Chuck Nash is here today to talk about his business, Mortgage Guys. Headquartered in Guelph, Ontario, Mortgage Guys was founded in 2015 by Chuck and his business partner after patrons of the two bars they owned began asking for private loans. The two then decided to pursue mortgage brokering full-time. Chuck talks about his journey through business and mortgage brokering, including a failed health food store venture that taught him some valuable lessons. After avoiding doing business with realtors because of the negative attitude of a mortgage broker that Chuck had hired, he learned after taking Scott’s course that this was a big mistake. Chuck shares additional important insight he gained from the course that has vastly improved his business.
Timestamped Show Notes
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[1:03] You’re one of the most innovative people I know. Before we get into that, how did you get into the mortgage business?
• My business partner and I owned two pubs and a broker came in on a regular basis. He asked if we wanted to do a private loan, and we did. We did several more over the years.
• It evolved, and people started coming into the pub looking for loans.
• We decided to transition to full-time mortgage brokers. We opened a brokerage in 2015.
[3:02] Can you share a quote that has really had an impact on your life or business?
• “Don’t wait for your ship to come in. You need to swim out to your ship.”
• In this business, you can’t wait at your desk for files to come in. You need to get out there.
[4:02] Can you share something that you failed at and the lesson that you learned from it?
• We opened up a retail store, and the lesson we learned was location, location, location.
• That’s one of the reasons we’re going to move our office soon. We want to be in a better location with more exposure.
• The business lasted about two years.
• We also concluded that it wasn’t our passion and our hearts weren’t really into it. We lost a lot of money.
[5:59] You started the brokerage in 2015, but when did you go full-time and remove your focus from the bar?
• About eighteen months ago (spring 2017). We decided I would focus on brokerage and my business partner would focus on the bars. We just sold one bar and hope to sell the other soon so that we can both be full-time.
[6:35] If you were to start your business over again, what’s something you would do in the first 90 days to get it going?
• Take your course.
[6:44] That’s very kind of you. You came in with a different mindset. Tell about that and how it changed.
• To open the brokerage, we brought on a principal broker. He had a real negative mindset towards realtors, so we avoided working with them at first. That was a mistake.
• Your program turned that mentality around for us, and it has had a huge impact on our business.
[7:49] What is the biggest change that you’ve made in your business in the last twelve months?
• Changing our process. We’re still tweaking it, but we didn’t have a customer journey twelve months ago.
[9:12] What is the single biggest takeaway that you have gotten from our program?
• The “secret sauce” is realtors. They’re dealing with buyers and sellers every day. The more realtors you can bring on, the faster you can bring them on, that’s going to accelerate your business.
• Within one month after taking your program, I brought on nineteen realtors.
[10:33] What is your vision for the future?
• We’ve recently had some interest in some other people taking the brand on.
• We’re looking to expand the brand nationally, whether it’s just us or through partners.
• It’s a great brand that sticks.
[13:19] Where do you see opportunity in the mortgage business in the next three to five years?
• The opportunity is going to be diversification. The process has become more difficult, and our need is going to grow through that.
[14:09] I’m going to do some rapid-fire questions.
• What’s the one thing holding back most mortgage brokers from being successful?
o Not getting out there.
• What’s one thing or habit that you think has made you successful?
• What’s one internet resource that you use in your business that you find helpful?
o Guusto to send gift cards to realtors.
• If you could recommend one book for our listeners, what would it be?
o The Disney Way.
[16:08] If you received $100,000 that you had to put into your business, what would you do with it?
• I would advertise through local radio and TV. I think if I hammered that with our brand name, it would really stick to people.
• I think using Facebook as a lead generation tool is a waste of money. Everybody I’ve talked to in this industry has not succeeded at it.
[17:50] Is there anything else you’d like to share?
• For anybody that’s new, don’t get discouraged. It’s a big market, and you only need a sliver to carve out a decent living.