Today we are joined by Dan Mizrahi. Dan started in mortgage business only four years ago as a brand-new career in a new city. He has quickly got his business up to $30,000,000 in production and has goals for an even bigger increase.
This episode is sponsored by Finmo. Finmo is Canada’s fastest growing mortgage origination platform. To find out if Finmo is right for your business visit www.finmo.ca/scott
Timestamped Show Notes
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[spp-timestamp time="2:19"] How did you get into the mortgage business?
- I’ve been in the business for four years. Prior to that I was in finance for about 12 years trading interest rates.
[spp-timestamp time="5:19"] Is there a quote that’s had a major impact on your life or business?
- Basically that you should have no Plan B, because if you do, when one idea fails you’ll just fall back into your comfort zone. Towards the end of my trading career, I was sort of one foot in and one foot out. Then, I finally made the decision to go all in and move to Toronto.
[spp-timestamp time="7:08"] How was that first year for you going from trading to the mortgage business?
- I didn’t have much of a network, just family and friends. I immersed myself in learning all about the business and really focused on educating myself.
[spp-timestamp time="8:35"] What’s a failure that, when you look back, was actually a lesson for you?
- Trading is a career where you have to deal with failure very often. The first loss is always your best loss and I’ve taken that into my business now.
[spp-timestamp time="11:46"] If you were starting over today in your business, what would you do in the first 90 days to get your business going?
- Keeping a good database from day one would be my top suggestion as well as learning lender policies.
[spp-timestamp time="13:26"] What’s the biggest change you’ve made in your business in the last twelve months?
- I took your course and I’m more open to new ideas. I try to do something different every day, so more prospecting, cold calling; just doing stuff that makes you feel uncomfortable.
[spp-timestamp time="15:51"] What was the biggest takeaway you got from our program?
- We can get so tied up in the small stuff that at some point your business doesn’t grow. You have to have a CRM and you have to hire an assistant.
[spp-timestamp time="16:49"] What’s your team structure like?
- I hired someone to help me with marketing and online applications since I’m not a tech person, I hired an underwriter to help me process more files, and I use my in-house broker to send different documents.
[spp-timestamp time="19:45"] What percentage of your leads come from online versus referrals?
- About 3-5% are online. I get a lot of repeat business and usually that’s the biggest part.
[spp-timestamp time="20:45"] What’s the number one thing holding most mortgage brokers back from being successful?
- Making phone calls.
[spp-timestamp time="20:51"] What’s one habit you think has helped make you successful?
- Making phone calls. Getting out there and making 10 or 20 calls per day.
[spp-timestamp time="21:10"] What’s one resource or software program you’ve found to be really helpful for your business?
- Your Facebook group is amazing. There are a lot of people who share a lot of knowledge.
[spp-timestamp time="21:46"] If you could recommend one book for our listeners what would it be and what’s a big takeaway you got from it?
- Measure What Matters by John Doerr. It makes you think about the smaller things you need to do to get to your main objective.
[spp-timestamp time="25:05"] If someone gave you $100,000 and but you had to invest it in your business, what would you do with that?
- I would hire the best underwriter I could find.
Connect with Dan at www.yourrateguy.ca
If you’re interested in becoming a deal creator, visit https://www.10loansamonth.com/call/ to find out more.