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10 Loans a Month

Author: Scott Peckford

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The 10 Loans a Month podcast is where Mortgage Brokers become business owners. If you want to scale your business to 10+ loans a month then this is the show for you.
16 Episodes
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Aim Small to Grow Big

Aim Small to Grow Big

2020-12-2308:08

How can aiming small help your business to grow big? Focusing on a narrow field can help you stand out from the crowd and attract more business. Today, I’m going to give you 3 tips to help you niche down and expand. Let me give you an example of how niching down can create big business. My wife runs her own business teaching sourdough bread baking to home cooks. She has a very specific focus. Before COVID she was making 6 figures a year. This year she is up 400%. Would she have been as successful with a more generalized approach? Absolutely not. Too often people say they specialize in everything, but as the old saying goes: “jack of all trades, master of none.” You cannot be specialized in anything if you are spreading yourself out over multiple areas. You may think you are casting a wider net, but you’re not standing out to who you want to serve. To help you to really become a specialist in a certain area of brokering, I’ve come up with these 3 strategies that you can easily employ to hone your focus. First, once you reach a certain production level, choose your niche. What do you really love to do and who do you love to help? Make that your focus. Secondly, create a no-go list of the types of files you just won’t deal with. It sounds counter-intuitive, but it cuts out frustration and makes your job more enjoyable. Finally, evaluate your referral sources and client list and drop the worst ones. If they aren’t working out for you or cause you nothing but trouble, let them be someone else’s problem. Letting go of one bad client makes space for two good ones.   Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
Imagine you are a successful broker. You’re making $25 million a year and someone takes all your business away and drop you in a new town to start your business again. No clients, no referral partners, no list. What do you do to grow your business? If you have nothing but a laptop and the knowledge in your head, how can you start to build a business from the ground up? I’m going to share 3 things that I would do in this situation to help get ahead of the game and start building my brand. The very first thing I would do is hire an assistant. Waiting too long to hire is one of the things I consistently see that holds brokers back. Before marketing, before anything else, I would get the best assistant I could find for what I could afford. Having that assistant means you are free to prioritize prospecting and creating an amazing customer experience. The next thing I would do is start a podcast. Yes, it is a long game and it takes hard work, but it pays incredible dividends. Podcasting can get you in front of the important people in your area and help to educate potential clients. It is one of the best ways to build your network from scratch. Finally, I would work on creating joint webinars. Partnering with local real estate agents or financial planners, accountants, etc. is a great way to create education-based marketing while building your brand and your list. Nothing happens overnight, but if you put in the work and play the long game, these 3 things can help you grow your business.   Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
Are you thinking of buying a book of business? Buying someone else’s business is a risk, so today I’m going to give you three strategies you can use to effectively make the transition. There are two main challenges when buying someone’s business. Firstly, what is it really worth? Is it a spreadsheet, a list of names, or just being told details of a few past clients? It’s hard to come up with a value, especially if you don’t know what you’re getting. The second challenge is not knowing if the seller will stay on to help with the transition once they get their cheque. Where is their incentive to lend a hand if they already have their money? With that in mind, let me share my three pieces of advice that can help you to demystify the process. The first tip is to never write the cheque up front. You don’t know what you are getting. Work on making a deal over a longer period of time and get to know the business. Next, make sure you know what kind of communication there has been with the database. Does the current broker touch base on a regular basis? Have they even talked to their clients after closing a deal? Make sure you can work together to create co-marketing to introduce you to the clients and smooth the transition. My final advice is to make sure you get introduced to key referral partners. If there’s financial advisors, accountant referrals, or any partnerships you can foster, that is added value. If they aren’t willing to cooperate with these three things, ask yourself why that is.   Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
Do you think you’re organized? Take the simple test I’m outlining in this episode to figure out if you’re really as organized as you think. One thing that always surprises me when I talk to mortgage brokers is how disorganized they are. Even after years in the business, their files, database, everything is just a mess. I used to run a business called Client Caller where we would call brokers’ databases for them. The business didn’t work because the brokers were not organized enough to get us their list. I have a client who lent on bars and, more specifically, bars with liquor stores attached. He had 20 years in the business and had devised what he called the French Fry Test. He could tell the health of a bar by going in at lunchtime and ordering fries. The quantity of fries showed whether or not they were trying to cut costs. In my coaching business, I always ask 4 questions to determine how organized a client is. These are specific questions, no ballparks. The first two questions are ‘Exactly how many loans have you funded this year?’ and ‘Where did these loans come from?’. If they can look that information up and answer within 60 seconds, they are organized. The last two questions are ‘How many past clients do you have?’ and ‘When was the last time you contacted them?’. Again, if I can get those answers within 60 seconds, then they are organised. If you ask yourself those questions and have no clue of the answers, you are working harder than you need to because you aren’t efficient.   Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com/
Can one mortgage broker really fund 250 files a year? Jim Tourloukis can, but does that also mean anyone can? In today’s episode, I’m going to tell you how Jim does it, why 99.9% of brokers can’t, and what you can do to maximize your numbers. Jim Tourloukis is able to fund 250 files a year because of his very specific business model. Jim has 7,000 past clients and 65% of his business comes from them or referrals. The other 35% is from contracts that he has with financial planning firms. Jim doesn’t do any prospecting; he gets over 20 leads a day and chooses who he wants to work with. We can’t all be Jim Tourloukis, so what can you do as an average mortgage broker to maximize your numbers? From my experience coaching other brokers, I’ve learned a few things that can help. Once you are closing 5 files or more a month, your prospecting goes down. Not because you don’t need to do it, but because you don’t have time with all the added paperwork. Obviously, every file and every broker are different, but around this time is where you should start looking to hire an assistant. If you’re a broker looking to bring on an underwriter or increasing the capacity of your current underwriter, there’s 2 things you could potentially do. You can either look to hiring a second underwriter or you can hire a junior member of staff to lend them a hand where needed. Remember, you may not be able to be Jim Tourloukis, but you can be your best self.   Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
How to Deal With Haters

