We are joined today by Sherry Corbitt, a mortgage broker based in Brooklyn, Ontario. Sherry was originally a realtor, but a major accident put her in a position where she needed a new career. Mortgage brokering was a natural transition for her because many of the skills she learned as a realtor transferred to the mortgage industry. Despite a disappointing first year that saw her closing just one deal, Sherry is now quite successful and oversees three staff members. She tells us about the decisions that have made her business successful, such as sharing her office with an insurance broker.
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[1:06] Tell me a little bit about yourself and how you got into the mortgage business.
- I’ve been a mortgage broker for ten years. Before that, I was a realtor.
- I had a major accident and needed to make a career change, so mortgage brokering kind of fell into my lap.
- I have an office in Brookfield, Ontario with three team members.
[2:37] How was the transition from realtor to mortgage broker?
- I was in the new home sales market. In new home sales, it’s a lot of order taking and matching up the client with the product, and that’s exactly what mortgage brokering is.
- I enjoyed being a new home realtor and I was good at it, but it’s like having a boss. I’m not meant to have a boss, I’m meant to be my own boss.
[4:08] What’s a quote that’s really had an impact on your life or business?
- “Go the extra mile, because it’s never crowded.”
- I feel like if you do a little bit of extra work, like calling the lawyer twice instead of once, the clients appreciate it.
[6:36] Can you share something you failed at and the lesson you learned?
- In my first year of business, I wasn’t authentic to my own marketing. I feel like I wasted my first year not finding my own voice. I only did one deal in my first year.
- I feel like I did everything that everybody else does, when I know that I have a creative side. I should have done thing my own way.
[7:48] What is something you did in your second year that was authentic and started to help you build your business?
- I’m very charity-focused, so we started running charity events.
- I co-own my business with an insurance broker. We share a database that we can use for referrals to each other.
- We decided to offer income tax filings through our office just to bring people in. About 20% of our business has come from people we brought in through this.
[10:47] If you were starting over, what are the things you would do in the first ninety days to get your business going?
- I would host community events. You don’t need to hit people over the head with the fact that you do mortgages. That will come. They need to know you and like you first.
[12:02] What is the biggest change that you’ve made in your mortgage business in the last twelve months?
- I hired a full-time staff member that I know, like, and trust. I delegated work, and what a difference it made.
- I had a goal to be a public speaker, and this year I was offered to travel across Canada and speak in nine provinces.
[14:12] What’s one thing that you’ve picked up from being a part of our coaching program?
- The best one is that you can’t do it all; you’ve got to delegate. I trust my staff members to do the work.
- It helped me realize that I was at the level where I could pass things on to other people.
[16:07] These are some rapid-fire questions.
- What’s the one thing holding back most mortgage brokers from being successful?
- What’s one thing or habit that you think has made you successful?
- Getting enough sleep.
- What’s one internet resource that you use in your business that you find helpful?
- Zoom (video conferencing software).
- If you could recommend one book for our listeners, what would it be?
- The Disney Way.
[19:01] Where do you think our industry is headed? Where’s the opportunity?
- I think a lot of the opportunity is going to be in the alternative lend.
- If the banks say “no,” it doesn’t mean it’s a no. We need to get out there and show clients that
[19:53] If you received $100,000 that you had to put into your business, what would you do with it?
- First, I would spend some on education. You can never learn enough.
- I’d put some into Google AdWords.
- The last thing I would do is hold a community event monthly.
[21:22] Is there anything else I should have asked you, or do you have a last word to end the show?
- If you’re not sure what to do and you have spare time on your hands, learn.