Welcome to brokermentor.com.au

Broker Mentor was created by the Directors of Vision Mortgage Solutions to build an online resource for our team and other brokers.  Our business is about providing support, including back office administration, lead generation, and finally mentoring and coaching brokers, to help them to achieve their career and financial goals.  We recognised some time ago that while there are many resources available to teach brokers the technical aspects of submitting loans, the missing element in the industry is the guidance of professional coaching to help people to start and to grow their business.  Now that the MFAA requires new brokers to enlist in a mentoring program for their first two years in the industry, this service has become even more important to our members.

Our members enjoy a number of benefits including coverage under our ACL, inclusion in our COSL membership, free software and access to our lead generation.  This means considerable savings for all of our members.

Over the years we have helped many brokers to build successful businesses, and Broker Mentor was created to help us with mentoring both new and existing members of our team.  Whether you are a full member or an associate members still studying your Cert IV, this website is designed to help you to connect with other brokers and to provide the information you need to help you to grow your business.

To register, click on the Login button and follow the instructions to register. 

Once you have logged in as a registered user, the Forum link will appear in the main menu.

We encourage you to post messages in the appropriate areas of the forum as the site is about gathering the experience and thoughts of the entire network, but please be aware that the Forum is moderated and offensive of counter-productive posts will be removed.

To find out more about us or our mentoring programs, please call 1300 797 144 or email info@visionms.com.au 

In the meantime, we hope you enjoy our site.

Regards

Michael Calam
Managing Director
Vision Mortgage Solutions

Broker Mentor
Second Monday of the Month
Written by Michael Calam   
Monday, 09 March 2009 06:55

I'm back!

Last week was a wonderful week for us.  Business was busy, which is always a good thing, but the culmination of the week was our son's wedding.  It was a very small family affair and we were all very happy to see both our son and his new bride so clearly enjoying the day.  My wife Sandra, took about a million photos and so the happy couple can start their married life with permanently etched smile lines on their faces.  We wish them both the very best.

But of course, with all of the excitement I have been off-air for a few days.

The net result for my first week of the month was that I did achieve my goal in appointments set for the month.  It was a close run thing as I was effectively working on a four day week and ended up having a few clients who needed their appointments last week, but we got there.  Incidentally, our trial of the new telemarketers is still a work in progress as they are only just starting to gear up.  However, this seems reasonable to me as the first step in their process is the setting up of the scripts etc.

So this week for me is the time of completing the appointments.  I have two tonight, one tomorrow night and another two on Wednesday night, so the next few days will be busy with researching and conducting these interviews.  

Incidentally, I'm noticing that I'm receiving many requests for personal loans at the moment, is anyone else experiencing this?

I'd be very interested to hear from people about their experiences with personal loans as I've heard several different viewpoints of this market and the processes for submitting these types of deals.

 

 

 
 
The First Monday of the Month
Written by Michael Calam   
Monday, 02 March 2009 06:02

February has been and gone, already.

I can't decide whether it's the perspective of growing older or simply a sign of the times, but the passage of time simply seems to move so much more swiftly now.  It's so easy for the days to blend into weeks, then into months and for to look and think, how quickly it all seems to happen.

Enough philosophy for a Monday.

It's the first week of the month and it's time for me to plan ahead.

I'll start by drawing my line in the sand.  This month I'm aiming for a target of $3m in applications.

Working backwards from that means that I need 10 applications at an average of $300k each (my current average).  Based off experience, I'll need to set around 16 appointments to achieve that many applications as some of the appointments will be cancelled and some potential leads will not wish to proceed.

So, my task for this week is to setup 16 appointments for the month.

So far I have 3 appointments in my calendar that have been previously setup, which is a great start.  Additionally I have a list of 6 people who I have promised to call back as they needed time to consider their options.  I'm expecting that 3 of these will turn into appointments.

So now I'm down to 10 new appointments needed.  This month I'm experimenting with a telemarketing firm who will try cold calling people and seeking to set appointments up for me.  I have never tried this before but I'm willing to give it a go.  I'll keep you posted how that works out.

Additionally, this week I'll send out an SMS through one of the many web based companies who offer those services, and contact my existing customer/prospects list reminding them of my continued existence and telling them that I'm here if they need me.

Finally, I'll buy some leads from some of the lead generation companies and start cold-calling.

Friday is my deadline, I need to have my 16 appointments setup for the month in my diary before this Friday.

My other objectives for this week are to finalise teleconferencing arrangements so that I can catchup regularly with the interstate team and I'm also planning on booking a spot at a business networking lunch/breakfast at some point during the month.

Actually, I haven't got until Friday, I've only got until Thursday as my step-son gets married on Friday.

