Jodi Whalen is an $80 million per year producer, and this year she is on track to do over $100 million. She joins Scott on today’s show, and he describes her as having an incredible work ethic and drive. Jodi discusses her staff and how she has expanded into other markets.
Timestamped Show Notes
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[spp-timestamp time="2:56"] Tell me about how you got into this business and about yourself.
- I entered the mortgage business in about 2011. I wanted to be a realtor, and a realtor partner of mine told me I should try mortgages. I signed up a few days later.
- I grew the business and opened my own brokerage last year.
[spp-timestamp time="3:49"] In your first year, were you working and doing mortgages? At what point did you make the jump to doing just mortgages full-time?
- I had two babies back-to-back and tried to extend my maternity leave, but my job knew I wasn’t coming back, so they encouraged me to carry on with mortgages.
- I did mortgages and raised babies while my husband worked.
[spp-timestamp time="4:59"] Tell me about your team and how they support you.
- Last year in July, I hit a breaking point by overworking.
- My first girl that came in, I gave her complete trust. Before that, I never thought anybody could do what I could do. I’ve learned that they can do things I can’t do.
- They’re on the front line. I’m in the background overseeing everything and get involved if a client needs extra care.
[spp-timestamp time="6:17"] Let’s say a client gets referred to you. What happens?
- One of my two girls who share the phone will pick up and answer any initial questions.
- They’ll carry on with the pre-approval if the client wants to, then email documents and contact their realtor.
- I talk to clients about 15% of the time.
[spp-timestamp time="9:56"] Are you less stressed now, doing more volume?
- It hasn’t slowed down. I still have that fighting nature in me. If something happens, I’m ready.
[spp-timestamp time="10:13"] How did you get your business from $0 to the first $20 million?
- I would eat, sleep, and breathe mortgages. I’d put a magnet on my truck. I’d put business cards in restaurants. Mortgages were a part of my everywhere I went.
- I did twenty deals in my first year.
[spp-timestamp time="13:25"] Where does your business come from now?
- About 65% comes from realtors, and the remaining are from my own sources that I bring in.
[spp-timestamp time="14:44"] You had the idea to build some funnels in other markets, so tell me what you did there.
- After the Fort McMurray wildfire, I was afraid that the market was dead, so I decided to branch out.
- I started building two web pages and used SEO to get them to the top of Google.
- I did four deals in Grand Prairie last month. It’s going to take a few years to gain momentum.
[spp-timestamp time="17:36"] Is there a failure that you’ve learned lessons from?
- Not hiring staff quickly enough. I’m still playing catch-up.
- I want to hit $300 million in the next seven years. I think I’ll need five or six staff to do that.
[spp-timestamp time="19:05"] What do you think is the number-one thing holding back most mortgage brokers from being successful?
- They’re planning what they can do instead of attacking what they can do.
[spp-timestamp time="20:57"] What’s something recently that you had an idea on that you executed immediately?
- All of my staff have kids, and when one talked about wanting to see hers more, I knew I needed to hire another person.
- I’ve learned that if someone is in it for the pay, they’re not going to be the right employee.
[spp-timestamp time="22:54"] What’s one habit that has made you successful?
- I’m the opposite of a procrastinator. If something has to be done, it has to be done right now.
- It’s not great for anxiety and personal well-being, so that’s something I want to work on next.
[spp-timestamp time="23:48"] What book would you recommend?
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