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?
[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