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A Mindful Approach For Mortgage Brokers

By | Blogpost, Goals

How tight is your bond with your customers?

As a mortgage broker, your success is influenced by people’s desires to shop around for the best deals, and by customer retention. In today’s information-rich market, consumers don’t feel obligated to do repeat business with the same mortgage broker if they can get a better deal elsewhere.

However – a lower rate isn’t everything. The experience is everything.

The Value of Customer Experience

When you look at statistics of how customers perceive their banking experiences, the numbers are quite sobering:

  • Nearly ⅔ are dissatisfied with their banking experience.
  • ⅔ are frustrated with communicating with their banks (for example, automated customer service that makes them feel like they must jump through flaming hoops in order to speak to a live person).
  • More than 50% dislike the inconvenience of not being able to access information via their preferred communication channel.

It’s not surprising, then, that retention rate is low and customers will comparison-shop at every opportunity. Getting into the minds of your customers can help you better serve and retain them. Every customer has a different background and more importantly, a different money mindset.

The old mortgage model used to be: if you have (x) in your portfolio and your assets are valued at (y), you automatically qualify for (z) amount.

But today, things are different. This model doesn’t consider that there are many ways that people think about, manage, and use their money. Knowing your customer’s money mindset helps you give them the best experience possible.

Different Customer Types

Money is more than just a means of exchange. It’s part of an individual’s identity and determines how much risk an individual is willing to take, whether they are more apt to follow their gut or their spreadsheet, whether they are ‘savers’ or ‘spenders’ and how a big purchase like a home fits into their life’s goals.

  1. Achievers love to feel in control and prepared for the future. They have a specific budget, clearly defined goals, and they are rigorous in sticking to the budget. Long-term financial goals are important to them. They will appreciate advice on how to maximise their returns, and are typically ideal candidates for creating a real estate investment portfolio.
  2. Intuitives are intuitive money handlers. They are less interested in guidance from mortgage professionals (often eyeing bankers with great suspicion). Intuitives are dedicated savers, conscious value shoppers. They understand the value of trade-offs such as buying a smaller home so that they are not house-poor and can spend money on things that matter to them. They value a direct and no-nonsense approach without any hidden surprises.
  3. Balancers look to get the best deal, and they are conservative with their financial plan. Balancers are cautious and risk-averse. They will exhaustively comparison-shop in order to save money. They are faithful savers and value mortgage services that give them the most value for their money. Balancers appreciate knowing all of the options available to them and need to have those options presented clearly upfront.
  4. Experiencers put lifestyle first. They are impulsive, prone to splurging on experiences such as travel. If a home buying opportunity presents itself they don’t hesitate to jump on it, even if it means paying higher interest rates. They will see a villa in Tuscany and call their banker immediately. A mortgage broker will satisfy this customer by making it as easy as possible for them to make a purchase. The Experiencer is willing to pay more for the convenience and immediate gratification.

Now that you know the types of money mindsets, ask open-ended questions to help you identify each customer’s money type, including their values, needs, expectations, money behaviors, and goals/desires.

This will help you avoid one-size-fits-all mortgage solely based on income. Customers will appreciate this approach, and will be more likely to do repeat business with you and give you glowing references!

The Power of Outsourcing

By | Blogpost, excellence, Goals, management | No Comments

Today I want to share about the power of outsourcing.

What is outsourcing?

By definition, outsourcing is the practice of having certain job functions done outside a company instead of having an in-house department or employee handle them; functions can be outsourced to either a company or an individual.

We’ve been outsourcing now for a number of years and we’ve got an amazing team.  We’ve got about ten on our team that we outsource and work closely with.

Just this morning we had our team meeting which is pretty cool, when you got people around the world jumping on and finding out the wins of week – what’s working and how we can improve the business.

So, it’s a powerful opportunity – OUTSOURCING.

What I find is that, people obviously want to outsource and they want to increase their profitability, increase their cash flow.  And also, just get rid of all that stuff.

So, we know that there’s a need. And we know that outsourcing needs are just going through the roof. The scales and numbers of the infiltration of outsourcing – the power of outsourcing is quite phenomenal.

But how do you do it? What are the steps? What’s the process?

How do we go in and not be burned and how do we actually really get great work done?

Outsourcing as a Powerful Opportunity

So here’s a little thing. I’ve got a little webinar and it’s a training webinar to take you through the seven (7) steps of outsourcing to really show you how to scale, profit and really leverage your team through outsourcing.

So if you want to jump on, all you really need to do is just type in below “I’M IN.” And I’ll send you the link to register for the training webinar.

Because the reason being is, if I could show you the ways to really work on your own genius and outsource the rest – the profitability is huge. You will learn to focus on the things that you love, so therefore you can start to generate more things. And you can start to dish off and delegate everything else.

And I know that we’re working with our clients when I actually get to do this – the revenue goes up. The profitability goes up. They save more.

The team actually enjoys more because they are not bugged down into the day to day stuff.

So I’m going to take you through the seven (7) steps to outsourcing. Simply comment below “I’M IN,” and I will send you through the details.

There you go! The power of outsourcing to really help you scale, become more profitable and leverage your team.

Making Big Decisions in Business

By | Attitude, challenges, mindset | No Comments

Someone said to me the other day, “you know what? There are only a few weeks until Christmas.

Can you believe it!? Things probably shorten them. So hopefully we’ll be seeing, maybe not hopefully seeing those Christmas decorations out shortly.

Let’s take this opportunity again to review your week. Always here at the Tribe, we take stuff and look at what’s been some of the wins and some of the lessons. What are the things that we’re proud of? Some of the things, well you know, maybe a little bit outstanding? What are the key lessons along the way?

So, what has been some of the wins and some of the lessons that you’ve achieved this week? I’d love to hear what are you most proud of. What are the aha! moments you have learned along the way?

One of the things that we go through with our clients is how to actually make the big decisions in their business.

I just shot a cool little video in our group called “The Real Estate Tribe” on this topic, and if you want to find out more about this video – just comment below “Tribe” and I’ll send you the link to this awesome little group.

Start Making Big Decisions

So often we get in a crossroad and we get confused. We get at a rabbit hole of “how do we make these big decisions?” You know, we get so ingrained in the rabbit hole and we can’t see the light – we can’t see the goal post, we can’t see the light at the end of the forest.

It is easy for us to make small decisions like what to eat. We often do not give it a lot of thought, but we get stumped when making major decisions – be it personal, or business. We get stuck in a limbo for weeks or even months.

And this video, what I did is show people how to actually walk you through that process of making the big decisions.

So, I’m happy to share the video with you. Just simply type-in ‘Tribe’ below and I’ll add you to our cool little Tribe that shares some of these great little tools and techniques.

So, what are some of your wins? What are some of your lessons throughout this week? Love to hear your thoughts, love to hear your comments.

There you go! Short but sweet.