Mortgage Broker Revenue Growth 4K

Published: Sep 02, 2024 Duration: 00:04:42 Category: Education

Tags : finance business growth mortgage revenue scale business

Trending searches: mortgage broker

I'm on a walk and thought I'd quickly record some information on how to scale up your mortgage business as loads of mortgage brokers are trying to scale up at the moment they've been relying on estate agents to pass them leads and it's not particularly scalable and if you don't have a relationship with an estate agent it's hard to build that and the other way people have been getting business is through Word of Mouth referrals which isn't great and I've made other videos on that on the fast so how can you scale up your mortgage business first strategy is using paid traffic which is ADS lots of mortgage brokers start to do ads and then they fail because they only give it three months and they expect to get a return on investment straight away whilst it is possible to get a return on investment straight away the best strategy for ads is to increase your sales funnel so add extra steps into your sales funnel if you're expecting to get results straight away off of pay traffic it's like you're expecting people to see an ad about you and then automatically trust you so what is the goal from the ads the goal from the ads is to get them to engage with you whether that's to get them to follow your Instagram whether it's to get them to follow your Facebook page and then you can start making contact from there once they have given some initial interest but you don't then pitch them about helping out with their mortgage you give them free value the reason for this is so that you can build trust when you're getting the leads from the estate agents or from Word of Mouth referrals you're using the trust off of the people that introduced them the relationship off of the people that introduced them to help with your close ability so it's a lot more straightforward whereas when it's cold traffic it's a lot harder to close the business unless you add these extra steps it's like expecting lots of people want to go on a date with you just because you posted a cool Instagram photo doesn't work that way you'd have to make contact with them build a relationship ship and then ask them to go on a date another strategy you can use to scale up your mortgage business is using cold outbound so cold outbound could be emails it could be LinkedIn it could be cold calling obviously there's restrictions about doing cold Outreach for mortgages so you need to be more strategic with the Outreach you can reach out for private medical insurance you can reach out for General Life Insurance you want to automate this because this can take a lot of time and you want to have scripts that work and you don't want to have to waste a Year trying and testing different ideas we've scaled up a mortgage business purely from cold outbound before so it definitely does work you just need to do it in the right way another way is creating new partners so new partnership relationships this is away from estate agents because like I said a lot of estate agents already have Brokers inh house it's instead looking at accountants looking at solicitors looking at developers it obviously requires a sales funnel in itself to build these relationships however when you do they can be very fruitful for both parties because you'll give away some commission and they'll give away their clients you can also build Partnerships with any any business by offering discounted Mortgage Solutions to their employees another way that you can increase your mortgage business revenue is by increasing the conversions I guarantee that anyone watching this video doesn't have 100% conversions all the time unless they're only speaking to one client a year how can you boost the conversions by getting external help by guessing someone in that's more experienced that's a sales person in mortgages that has a higher conversion rate than you do and guessing them to break down what you're doing what they're doing and where the differences are you need to look at the full funnel for this you can't just look at each meeting by meeting another way which sounds really obvious is pricing so many mortgage brokers are undervaluing and underselling themselves charging little to no broker fees when people are happy to pay for a premium service as long as as you back the offering back the service that you deliver there is no reason you shouldn't be charging a broker fee we've seen Brokers charge anywhere from £400 up to £2,000 per application this can very quickly add £8,000 to your monthly Revenue even if you're only charging £400 and doing 20 application per month finally is building out a new offer I'm not going to reveal what I mean by a new offer in this video however feel free to message me comment and we will see if the new offer could fit your business it's looking at a new approach to mortgage broking how you can charge more do less and have happier clients

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