A simple goal every mortgage broker should be focused on this year

Goal Setting

Welcome to 2016!

Today, like most people begins my first official week for the year. And just like I’m sure you are, I’m pumped and really excited about the year ahead.

January is traditionally a time that people are setting goals and planning the year ahead for their business. However, as I’m sure you are aware, studies have found that when reflected upon, most people fail to reach the goals they set for the year.

Reasons why this occurs vary but for the most part, the general consensus seems to be that the goals people set are either too vague, ambitious or too many.

As for me, I’m not a massive believer in goals, but I do think that having 2-4 specific goals for the year will help guide you in the general direction you need to be taking.

And one simple goal that is always on my list every year is to try and solidify one new referrer relationship for the year…

As brokers, when it comes down to it we all want the same thing – big settlement numbers!

However, simply saying something like, “My goal this year is to double my settlement numbers,” puts you in the too vague category.

The best way to achieve larger settlements is to obviously increase the amount of leads you’re getting in your business.

And when it comes to leads, the ones you always want to be focused on are:

1. Referrals from existing clients.
2. Referrals from professional relationships such as accountants, financial planners, solicitors and real estate agents.

The reason for this is because referrals from either one of these two will always be the warmest type of referral you can get. These type of leads have come to you via a personal recommendation from someone else. When this happens, your perceived level of value is automatically raised and your lead is highly unlikely to shop you around if you’ve got your sales process down pat.

I have a strong belief that in order to have a successful mortgage broking business, all you need is 5 solid referral relationships with other professionals. If each of these people can refer you 3 leads a month, that’s 15 leads in addition to the 1 or 2 you will get from existing clients.

If say your average loan size is $600,000 it will mean that you only need to settle 5 deals a month to end up with a $36M settlement year. When you’re getting 17 quality leads a month that means that you only need to have a closing ratio of 29% in order to achieve that goal.

As small business owners, we’re all stretched for time so when I look at what is the best allocation of my time in order to improve my overall settlement numbers, establishing a referral relationship trumps all other goals every time.

Referral Generation Formula

To help you achieve this goal, I’ve put together an ebook titled – Referral Generation Formula which you can download right now by clicking here.

I know some of you have already downloaded this report as it’s now on the home page of the website, but if you haven’t it’s definitely worth spending 5 minutes today to give it a read.

2016 is going to be a big year for Broker Elite, I’m currently working on a new product which I will hopefully have out a bit later in the year so will keep you up-to-date as things progress.

I’ve also spent a bit of time over the break to update our products page so if you aren’t aware of the different products that Broker Elite has available for you go check it out here.

Wishing you the best of luck for this year, I will be committed to making sure this is year will be the breakout year for your mortgage broking business.

Committed to your success,

Tim Russell