How to Deal With Haters

2020-12-0209:301

Everyone has haters. Even if you sold ice cream, someone would hate you. In the mortgage business, things go wrong and people aren’t going to be happy with you all the time. I’m going to share 3 strategies to help you deal with haters in this episode. I used to have a business called Client Caller, where we would call your past clients. One of the salespeople signed up a guy who said that he would join as long as Scott Peckford wasn’t involved. The salesperson thought I was just an owner and not involved, so he signed up. He ended up finding out I was involved and cancelled his subscription. I had no idea who he was or how I had offended him. What did I do? Instead of getting upset and agonizing over it, I used him as an example to teach my kids that if you create anything and put it out there, someone will hate you. You aren’t accountable for others’ feelings. Understand that you aren’t there for them. So, how do you deal with haters? The first advice I have is to understand that you can’t win them all and you can’t control everything. Secondly, be curious and be compassionate; try to learn what is going on from their perspective. Finally, elevate your communication from 2D to 3D. Tone can be easily misread in emails and make things worse. Put in the effort in to picking up the phone and maybe you can change their perspective, but don’t worry if you can’t. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
I’m going to reveal to you the one word you have to master in order to grow your mortgage business and how to use it in this episode. It’s a simple word, but so many people find it hard to do. My friend, Shane Nolan, owns Yardworx. It’s the largest snow removal and landscaping company in Calgary. He started out at 19-years-old and always planned to retire at 35. He spoke to people in his industry that had already done it and been a success. Shane ended up going to Australia to meet with the CEO of a huge landscaping company and was given two pieces of advice. One he followed, one he didn’t. The advice he did follow was what got him to that goal of retirement at 35. Clearly articulate who your customer is and say no to everyone else. You cannot scale your business by offering everything to everyone. The magic word is no. Saying yes to everything that comes your way may seem like a great idea and an easy way to make money, but all you are going to do is stress yourself and your team out. Focus on creating a very specific customer experience and making it the best it can be. Let me give you two tips to make saying no easier. Firstly, make a no-go list and stick to it. If it’s on the list, don’t do it. Secondly, create a script. It can be for either email, phone, or both but make it graceful and tactful. Stick to it and stop making room for what doesn’t serve you. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
I want to talk about the two biggest regrets of top mortgage brokers. In my other podcast, I Love Mortgage Brokering, I ask what advice mortgage brokers would give to themselves if they were starting their business over again. The same two things come up over and over again. The first regret people tell me is that they wish they had started using a CRM sooner. There are a few reasons why getting a CRM up and running gets put on hold. When you’re new, you only have a few clients. You keep all their information in your head, so you never get around to it. Then before you know it you’ve lost track of your clients. People often get stuck looking for the perfect CRM. They look and look for one that does it all, then can’t find it and so never get any. There is no perfect CRM. The technology has improved massively since I started in the business, but it isn’t there just yet. If you are still unsure, just start a spreadsheet. That way you have a record if you change companies and you can begin marketing to your list. The second regret I hear is that people wish they had hired sooner. People think of assistants as an expense, but you need to change your perspective on that. Think about how much you are paying them weekly instead of their full salary. Also factor in time costs. Think about how much more prospecting you could be doing if you had just 2 extra hours in a day. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
In today’s episode, I’m going to tell you the one piece of advice I would give myself if I could travel back in time. What could I change or improve with the benefit of insight? This story that I heard from marketing legend Jay Abraham demonstrates it best. Jay was out in China teaching about marketing and someone came up to him with a question. He made motorcycles but he didn’t have a factory and didn’t have the capital to get one. Jay told him that he was asking the wrong question. He should be asking who does have what he needs and how can they collaborate. The man went out and found a lawnmower factory that only ran on certain days and they formed a partnership. A year later they were both making millions. If I could distill that advice further, I would tell myself that whenever it comes to making a big business decision, ask who not how. The book ‘Who not How’ by Dan Sullivan goes into this further and I urge you to go out and read it. Remember that there is no problem that someone else hasn’t already had and solved. There’s nothing wrong in asking for help or collaboration to get over a hurdle. The most important thing is not to get stuck in the how. The how will bog you down and distract you from what you should be doing. Always look for the right who for the problem. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
My $40,000 Mistake

