16 episodes

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.

10 Loans a Month Scott Peckford

    • Entrepreneurship
    • 5.0 • 48 Ratings

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.

    Aim Small to Grow Big

    Aim Small to Grow Big

    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

    • 8 min
    What I Would Do if I Moved to Your City?

    What I Would Do if I Moved to Your City?

    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

    • 9 min
    How to Buy a Book of Business

    How to Buy a Book of Business

    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

    • 7 min
    Think You're Organized? Take This Simple Test

    Think You're Organized? Take This Simple Test

    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/

    • 6 min
    Can One Mortgage Broker Fund 250 Files a Year?

    Can One Mortgage Broker Fund 250 Files a Year?

    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

    • 7 min
    How to Deal With Haters

    How to Deal With Haters

    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

    • 9 min

Customer Reviews

5.0 out of 5
48 Ratings

48 Ratings

wasaga beach broker ,

Great!

Important lessons, to the point! Love that you are offering such valuable information so efficiently! Very generous of you Scott, and inspiring!!!

LaraRockefeller ,

So helpful!!

So helpful as a new mortgage agent. I love how real and candid Scott is. Great podcast!!!

GriffinsJetta ,

Big fan

New to the industry and using many of the tips and tricks Scott presents. It’s helped me exceed my targets and set goals for the future.

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