Critical broker error highlighted

by Madison Utley23 Jul 2019

While new to industry brokers are often eager to hit the ground running, it is crucial that they thoughtfully consider what their end goal is to better know how to direct their efforts, says a seasoned industry player.

James Veigli, founder of Broker Profits Vault, feels this critical step is missed by too many brokers, and has focused the first stage of his 10X Broker Plan on how to establish goals and the routines to achieve them.

“The problem is that a lot of mortgage brokers don’t think about the end goal properly. They just start doing, or they go out and try to imitate what others are implementing in terms of building their business – but all of that is irrelevant if you don’t start with the end in mind,” he said.

“We get brokers to really think about what their end goal is in terms of income and lifestyle, and what sort of business they want to build to achieve that.”

The 10X Broker Plan aims to help brokers reach $100m a year in deals and has been shaped by Veigli’s experience as a mortgage broker plus his decade of coaching in the industry.

According to Veigli, it is crucial to not only identify a solid goal, but to formulate a ‘Game Plan’ – a way of thinking and strategic tools that break goals into day-to-day projects and achievable tasks.

Veigli considers traditional business plans to be a “waste of time.”

“They’re too complex and convoluted and often not actionable, and so they just end up at the bottom of a drawer. The Game Plan asks where you are, where you want to be, what projects you need to be actioning right now and what steps you need to start taking from the get-go to make it work,” he explained.

Brokers participating in the plan utilise a ‘scrum board,’ a management framework that helps facilitate getting things done.

“You take a set of projects and action steps and you put those onto a physical, visual board which gives you a snapshot of what you need to do. You can then see your progress at a glance, and instantly see what you need to be doing at any point in time. It’s a really powerful tool,” said Veigli. “Ambitious mortgage brokers want to grow their business, but if you don’t block out times in your schedule to focus on your business uninterrupted, you’ll be endlessly distracted by emails and phone calls,” he added.

As such, the final step of the growth stage is to create a routine.

“We give brokers a framework to set up a daily morning routine, so that they start the day on the right foot. If you do that, it’ll lead to higher energy and greater success rates,” said Veigli.

The 10X Broker Plan is available as a free online workshop for mortgage brokers and business owners. To register – click here.