My $40,000 Mistake

2020-11-2408:27

In today’s episode, let’s talk about my $40,000 mistake, what I learned from making it, and how you can hopefully avoid making the same mistake. When you start seeing success, it’s easy to start taking on more ventures, but the distraction often isn’t worth it. In my second year of brokering, I had my own business and I was doing great. A friend came to me with a proposition to buy into his brokering business and come on as management. Of course, my ego started inflating at the prospect of coaching and being in charge of these experienced brokers. I asked my wife for advice and she told me it was a bad idea and would distract me. I agreed not to buy in and I went to see my friend the next day to tell him. He turned on the sales pitch and I put in my $40,000. Within a few weeks I had stopped focusing on production, the best producers left, and I was high and dry. What lessons did I learn from this? Firstly, ask for and listen to advice. I asked for advice and didn’t listen. Don’t let ego get in the way and don’t assume success in one area makes success in others. Secondly, double down on what you know works. Refine it - there’s no need to take on more and distract yourself. Finally, if you really want to make money in the broker business, focus on originating. That’s where the money is. Just because you can move into management doesn’t mean you should. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
I want to let you in on 3 tips for writing better emails in this podcast. Some people think that email is dead. Not true. It’s only dead f you do it wrong. So, how do you do it right? If you use Facebook and post content to your audience, generally less than 5% of your audience sees that content. If you want more people to see it, you have to pay to up your exposure. Let me tell you that even mediocre email marketing has an open rate of 20%. To really boost your engagement, you need to think about and improve several things. Firstly, write to one person, not many. When you are writing out your email, write it to a specific person. When it’s ready to be sent, take out the person’s name. Writing to many means it’s more likely to be ignored. My second tip is to tell stories, because our brains are actually wired to welcome stories. Use them strategically to keep people engaged. Thirdly, include a call to action. It can be as simple as asking to book a call or forward the message to someone who may be interested. Finally, you need to consider your formatting. Don’t write huge swaths of text. If someone opens your email and sees a wall of text, they aren’t going to read it. Break it up; make it easily digestible. Also, strategically use bolding to grab people’s attention. Many people just skim read and look for the important points, so make those points stand out. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
Today I’m going to explain what circus dogs and top mortgage brokers have in common. Inspired by my experiences of coaching people, I asked myself “why do some people crush the mortgage business and why are others crushed by it?” I discovered it all comes down to drive. I saw a documentary about circus dogs that helped to explain this. The trainer was asked how he finds dogs that can perform tricks. He explained that he goes to the SPCA, or wherever, and walks down the aisle bouncing a ball. He looks for the dogs that follow the ball. That’s how he knows they have drive and are trainable. The same can be said for the brokers who really succeed. You can see when you’re talking to them that they have that drive and dedication. So how do you know if the business is for you, and if it is, how do you foster that drive for success? Firstly, drive is more important than experience. You can be in the business for one year and outperform people who’ve been brokering for years if you are dedicated. It comes down to having passion, humility and willingness to learn. Don’t be afraid to say you don’t know and ask fort help. What if you don’t have drive? Try and reconnect to your why. Why did you start this business in the first place? What motivated you? Rediscover it and use it as fuel. Finally, be bold and take risks. Don’t be afraid to ask for business. Don’t be afraid to put yourself out there. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
