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Today we are joined by Rakhi Madan, a broker based in the GTA. Rakhi impressively funded $101 million in 2020 with no assistant, and shares how she was able to accomplish this feat.

[2:06] Tell us about yourself.

  • I came to Canada in 2004 and have an MA in Computer Applications.

[3:08] How did you go from the tech business to mortgage brokering?

  • I asked for a stake in the company after running it while the owner was retired. He said no.
  • My husband said, ‘you’re really good with numbers, you should be a mortgage broker.’

[4:18] Who did you talk to about the mortgage business?

  • I contacted the DLC office, explained my background, and was put in touch with Don. He showed me that you can make big money.

[6:55] How did you go from there to making $101 million last year?

  • I’ve never been afraid of trying new things.
  • I went on a radio show and got experience talking to people about mortgages.

[10:55] What is a failure you have experienced but learned from?

  • Trying to do too many things at once.

[12:35] Where does your business come from?

  • 50% online, while the rest is referrals and past clients.

[13:09] What software are you using?

  • Foligix.

[14:22] What changes have you made in the last 12 months?

  • I didn’t make any. The pandemic led to lots of inquiries.

[15:18] Have you changed anything in your systems in the past year?

  • I don’t look at any paperwork from anyone that I haven’t pre-qualified by phone.

[17:05] What is holding brokers back from success?

  • Fear of trying new things.

[17:20] What habits have made you successful?

  • Getting my inbox to 0 everyday.

[17:59] If you could recommend one book what would it be?

  • The Compound Effect by Darren Hardy

[18:32] What advice would you give yourself if you could go back in time?

  • Get a CRM, get a separate business line and say “no” quickly.

 

Contact Rakhi here: https://mortgageinnovators.ca/

Find out more about the $25 Million Dollar Blueprint: www.get25million.com

Check out our other podcast, 10 Loans a Month: www.10loansamonth.com