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If you’re like most brokers, you’re probably working like crazy dealing with the banks and all the compliance you’re forced to take care of.
And unfortunately, it doesn’t leave you much time to get a lot else done.
Over the last 10 years since starting Broker Profits Vault, I’ve helped many brokers solve this problem and grow up to $100 million a year in loans.
And in my experience, while dealing with lenders and compliance is a major drain on your time, there are ways you can stop it from holding you back from the business you’re working hard for and deserve.
The problem is, most brokers find themselves so busy working with clients, the banks and dealing with compliance there’s no time left to do anything positive for their business.
And this means, instead of spending time each day to take your business to the next level you’re probably just glad to get the work done before you finish up at night.
And worse still, the number of loans you can write before you run out of hours in the day typically isn’t enough to give you the income you really want.
If this sounds like you then don’t worry.
It’s not your fault.
It’s called the ‘Capacity Trap’ and it happens to all brokers at some stage. Many get stuck there for years, and some never escape.
It’s when you’re so busy working on client scenarios, processing applications and doing all the compliance and follow-up, you don’t have time to work on the business and grow. And as a result, you never break past a certain (usually low) volume of loans.
You become ‘trapped’ spending 100% of your time on clients and loans, leaving 0% free time to create the systems, build the team and develop the marketing and referral partnerships you need to actually grow the business.
So what’s the solution?
I have been coaching brokers for over 10 years and have found there are three things you need to escape the Capacity Trap and send your business and your income soaring.
First, you need to understand ‘Mortgage Business Maths’, the formula behind growing a successful business. Most brokers are just working hard, with no set numerical goal and no defined actions to reach those goals.
Second, you need to understand the most efficient ‘Team Building Model’, so you avoid hitting the Capacity Trap as you grow. Most brokers hire the wrong person at the wrong time, or worse, don’t hire at all.
Third, you need to install ‘Business Accelerators’, to leverage your skills and time. Most brokers install strategies in the wrong order, or at the wrong time. Worse, I see many wasting time on strategies that don’t actually grow their business at all.
How do you learn these three things?
Unfortunately, you will not find this specific information at any industry events, because it’s highly specialised and I’m the only one teaching it.
That’s why I created a live workshop called ‘The $100M Blueprint’, where I reveal the principles all our clients follow to escape the Capacity Trap and grow highly efficient and successful businesses.
These workshops run around Australia throughout the year. To get the details, dates and book a seat at an upcoming workshop near you – click here.
Contributor James Veigli is the founder of Broker Profits Vault – helping mortgage brokers grow since 2008.
