We are joined by Ian Lee in this episode, a mortgage loan officer in Colorado Springs. Only in business for the last 12 months, Ian has scaled up his business from closing 5 loans in a 6-month period to 65. Ian is with us to discuss the importance of the client journey, implementation, and having strong operating procedures.
Timestamped Show Notes
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[spp-timestamp time="2:16"] How did you get into the mortgage business?
- I was an engineer and started a firm with someone. At the same time, I bought my first house.
- The mortgage industry collapsed, and I struggled to keep it. I was given a poor loan by the mortgage lender.
- I self-educated, saved the house, and realized it was a great way to build wealth.
[spp-timestamp time="4:40"] What quote has had an impact on you? How do you implement it in life?
- “Implementation means everything.”
- Your ability to implement sets you apart.
[spp-timestamp time="8:02"] Can you tell us about a failure you had in your career and what you learned from it?
- In 2012, my cousin and I opened Lee Spirits Company, a pre-prohibition-style distillery.
- We created a speakeasy-style tasting room where I bartended, and the demand was totally unexpected. We had 2 hour waits out the door.
- I ended up bartending for 6 months and getting burned out because we had no systems in place to replace me. It delayed our growth and pulled focus away from the business.
[spp-timestamp time="11:39"] How did you rectify that situation?
- We sat down and created operating procedures and implemented SOPs that allowed any role to be taken over easily. Now we are at a place where we don’t have to be there day to day.
[spp-timestamp time="12:30"] How did you make the time to create these procedures?
- You need the mentality that you are going to work like no one else works for a few years so that you can live like no one else lives for the rest of them.
[spp-timestamp time="14:10"] What improvement have you made to your systems in the last 6 months?
- A year ago, I didn’t have any systems.
- I developed a pitch deck and began cataloguing clients in a CRM.
- Mapping the client journey from first to last interaction with me.
[spp-timestamp time="16:35"] Did you use customer mapping at the distillery?
- Kind of. We tried to create an environment for our ideal clients and ended up creating an experience that kept them coming back.
- I realized this is how you communicate value and get clients to enjoy the process.
[spp-timestamp time="18:02"] What changes have you made to your sales process?
- Talking with financial planners and property managers instead of just real estate agents to increase leads.
- Around 25% of leads are from financial planners.
[spp-timestamp time="21:31"]} What is your biggest takeaway from the 10 Loans a Month program?
[spp-timestamp time="22:57"] What is the one thing holding brokers back from success?
[spp-timestamp time="23:25"] What’s your one habit for success?
- Every day I go to work and for 1 hour, I learn and improve before I do anything else.
[spp-timestamp time="25:59"] What does your business look like right now?
- The average loan is between $250,000 and $300,000.
- Initially I did 5 loans in the first 6 months. I closed 65 in the last 6 months.
[spp-timestamp time="27:29"] What software do you use?
[spp-timestamp time="29:45"] What book would you recommend?
- Lean Startup by Eric Ries.
[spp-timestamp time="31:36"] What advice would you go back ang give yourself?
- Trust your authenticity and share why you do this job.
If you’re interested in becoming a deal creator, visit https://www.10loansamonth.com/call/ to find out more.