Wish me luck!
 
Training
Written by Michael Calam   
Tuesday, 24 February 2009 06:36

It's a training day today, I'm attending a CPD day where 5 lenders will be presenting.

I must admit to mixed feelings about these days.  If things were quiet for me, then it wouldn't be such an issue, but when I'm busy working in my business I always drag my heels about attending these sessions.  Then of course, I go and find out about new products and changes from lenders.  I'm then really excited because I've found new solutions for my clients.

The challenge for a broker is knowing all of the potential solutions for your clients.  With so many lenders and loans to choose from, how do you keep up to date with them all?

The reality is that most brokers don't try to keep up with their whole lending panel.  They specialise in a small number of lenders and focus upon those products.  I'm exactly the same, I have my preferred lenders while I'm probably a bit shaky on the other lenders in my portfolio. 

That's why talking regularly with other brokers is important to me.  When I'm speaking with other brokers about their practices I learn what they're doing in the market and I also gain insight into who might have specialties with other lenders who I don't regularly deal with.

That inside knowledge can be invaluable.

So, in the interests of finding the best solution for your clients, wouldn't it be useful to run your scenarios past a couple of other brokers, just to see what they come up with?  Who knows what alternatives you may come up with. 

 
Client Database
Written by Michael Calam   
Wednesday, 25 February 2009 08:07

I'm constantly amazed at how many brokers there are out there who don't manage their client databases effectively.

In fact, there are many brokers who don't even really use a client database.  I'll pause for a second to let you gasp in horror.

My client database is the heartbeat of my business.  I use my BrokerFirst software and plug in every single name I collect.  I went to a business networking meeting recently and I took a business card from every one of the attendees and entered their information into my database.  Why?

Using mailing lists or any number of other tools, I can regularly contact every person in my database and let them know that I'm still around, that I have exciting new solutions to help them reach their financial goals and that I'm ready to take their call.  This becomes one of the cheapest and most effective means of marketing around.

If you're not updating your database regularly then you are missing a golden opportunity to grow your business.
 
Planning
Written by Michael Calam   
Friday, 20 February 2009 19:12

I speak with brokers on a daily basis and listen to how they're going in the current market.

They are each telling me one of two very different stories.

Either they are very busy and enjoying a bountiful time or, they are telling me that things are very slow and they're worried about the economic conditions.

Why is there such a difference in what people are experiencing within the same industry?

I've spent some time trying to analyse it and while there are other contributing factors, overwhelmingly there is one point of difference between those who enjoying success and those who are experiencing mediocrity.  Planning.

The successful brokers all have their own particular methods and styles.  Some have PAs, some use telemarketers, others operate on their own.  The single point of similarity is that they all have a plan.  Their plans in some cases aren't even written down.  But, when you talk with the successful broker you realise early in the conversation that these people know what they need to be doing at any point in their month.  These brokers don't wake up in the morning and wonder what they'll do today, they've worked that out already. 

Now, on a personal level, I'm not really a planner.  Some people are planners by nature.  They're the people who if you call on Monday and ask what they're doing on Friday night, will be able to tell you.  In my social life, that just isn't me.  My social life is pretty spontaneous and I enjoy being quite changeable.  However, in my business life I am a planner.  If I don't have a plan for my business, then I feel uncomfortable.  Now, I'm not saying that I have scheduled every minute of my working days (if I did, you'd probably see these articles at more regular timeframes).  But, I start with a set of goals which I'd like to achieve for a set period of time, and then I work backwards to see what I need to do to achieve those goals.  Then I have a plan and I'm in business.

So, if you're a broker, and you're finding yourself a bit lost with how to build your business, then maybe it's time to sit down and come up with a plan.  Start with your goals, and then work your way backwards from there.
 
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Wanted - Experienced Brokers
Vision Mortgage Solutions is seeking experienced finance brokers to join our team.  Our members enjoy many benefits including coverage under our COSL and ACL plus access to leads. Contact Michael Calam 0401 609 113 for more information.

Back Office Support
Maximise your time by using our Back Office Support service.  Available to all brokers including non-members, our Support team can take the administrative work out of your application process on a fee for service basis.  Get our team to submit applications online for you, prepare document submissions and follow-up on outstanding conditions.  Call 1300 797 144 to find out more.

Credit Checks
Prepare your applications properly by obtaining a credit check prior to loan submission.  This can save you and your clients a great deal of time and wasted effort by making sure that you know all the facts when you're preparing your clients application.  Visit the Purchase Online section to find out more.

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Vision members can now purchase Guaranteed Home Loan Leads, leads which are guaranteed to convert into Home Loan Applications or your money back.  Visit the Purchase Online section to find out more.