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We are on a quest to transform the mortgage industry.
We believe there needs to be more transparency, which is one of the reasons why we decided to share a monthly report on what we have learned, what worked and what didn’t, and what’s next in our plans to grow a Billion Dollar Brokerage.
We hope you find a few useful ideas and tidbits to help you in growing your own mortgage business.
Welcome to March 2023
March Report
Production since August 1, 2021
Total Volume: $349,477,486
Total Units: 781
Agent Stats
Rookie Agents: 131 (-2)
Pro Agents: 65 (+8)
Total Agents: 196 (+6)
Licensed Admin Support: 7 (+0)
Funding Update
We launched BRX Mortgage on August 1, 2021. Since then, we have funded 781 mortgages, for a total volume of $349,477,486.
Since our last blog post we have added 6 net new agents. However, like most things there is a story behind the numbers.
Rookies
We had 9 rookies who did not renew their mortgage license. This reduced our total rookie count from 133 to 126 rookies. However, we did add 7 net new rookies to put us at 131 current rookies. Which ended up only being -2.
Pros
We had 5 pros leave in the past 60 days. 4 of these pros recently joined us and we quickly realized we were not a fit. We agreed to part ways. This lowered our January Pro count from 57 to 53. However, we added 12 new pros to end up at 65 pros total.
The total net gain was +6.
The 2022 total combined volume for the 65 pros was $1.2 billion. This is a great start to achieving our goal of reaching our milestone of $1 billion this year.
Why We Think Leads Are Better Than Awards
We were recently nominated for the New Mortgage Brokerage of the Year award. While this was nice, it was going to cost us over $5,000 to attend the event.
Whenever I have an opportunity like this, I ask myself, “What else could I do with the money?”
We reasoned that our agents care more about generating more leads than about flying halfway across the country to attend an awards event.
This prompted us to create the first ever, “Leads, Not Awards, Giveaway".
Instead of attending this event, we decided to give $5,000 to the agent who could share their best lead generation strategy on a live call, open to all brokers at all networks.
We planned to give away $5,000, but when one of our partners, KDK Financial, heard about our plan, they decided to toss in another $2,500.
So we have now rebranded to the $7,500 Leads, Not Awards, Giveaway (at least for now). :)
$7,500 Leads, Not Awards, Giveaway
We believe in helping This is a free call, open to all agents, from all networks. (Space is limited to 500 participants and we are at 475 registrations already.)
When does it happen?
Date: Thursday, April 20, 2023
Time: 2 pm EST (11 am PST)
Where: Virtual Live Event
Register Here [CLOSED]
How does it work?
We will have six to eight presenters share the best lead generation that they are using in the current market.
Each presenter will have four minutes in which to share their best strategy.
Everyone who attends will leave with several new lead generation ideas.
Everyone who attends will get to vote on who brought the most value.
The presenter with the most votes will be declared the winner, and get $7,500 in cold, hard cash.
What if I have an idea?
Amazing! We have already had some very cool submissions.
To submit your idea for review, send us a 90-second video. (We will reach out to you if you are selected to participate.)
The Secret Sauce To Our Agents' Success
In the 589 days since BRX was launched, our rookies have funded 599 files combined, for a total volume of $272,971,102. This includes volume funded by the rookies once they graduate from our Rookie to Rockstar program.
To me, this is an amazing achievement, considering that the total volume funded by this cohort was less than $15,000,000 before joining. Most of these agents had not funded a single file before joining our program.
I want to let you in on a little secret. I believe we have the best support, training, and tactics in the industry.
However, I would say that is only 20% of the reason for our agents' success.
That may sound like a bold claim, but let me explain with a little experiment.
What do the following agent challenges have in common?
An agent who doesn’t want to pick up the phone to call because she “doesn’t want to bother them.”
An experienced agent who won’t hire help because he is worried his assistant won’t do the job as well as him.
A rookie agent who is suffering from imposter syndrome because they are new and feel like no one would want to work with them.
Every one of these challenges is actually a mindset challenge that can’t be solved by tactics and strategy alone.
Without a mindset shift, most of these problems will prevent an agent from ever reaching their potential.
To really solve them, you must address the underlying limiting belief and replace it with an empowering belief.
This is why mindset is so important.
Four years ago, I took a high-end coaching program that cost me $75,000 USD annually (and, incidentally, was worth every penny).
This program was run by several coaches who had worked with Tony Robbins for many years.
One of them started working for Tony when she was still a teenager!
These coaches were incredible.
I joined that coaching program to learn how to market and create online training. I had no idea I had a massive mindset problem that was holding me back.