Why do you need to stop calling all your leads if you want your business to grow? It sounds counter-intuitive. You’re drowning in leads as well as everything else you have to do. You’re thinking you have to work more hours to fit everything in. I’m not saying don’t call any of your leads, I’m saying you aren’t the one that needs to do it. In our business, my partner Jewels doesn’t call any of the leads that come in for her. She sends the lead information onto her Client Care Specialist, Becky, and Becky is the one that calls them. There’s no task switching on Jewels’ end. There’s no dropping everything to pick up the phone. Jewels can stay focused on what she needs to do and Becky books the discovery calls for her. If your business is online lead based, this approach isn’t going to work as well. Online leads won’t jump through the hoops that referral-based leads do. Before Jewels even talks to the client, Becky preps them to pre-fill the application online and to gather any documents they need. All of this saves time for the client and for Jewels. People don’t care who calls them, as long as someone does in a timely manner. Using this approach also cuts down on phone tag, making the experience smoother for the clients. Finally, having someone else handle your incoming leads only serves to make you look more professional in the eyes of the client. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
“What if Bill Gates was a mortgage broker?” That’s the question I’m diving into in this episode. I don’t mean what if he came into the industry and blew everyone out of the water. I’m talking about having a bulletproof mindset, how to cultivate it, and why it’s essential. Before he was as successful as he is now, Bill Gates used one strategy to keep himself centered and grounded. If he felt anxious about any new venture, he would look at a journal he kept of all his achievements up to that point. In the 10 Loans a Month program, we urge our participants to employ a similar technique. We call it the Brag Book, where you keep a record of every achievement you have made and any positive feedback you have received. Having the Brag Book to refer to is a great way to shift your perspective away from the negative. The mortgage business has a lot of ups and downs, but you can’t let one negative experience colour your entire process. Negativity tends to bleed out into everything you do, but you can counteract it by focusing on all the positives that you have achieved. I recommend spending 30 to 45 minutes gathering up any positive feedback you have received and listing all your accomplishments. Put everything together in a way that’s accessible to you and keep it to hand so you can always be reminded of what you have accomplished. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
Today, I’m sharing with you the three questions to ask yourself before you fire your assistant. I’ve certainly made mistakes when it comes to taking on new staff. I’ll share what I learned so you can make more informed choices about your hiring and firing process. If someone is making mistakes after joining your business, it can be frustrating. Before you jump straight to it being a people problem, ask yourself if it is something deeper. The first question you can ask is “is this a process problem?” Look at the issue and evaluate if there is something missing from your process. If so, change it, learn from it, and improve. The second question to ask is “is it a position problem?” If you have hired a great person and they aren’t excelling, look at their strengths. Is it possible to place them in a different role more suited to them? If neither of the first questions are the answer, it’s time to ask yourself “is it a people problem?” Look at the relationships within the business. Is it a personality clash? Are they just not right for your company or the role they were hired for? If the answer is yes, then it is time to look at letting them go. Firing someone is never an easy thing to do. If it is the only solution to the problem, make sure you do it in a compassionate and ethical manner. For tips on how to let someone go, see the links below. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com
In today’s inaugural episode of the 10 Loans a Month Podcast, I’m going to take you through the purpose of this new podcast, tell you a little bit about my background in the mortgage business, and explain what my superpower is. Each episode of this series will feature a strategy you can follow that will help you to grow your business. The series will also cover mistakes to avoid and some of the lessons I’ve learned during my time in the mortgage business. I have been in the mortgage business since 2006 and have been working as a coach for the last 4 years. I also host the successful I Love Mortgage Brokering podcast, a show dedicated to talking to professionals in the mortgage business and finding out what makes them tick. Everyone has a superpower, and I’m going to share mine with you. My superpower is asking questions to identify the superpowers of others, and then creating a strategy and process based around it. This way, their success can be shared in the industry as a blueprint to help others build their success and improve their business. To end today’s show, I’ll take you through the two things my business really excels at: helping people in the $8-$10 million a year range reach $25 million, and training assistants for the brokering business. Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, I Love Mortgage Brokering: www.ilovemortgagebrokering.com  
Comments (11)

