The FASTEST Way to Break the 10 Deals/Month Barrier (Working Smarter, Not Harder!)
“Start thinking less like an operator and more like an entrepreneur. Focus on setting up a business that sets you free and not a business that enslaves you.” - Doren Aldana
Welcome back to The Legendary Lender Podcast! Today we are discussing a very compelling and valuable topic to anyone in this business and that is the fastest way to break the ten deals a month barrier. So often, we meet mortgage professionals who just don’t see how it is possible, but it is attainable with some game-changing shifts in mindset.
Using a memorable analogy, we’ve got three brakes to release in your business and three throttles to accelerate. That means that there are many common things loan officers are doing that are actually holding them back. Let’s release the brakes on those and focus our attention on the things that will push your business forward: the throttles. In this episode, we discuss what the brakes and throttles are, why they have an impact, and real-life personal stories that exemplify each strategy.
Remember that the goal is to always work smarter and not harder. Unfortunately, many mortgage professionals are doing things the hard way and it is causing them to sacrifice time with their loved ones to pay the bills. That’s not living your best life. So listen on to find out the areas to focus your time and energy on and where you can make changes in your strategies to find the shortest path to the cash.
“If doing loans paid you $200 to $500 an hour to do discovery calls with realtors and to treat your customers right and close loans, why would you do $10 an hour quality work?” - Al Rodriguez
Show Notes:[2:12] - There are three throttles and three ways to release the brakes.
[2:52] - The first brake to release is: Working in your business rather than working on your business.
[4:21] - Al shares how no matter how many years of experience he has, working on the business with Doren and Jed has been a completely different experience.
[6:09] - Working in your business is a stepping stone to working on your business. Jed admits that his struggle is when to give things up and delegate.
[7:30] - Jed is an active loan officer and averages between 10-20 deals per month. He is a control freak, but recognizes that delegating tasks will help him keep those numbers up.
[9:22] - Doren recommends the book The E-Myth Revisited by Michael Gerber for that entrepreneurial mindset.
[10:29] - What is the difference between an operator mindset and the entrepreneurial mindset? To get to 10+ deals per month, we need to shift our mindset.
[11:38] - The second brake to release yourself from is inconspicuous. That is “stepping over dollars to pick up dimes.” Doren gives some examples.
[13:05] - Al shares a story of a mortgage professional spending time on tasks that could have been done by someone else so he could focus on more important things.
[16:01] - Jed worked with Doren to boost his 2 deals per month to 20. He was able to do this by narrowing his focus.
[17:19] - Jed’s strategy in the beginning was all over the place and he explains how that was not worth his time and money.
[18:01] - By taking the time to create a relationship with realtors, Jed has proven to them that he wants to help and is driven to provide the best service.
[19:23] - The next brake to release is “waiting for the phone to ring.” How many hours of your work week are dedicated to lead generation?
[20:43] - You’re not in the mortgage business. You’re in the marketing business.
[22:49] - Sometimes you have to step out of your comfort zone.
[23:40] - Jed shares that the fear of failure is the main thing that
[24:18] - Jed lists some ideas on how to make this automated and easier. His automatic campaigns took the reluctance of cold calling out of the picture.
[26:11] - It doesn’t take much to make a game-changing shift to your lifestyle.
[27:34] - Something to “throttle” or accelerate is to attract without cold calling.
[29:02] - Al explains what they do at Best Life Mortgage to provide coaching and training by working fewer than 35 hours a week.
[30:42] - Al also recommends the automation strategy but also emphasizes the importance of following through.
[33:04] - Doren explains what he calls “elegant simplicity” and the shortest path to the cash.
[34:40] - It’s not just one thing that you can do. You should be using social media to attract people and befriending realtors.
[37:07] - There’s only so much help you can get with attracting others. You have to attract others with your relationship building and mindset.
[37:40] - Another throttle is “less paper pushing and more rain making.”
[38:58] - If you don’t have great processing, you are the processor.
[39:43] - Al shares the stories of loan officers who are doing more than they should.
[41:29] - Many mortgage professionals seem to be assisting the processor instead of the other way around.
[43:18] - Jed shares a personal story of having an issue with his processor and decided to do everything himself. He admits that he is happy that he did that but is very glad to be stepping out of that responsibility.
[45:34] - Everyone needs a series of technologies and people to process loans.
[47:06] - The third throttle is mastery mentors. Not all mentors are created equally.
[47:59] - Look for a mentor that is relevant and cutting edge. Is your mentor equipped to help you maximize your income and worthy of emulation?
[49:47] - It’s not all about technique. Mentors should be all around what you want to emulate. Work with the people who help you get there.
[51:36] - Having a mentor is Al’s number one recommendation for everyone to have for their business.
[52:21] - If you are licensed in Texas, South Carolina, or Florida and are ambitious to make a lot more money with a growth mindset, the team invites you to take the next step with Best Life Mortgage to see if you are the best fit.
“Working in your business is a stepping stone to working on your business.” - Jed Barker
Links and Resources:The Legendary Lender Home Page
Best Life Mortgage Home Page
Mortgage Marketing Coach on Facebook
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