The truth about mortgage broking is that it isn’t a finance business.
If you run your business purely focused on the finance aspect of it, you will struggle.
It’s also not a ‘making people’s dreams come true’ business, ‘helping people buy homes’ business, a ‘saving money’ business or ‘selling home loans’ business.
We might do those things and that is how we generate an income, but they are just the end result of our efforts.
In the same way, a successful bar is not an alcohol business. Selling alcohol is how they make money, but if all people wanted was a drink they could get it a lot cheaper at the local bottle shop. Instead, the bar is a place that people want to go to socialise, to see others and be seen.
Also, no bar can really do anything different than any other bar in terms of the drinks they sell. They can specialise in certain kinds of drinks – like being a whiskey bar or cocktail bar – but ultimately any other bar can open up right next door and do exactly the same thing.
Yet, some bars are very popular and others are empty.
People don’t travel out of their way to a particular bar because the drinks taste any better or are cheaper (in fact, they are probably more expensive at the more popular bars). They travel there because it has a reputation as a place to go that is directly relevant to them – the music, atmosphere and similar people to themselves (or people they want to be like or be around).
A bar may put a live band on to attract people, but they don’t make money from the band. The band is their marketing that draws people in. If the band is well known and draws customers in, they are going to get paid very well to play, whilst the person serving drinks is getting paid minimum wage.
This is because the band is doing the most important thing that really makes money – attract customers. The person performing the service just has to do an okay job of serving people and making drinks. Of course, we don’t want bad service as that will eventually drive our paying customers away, and great service will help ensure customers keep coming back, so we definitely want that as well. But it is irrelevant if you don’t have clients in the first place.
Just like with a popular bar, being successful as a broker is about making yourself the prize.
The truth about mortgage broking is that people buy the who and NOT the what. It’s all about building your reputation.
The truth about mortgage broking is that you aren’t selling finance, you are selling yourself as the best person to solve their financial problems.
Just like a bar builds a reputation that draws people in, so must you. You need to build your reputation to your target market as the person that has expertise that is relevant to them and that you can be trusted to deliver.
What I do is to help you build that reputation in a systematic way that leads to sustained success – where your clients see you as the prize and the person they automatically turn to when they need finance.
The hard part is creating the systems that do this – but fortunately for you I’ve already done that and you just need to plug them into your business.
I have proven online and offline systems that we apply to your business – some I do completely for you behind-the-scenes, some you just add in to your existing sales process.
Call me today to discuss how I can do this for you.