Nicole Chater Bressi

Thanks Scott for all these amazing tips! As a new Mortgage Agent I need all the help I can get. The knowledge gleened from these podcasts has been extremely beneficial. Don't wait, start listening today!

Dec 7th
Reply

Nicole Chater Bressi

Thanks Scott for all these great tips! As a new Mortgage Agent I need all the help I can get! The knowledge gleened in these podcasts has been extremely beneficial. Don't wait, start listening today!

Dec 7th
Reply

Deepak Bansal - Mortgage Broker

This is an excellent podcast for any mortgage broker. Want to grow your business? This podcast is well organized, concise, has relevant info and is always on point! It's all REAL TALK --- listen to real fellow colleagues across the nation share their 'golden nuggets of wisdom'. This podcast is sure to help change the trajectory of business for many brokers in a positive way. Thank you Scott Peckford for putting this together, along with the ILMB Facebook Group, and always finding ways to help the broker community. Cheers, Deepak B

Dec 7th
Reply

Alain Sarara

Just love the podcast, great content, well detailed and I can't to listen to the next ones. Thank you Scott for this wonderful program. 👌

Dec 6th
Reply

Augusto Arrarte

Pointed and useful nuggets that continually improve your mortgage business. And all in less than 10 minute increments. As always, Scotts delivers engaging and valuable content. This podcast should be on every mortgage professional's 'must listen' list.

Dec 4th
Reply

Kelly Hudson

Great helpful hints for mortgage brokers from Scott Peckford created in "bite sizes" nuggets.

Dec 3rd
Reply

Pauline Loney

Great podcast, great info. I look forward to listening to every single one and can't wait for all the new ones. Thank you for doing this.

Dec 2nd
Reply

Piotr Dziewa

I love these podcasts, its like a cheat code to create a better mindset and be successful!

Dec 1st
Reply

Jill Gelston

I just became a mortgage agent a few short months ago and I want to get all the help and advice I can. I love these shows. Thanks for creating them. I'm learning so much and can't wait to start listening to the other podcasts as well. I love this community and will continue to absorb all I can. Thanks for these tools!!

Nov 30th
Reply

Heather Brandt

I'm not sure where I'd be in my career without the content created here , along with the I Love Mortgage Brokering Facebook page. Such relevant, practical advice for brokers, whether they are new to the business or seasoned veterans! Thank you so much for taking the time to create these platforms for us to learn from & find community in!

Nov 29th
Reply

Cheryl Shaw

Another solid program by Scott! Love the new format where its a quick listen and always great info and takeaways to incorporate into my mortgage business!

Nov 29th
Reply
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