How to break $100 million a year in deals

Former mortgage broker and business expert discusses how he’s helped some advisers grow tenfold within two years

How to break $100 million a year in deals

Solid training in the mortgage broker space is hard to find. This often means new advisers struggle to get support in things like marketing, lead generation and sales tactics, while small-to-medium adviser businesses struggle to get beyond a certain level of growth once they hit ‘capacity’. But sometimes, a bit of outside expertise is all one needs to start gaining some solid momentum.

Broker Profits Vault founder James Veigli spent four years in banking before becoming a mortgage broker, quickly establishing his business and building up a six-figure salary within the first year. Veigli took the opportunity to learn from marketing, sales and business experts across the globe and began implementing their ideas into his own business, gradually working less while pulling in bigger numbers. In 2008 he began sharing these strategies to help other mortgage brokers grow their businesses too.

This became the basis for The 10X Broker Plan – a strategic blueprint designed to help mortgage brokers break $100 million a year in deals. The plan is designed for entrepreneurial mortgage brokers who want to build up a good-sized business, and assists both new brokers and successful advisers with ambitions to grow further.

Veigli spoke to NZ Adviser about the three stages of his 10X Broker Plan, and how it has helped some advisers go from $10k to $100k a month in revenue in just two years.

“The plan was a culmination of over a decade of experience, consulting and working with brokers, and ultimately boiling it down into three key components,” Veigli explained. “Towards the end of 2016, I sat down and condensed the last ten years into a visual model of what the top performers across Australia and New Zealand were doing, and distilling that into a three-part plan, each with three ‘accelerators’ that brokers need to install into their businesses to grow by a factor of ten.”

The model revolves around the fact that mortgage brokers want to create a prosperous, exciting and stable business, and to have financial certainty as well as a strong impact on their community. Veigli says most brokers start their own business for the freedom, and to have the absolute choice as to what to do with their time – and to achieve that, they need to have three key systems embedded into their business.

“The first piece they need is a system to consistently attract quality leads and referrals, and to set themselves up as an expert in their particular segment of the market,” Veigli explained.

“If they can’t do that, the business pretty much falls over. The second piece is about connection with leads, and developing those over time; where a lot of brokers fall down is that they get very good at attracting new clients, but they don’t know how to scale themselves and their time effectively in order to double or triple a business.

The third piece is therefore around ensuring you have consistent systems for attracting a certain number of leads, partnerships and referrals every day, and then that you have systems, processes and a team to engage, sell and service those leads – which is where the true value of a business lies.”

When it comes to growth, Veigli says a key element to scaling up a business is being able to operate ‘hands-off’ – something which involves building up a virtual as well as local team, and creating process automations to ensure brokers aren’t tied to their business 24/7. The 10X Broker Plan has been taught to thousands of mortgage brokers around the world, and it’s Veigli’s goal to share this message to help propel more brokers to the $100 million mark.

“There’s a lot of bad advice out there where industry mentors or consultants tell you that you don’t need to hire assistants or utilise any help until you reach a certain number of deals a month,” Veigli said.

“My recommendation is that mortgage brokers outsource the loan processing and the time-consuming admin tasks from day one. The amount of time it takes to sign up a loan is also the time it takes to complete the submissions and compliance requirements, and to file that with the lender for approval. But if we cut out all of the processing work, that doubles the time they have to go out and sign up more loans. Half of their time is essentially being wasted doing an administration job, when what they really want to be doing is seeing clients, following up referrals and meeting loan partners.”

The 10X Broker Plan is available as a free online workshop for mortgage brokers and business owners. To register – click here.

RELATED ARTICLES