Initially, I was surprised at the time and energy they spent on coaching me, and the approximately 40 other students, on overcoming our mindset challenges.
Don’t get me wrong—they had great training, support, and tactics.
However, they knew, and I have since discovered, that the best tactics and strategy in the world are useless if the person won’t put them into action.
As my coach, Marc Von Musser, reminded me, “Scott, tactics and strategies are like a fancy Ferrari sitting in a garage with no fuel. Your mindset is the fuel.”
Marc was a smart dude.
When we launched BRX, I knew we needed to have mindset coaches on staff, and a specific mindset curriculum, to help our agents overcome their challenges.
I believe one of the reasons our rookie program has been so successful is this commitment to mindset coaching.
We ask our agents to fill out a feedback form; below are screenshots from some of our agents’ comments about our mindset coaches.
Mindset coaching can help move you in a positive direction …
It can help you overcome imposter syndrome …
It also helps humanize our agents and forces introspection …
These are just a few of the many comments our agents have shared about having a mindset coach.
Does mindset coaching work for everyone in every situation?
Of course not, but I believe that those agents who have embraced our mindset coaching have had outsized results, which has caused that high volume.
The reason I share this is because I believe success as a mortgage agent is 80% mindset and 20% tactics.
To be fair, we have fantastic support and training, but without mindset coaching, our agents would have significantly lower success rates.
It would be like a supercar without any gas … sound familiar?
I can promise you, we will continue to invest in and improve our mindset coaching programs, as I think this will end up being the secret sauce in our brokerage success.
Update
I am going to do periodic updates on projects and initiatives that we have introduced.
The mortgage business is ever evolving, and we believe that the best way to create value for our agents is to always be innovating.
Our philosophy on this can be summed up in, "Why I love Experiments".
One Inbox Update
To find out about our “One Inbox” strategy, read this.
The goal was to reduce confusion and speed up the time it takes for our agents to get an answer to a question.
I surveyed our agents to determine if One Inbox was having the desired effect.
The results are below:
It turns out that 89% of our agents indicated that sending questions to one email has reduced confusion.
This tells me that confusion has been reduced with this strategy.
However, a full 46% of agents indicated that the answers were received at the same speed as, or slower than, before making the change.
This tells me that we have room to improve how we are handling incoming messages. We will make some adjustments, and share the results.
Broker Talks - Kelowna & Vancouver
We recently re-launched Broker Talks. It was our version of a mortgage event we held a few years ago.
We know that in the current market every lead matters, which is why this broker talks session will be focused on helping you Double Your Conversion rates.
What exactly is a Broker Talk?
It is one part TED Talk, one part Mastermind, and a whole lot of awesome.
One of the things I have always loved about TED Talks is that they are short, usually under 20 minutes, which forces the speaker to really distil it down to their best ideas and thoughts.
I like to say, "It is all filler and no fluff."
A Broker Talk is a little different.
How does it work?
A speaker will share their best ideas on a tactical topic for 20 minutes. Then, a guided 20-minute table mastermind discussion about that topic will ensue. For the last 10 minutes, we do an open Q&A with the speaker.
The idea is to take the best of the speaker's ideas and tactics, and then collaborate on how you would apply, or modify, it for your situation or market.
Truthfully, this is where the magic happens.
I have personally found that many of my best ideas don’t come from the speakers, but from conversations with a colleague in the hallway between sessions.
I have found, when you give good ideas to smart people, they come up with improvements that you could not have imagined.
Our goal is to create a highly tactical event, where everyone brings their brain to the party.
The Speakers
Alex McFayden – Alex recently joined BRX Mortgage, and funded 700 mortgages last year! He is a master at creating content. Alex will be sharing how to increase your conversion rate with content.
Ryan Wiley – Ryan is the CEO of 10 Loans a Month and is a top trainer and coach, and will be sharing how to convert using email.
Scott Peckford – Scott is the founder of BRX mortgage, and will be sharing how to increase your conversions using the phone.
This event is being hosted by BRX Mortgage and Lendesk. I will also be sharing how BRX is reinventing the modern mortgage brokerage.
If you like to collaborate with amazing people and want to find out more about what we are doing at BRX Mortgage, register below:
Kelowna, BC
Capri Hotel
1171 Harvey Avenue
Kelowna, BC
Tuesday, April 25, 2023
9:00 am PST to 3:30 pm PST
| Vancouver, BC Pan Pacific Vancouver 999 Canada Place #300 Vancouver, BC Thursday, April 27, 2023 9:00 am PST to 3:30 pm PST |
[REGISTRATION CLOSED]
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