Today Tim Lacroix, a mortgage broker in Calgary, joins Scott to share his experience working with the 10 Loans a Month program. When Tim entered the program, he was doing decent business despite having no systems in place. After joining the program, Tim implemented the right processes and increased his business by 20%. This year, he is expecting to double his numbers.
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[1:59] What is your background?
• I’ve been in the business for just over twelve years.
• The market’s been good in Calgary. It’s been going up the past few years despite other economic factors.
• I reset my brokerage about a year and a half ago to focus on team.
• There are two underwriters on our team.
[3:58] What percentage of volume increase have you seen since hiring staff?
• 2018 had about 20% growth compared to 2017.
• I’m working a bit less, but still creating a process so that I can focus more on clients and mentoring.
[4:46] In the first week of our program, you applied the email strategy that we showed you. What happened from that strategy?
• I sent it to about 1,200 people and the open rate was 70%; much better than anything I had sent out in the past.
• The response rate was 35%-40%. I had 400-500 emails in my inbox within half a day.
[6:04] What kind of deals came out of this one strategy?
• Right away, we did twenty early renewals.
• So far, it has contributed to about thirty deals.
• People are still replying to this day to the original email I sent out in December.
[7:19] What are you excited about in the next year for your business?
• I’m excited to build a team to support our clients and to spend more time with my family.
• If things continue the way they are, my 2019 numbers should double last year’s.
[8:21] Is there anything that I should have asked you about the program or your business that people should know?
• One of the things I like about the program is the Monday and Tuesday meetings. It’s been instrumental in staying on top of my own mind and making sure that I move forward.
[9:59] Have you always been a person who executes, or have you ever struggled with that?
• I struggle all the time, even today.
• I try to focus on the things that I can do.
[12:12] What was your experience with your first hire?
• You just have to let go of thinking that you do things the best.
• Training is difficult because you think that you might lose business, but the reality is that they will help you grow.
• I realized that my weakest link was not having a team.
[13:57] What’s the biggest growing pain that you’ve had?
• Getting everything documented so that the process is repeatable is difficult.
• Unfortunately, I do sometimes check their work, but we try to have great communication and they sometimes tell me to back off.
[15:29] What’s more important for growing: technology or people?
• Ultimately, it’s people. Technology is only there to streamline. With the right people, you may not even need technology.
If you’re interested in finding out if we can help you recruit more realtors, visit http://www.10loansamonth.com to find out more.