Hi everyone I am Scott Peckford, the host of I Love Mortgage Brokering (ILMB). Each week, I interview a broker from around Canada and ask them to share their story about how they got into the mortgage business, and some of the lessons they have learned along the way. Each show is approximately 30 minutes long and will follow a predictable format.
The broker will begin by sharing how they got into the mortgage business no one as a little boy or girl said, “When I grow up I want to be a mortgage broker!” it is fascinating how many different paths people take entering this amazing profession.
I then ask each person to share a quote that has impacted them. To me a good quote distills so much life wisdom into a memorable bite sized chunk. I then ask about a failure they have made and what they have learned.
I then ask about systems and processes. I find successful brokers tend to be willing to make adjustments to their processes in order to remain successful. I ask about an sales or administrative system or process that wasn’t working what sort of change they made and the result. I find it helps me with a practical way to improve my business
Next I move to the rapid fire questions. These are short answer questions, but several guests have dropped some real value bombs. I ask questions like, what is holding most mortgage brokers back from being successful? What one habit do you think has made you successful? I also ask them to share one internet resource they have found has really helped them in their mortgage business. I then ask where do they think our industry is headed
Then I move to one of my favourite questions, the DeLorean question. Remember the movie Back To The Future? If you could travel back in time to your first day as a broker, what 3 pieces of advice would you give yourself to be more successful today?
Why Start This Podcast?
My mission is to help Brokers run profitable mortgage businesses. This is personal for me because I’m an active mortgage broker who has really messed up in this area. Over the past 8 years my volume has fluctuated between $20 to $40 million. I have to confess my highest volume years have also been some of my lowest net profit. In 2012, I decided I needed to rework my business model. I’m grateful because the past two years have been my highest net profit, even though they have been on the lower end of my volume. I have learned that high volume does not necessarily mean high net profit.
One of the changes I made to my business is that now work from home. This comes with a unique set of challenges and opportunities and my only staff is a licensed virtual assistant. I find working from home primarily by myself to be uninspiring at times. To stay motivated I attend mortgage broker conferences to connect with my colleagues. In fact I usually get more value from a conversation with a fellow broker over a beer in the lobby than I do from most of the conference speakers. I find I leave the conference all jacked and ready to get back to work. However attending conferences frequently just so I can have these conversations is time consuming and costly. (remember my mission to run a profitable mortgage business?)
That’s when I decided to launch ILMB. I interview two successful mortgage brokers every week with the goal of interviewing 100 brokers in the next year.
I have two goals with this podcast. First the selfish goal. I want to get better at my mortgage business. Talking to top producers fires me up and inspires me with what is possible. Even though some of my guests have drastically different business models, I find I can always find something I can learn.
The second goal is to help other brokers get better. I have been fortunate to have had a lot of people help me in my mortgage career and I feel like this podcast is my way of giving back. As J.F. Kennedy once said, “A rising tide lifts all ships.” Mortgage Brokers as a group account for only 30% of overall market share. I believe we all get better when we share ideas. I would love to see our market share increase to 40% or even 50%. I know this is a tall task in light of the increased competition and the proliferation of rate sites. However I think the conflicting information on the net creates confusion. A knowledgeable mortgage broker who cares about their clients and can explain options in a simple way is still going to be able to rock their mortgage business.
After every interview I take five minutes to sit down and think about one idea or one adjustment I can make to my business as a result of the conversation I just had.
I don’t want to simply talk about being a better broker, I want to be a better broker. At ILMB I share in the show notes I share the one idea or concept I am applying to my business as a result of this interview. I encourage you to check it out and also share what is working for you.
When I was 21 I really wanted to be in Financial Services industry. I took my Canadian Securities Course wiht the goal of working at Investors Group.
I had a problem, I was 21 years old, but I looked 15 years old. No one in their right mind was going to give me their money to invest, and probably rightfully so.
I decided to switch gears and became a paramedic. I figured if someone dialed 911 and I showed up looking 15 what were they going to do about it? It’s not like they could dial 912. I spent my 20’s driving around in an ambulance and taking people to the hospital. I really enjoyed that time. However in my 30’s I needed to make a change and I gravitated back to the financial services industry.
That’s when I became a broker. Over the past 8 years I have learned a ton about how to run a mortgage business, how not to run a business, and I’ve made a bunch of mistakes along the way. I find that talking to other people is one of the best ways to keep me motivated and also for me to keep learning. When I’m learning, I’m excited. When I’m not learning, I get bored and distracted. Part of the goal of these interviews is to help me keep focused and inspired.
If you are broker, or want to be a broker, I would love for you to join me. If the show has pinged you and you enjoyed them please go to iTunes and give the show an honest rating. If you are a successful broker, and would like to share some of what you have learned, please contact me. I would love to hear from you.
If you are new to brokering, welcome. Hopefully these interviews will inspire you with what is possible and help you get on the path to this great profession. There are a lot of challenges in this industry, but there are still opportunities.
Until the next interview, I hope you rock your mortgage business, and we will talk soon.