It’s the way brokers (and m...
If I only had 7 minutes to share the most important secrets to success as a mortgage broker and business owner… what would I say? Well I gave myself the challenge. Look back over my 20 years in this industry and the 200+ episodes of this podcast (over 70 hours of content!) and start the clock. In this episode of Mortgage Broker Acceleration, I go through 7 key insights from reviewing everything and running it through my filter of working with ambitious and successful brokers right now. UP...
Olympian’s don’t spend their lives training and preparing to win a Silver or Bronze. They go for the maximum result. They go for Gold. Most mortgage business owners, on the other hand, spend their lives building and operating their businesses… without a specific result in mind. They just want to help people and earn a living. Very few actually think about the End Game… let alone maximising it (and bringing it forward). Contrary to popular misguided opinions these days… The whole point ...
A lot of our clients are using acquisitions as a strategy in their mortgage businesses. We help them think clearly, make the right decisions, and maximise the opportunities. Many mergers and acquisitions are ill thought out, and leave a lot of money on the table due to incomplete strategies and under-resourced businesses. There are two different types to consider: Trail book acquisition - simply buying a client list and trail income. Mortgage business acquisition - more complex involving...
Do you want to get off the tools? Work more ‘on’ your business rather than ‘in’ it? I hear this like a broken record. A throw away statement. Often from brokers who have no intention or desire to do it. Being a mortgage broker, helping clients and writing loans… is easy. And most brokers love it. Building and operating a mortgage business… is hard. And most brokers hate it (or aren’t good at it). I find it bizarre that most are trying to run away from the very thing they are good at ...
Bigger is not always better; it’s what you do with it that counts. So they say. This could be the most crass or cliche way to start an email ever. But, there’s an appropriate analogy here for a mortgage business. I assure you. Because in business… Bigger is not always better; it’s the profit and value creation that counts. But unfortunately… most brokers focus on the wrong things: Growing a bigger business and team.Writing more and more loans.Winning awards and following passion projec...
This week's episode of Mortgage Broker Acceleration is special. I have a ninja business-building guest with me, taking the seat of Ash for the week. This episode is for the serious mortgage business builders. A behind the scenes look at how our business grew by 500% in the space of a couple of years, and simultaneously went from almost full reliance on me to virtually zero reliance on me. This is not a one-off case study either. We’ve helped a number of mortgage brokers achieve similar l...
I am giving you permission to work less and earn more. Now let’s take a step back… because it’s not that simple. I’ve worked with hundreds of brokers over the last 15 years. Some who are just making ends meet, to those making seven-figures a year (in personal income, not settlement commissions / revenue). You want to know the common thread, that is consistent among brokers, regardless of how much they earn? They all keep working hard, full-time hours, Monday to Friday, 9-5… and more. Ma...
There are levels of how hands-off you can go in business. From zero, i.e. you are responsible for everything! To completely, i.e. you are responsible for nothing. Most brokers want to end up somewhere in between. They love what they do. But they want flexibility to have a life, travel and follow passion projects. I’ve personally been at both ends of the spectrum. Having a business that was essentially “all me” and also a business that ran independently of me. Both have pros and cons for...
Building systems, processes, workflows, automations and so on is a MUST in business. I know that. You know that. Even the guy down the street… who is not in business… knows that. Because without systems you have a mess… fly by the seat of your pants... business. The problem I see working with brokers, is the definition of systems, and the extent and depth of their installation… is vague and half-baked. Take an easy example. Brokers with little-to-no systems, they know this and know the...
As a mortgage broker and business owner, you can focus on two types of value. Now Value and Future Value. You also have the choice of how to invest your time (a finite resource) each day. Most invest all their time on Now Value tasks; such as generating new business, writing loans, nurturing referral partners, client care, working with support team, and so on. A focus on Now Value means you have a job, not a business. If you stop working, your business and income stops (or is greatly redu...
There are many common mistakes brokers make when building a team. And it makes business hard, annoying, and frustrating. In fact a lot of brokers end up thinking it’d be easier to just go solo and do everything themselves! But we all know that’s not a real business of course… that’s just a job. So we need a team. And if we do it right, it can be easy, fun and lucrative. In this episode of Mortgage Broker Acceleration, we discuss the key mistakes to avoid when it comes to team building an...
What’s the one person all brokers should hire… but virtually none do? Is it a loan processor? No. Is it a parabroker? No. Is it another broker? No. Is it a CSM? No. Is it a virtual assistant, or a marketing person, or an office manager? No. No. No. It’s actually not what you think, which is why almost nobody does this. I’d argue that it’s impossible to have an efficient, high-performing team without ‘this person’. In this episode of Mortgage Broker Acceleration, we discuss the trap m...
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hey guys thanks for all the great helpful tips this episode and no time episode were very knowledgeable