Today’s guest is Asim Ali, a newcomer who has only been in the business for two years. Despite this, he has funded a combined volume of nearly $100,000,000. He is extremely action-oriented and began knocking on doors the day after he got his mortgage broker license. Asim tells us about how he was able to succeed so quickly and gives valuable advice to people who want to follow his path.
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[1:14] Tell me about your story, how you got into the mortgage business, and walk me through those first couple of years.
- I used to work in collections. I told myself “if I ever quit this job, I’m going to become a mortgage broker.”
- The day after I obtained my license I started knocking on doors.
- I made as many calls as I could.
- I would talk to people who were having open houses.
- Being in collections taught me that people get rejected all the time.
[6:42] You were making 150 collections calls per day to people who don’t want to hear from you, and then moved into being a mortgage broker where you are trying to give something.
- You’re helping people. People need you.
- The more knowledge you have, the more you’ll be able to provide.
- Don’t sell yourself short.
- Stop begging. They need you as much as you need them.
[10:22] Where is your business coming from? You went from $3,000,000 to $30,000,000; what was the source of that?
- Real estate agents, past clients, real estate lawyers, accountants; it’s a big mix.
- 35%-40% is “A” business, 30% is “B” business, and 20%-25% is private business.
- Everyone wants to go after “A” business. I started realizing that there is so much other business out there.
- Some days I work for 12-15 hours.
[13:42] Tell me about who you have on your team and what they do for you.
- I decided about a year ago that I needed help.
- I convinced a former broker that I knew to get back into the industry.
- I then hired someone who goes over the documents, stores data, sends emails, etc.
- I do the initial meetings myself.
[15:04] Walk me through the process when a lead comes in.
- When they call me I’ll ask them 4-5 questions.
- I like to set up a meeting on the same day or the next day.
- Once they sit down with me, the trust is established.
- I enter the initial data, but the rest will be entered by the team.
[18:11] Tell me about the first real estate agent that said they would work with you.
- I called him and talked about how he had lots of listings in the area and we set up a meeting for the next day.
- That evening after the meeting, he called me and asked if I could see a client tomorrow to talk about a mortgage.
- I build trust by being confident.
- It’s a matter of showing you know what you’re doing.
- I had sleepless nights. There were definitely a lot of crazy moments.
- The business took about 6 months to gain traction.
[23:02] In the early days, how many people did you call per day and how did you decide who you were going to call?
- Anytime I was at my house, I felt like I needed to get out.
- I didn’t keep track, but I called a lot of people.
- Any time I saw an opportunity, I went in.
- A real estate agent kept delaying me, and then met me because I was persistent. He invited me to set up in his office.
- I tried to be really consistent in what I was doing.
[29:02] What percentage of your business came from being in that office?
- About 50%-60%.
- It takes time to develop relationships, and you have to be there every day. You can’t be working from home and expect to establish relationships.
[30:19] How do you handle the objection when people think you haven’t been in the business long enough?
- People used to ask this question a lot because they would “smell” inexperience.
- I always gave the answer “long enough to know everything.”
- No matter how much you know, you know more than the average person about mortgages.
[31:43] Is there anything else that I should have asked you or that you think would be great for the audience to hear?
- For new brokers, contact other mortgage brokers and stay in touch.
- You can pick out a lot of things that worked for them that will work with you.
- Don’t reinvent the wheel.