May 16, 2024 • 26 mins
In this episode, I share why the phrase "you gotta spend money to make money" reigns true. What expenses you should and shouldn't have, why you should be offloading tasks, and what can keep you from growing.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:06):
that building a mortgage business,a successful one, is like playing
a game.
There's winners, there's losers,
there's certain things you try.
Some of us are playing checkers
while others are playing chess.
I've had the ability to coach and
mentor hundreds of mortgagebrokers.
I myself built a very nicebusiness.
So now I want to distill all thatinformation, all the things I've
(00:29):
learned from that and bring itdirectly to you in a simple to
understand way.
I hope you enjoy.
Good morning.
Welcome to the Mortgage Game
Podcast.
West Coast Wiley here.
Let's get into it.
So there are some topics where I
just hold a very strong opinionheld loosely.
You can we can have a debate aboutit.
(00:49):
I'll see your side.
You see my side with common sense.
You back up with facts and youshow me things like, OK, yeah, I
get it.
Totally get it.
There are other things where I'mlike, no bueno.
Meaning, yeah, no, not in myworld, not in my head.
And I live in my own head, right?It's my world.
I get to make the rules inside myhead.
(01:11):
So this is one of those topics.
I don't see the other side of it,
but a lot of you do.
And that's why this is a podcast
episode.
And so us as mortgage brokers,
man, it's so crazy.
We help people make the largest,
potentially largest decision oftheir lives, setting up the
largest amount of money they'regoing to borrow, setting up the
(01:37):
right terms.
And we're these professionals and
we help you and we're trueexperts.
And like, we're blah, we're allthese awesome things.
And it's why you need us over thedum-dums at the bank.
But then we refuse to run ourbusiness that way.
Right?A lot of us think we get into this
business and we're likebootstrapping it before you make
it.
And I get bootstrapping, but
there's different definite, what Imean by that is the expenses, the
(02:02):
amount of money you're going tospend.
So this podcast is about whereshould you spend your money?
What type of expenses should youhave?
Should you not have?What are excessive?
What are not?Like what should be
non-negotiable?But we want to portray ourselves
as these professional people inthe financial world, yet we don't
run our business that way.
And it's just crazy town.
And I'll get into some morespecifics for you when it's all
(02:24):
together.
It's very frustrating from my
point of view, right?Some of you are those people at
the farmer's market where you'renickel and diamond people, but
they're carrots, right?And you're negotiating people and
their carrots and you come intoyour own business.
And when people want to negotiatewith you, you get frustrated.
You're like, ah, I bring so muchvalue, bring value, rah, rah, rah.
(02:49):
That's what I do.
And you're like, you can't
negotiate me.
It's more than the interest rate,
which if you're telling yourselfit's more than the interest rate
over and over and that's all youbelieve, you're living in la-la
land.
The interest rate plays a massive
part into how much interest aperson pays on their mortgage.
Okay?For you to make up, we're going
out of a rabbit hole here.
For you to make up a 30 basis
(03:11):
point difference on a $500,000mortgage.
That's $1,500 a year.
That's 7,500 over five years.
You're telling me your piece ofadvice you're going to give me,
it's going to save me $7,500 ormore guaranteed, or it might save
me in case something happens and Iwas in the wrong mortgage.
And I'm like, okay.
So people pushing that narrative,
the jigs up.
Interest rate matters a lot.
(03:32):
It's like, what are you going todo about it?
That's a different conversation.
But I see a lot of mortgage
brokers acting like theseprofessionals, yet they get into
this industry where they've beenin the industry now and you're not
spending money in your business inthe right areas.
It's You think you can just startthis with paying your licensing
(03:52):
fee?And like, crazy.
then, even an apprentice who getscarpentry into, like, has to show
up with his own He's got tools.
costs.
You run any business out you wantto open a car a you want to,
there, wash, laundromat, you haveYou have to have improvements made
to the property and make it so ifyour business is right, like,
(04:18):
overhead.
you have monthly rent you pay.
You have like, you have all thisoverhead and expenses you have to
pay just to run the business.
You got to see a lot of mortgage
brokers nickel and diming it.
And what I mean by that is doing
all the things yourself.
We're spending money on areas
where you shouldn't, right?Like gifts for clients.
Hey, gifts for clients, great,sure.
Doesn't move the needle.
Can never ever convince me of
that.
Does not move the needle versus
what you pay out.
It's like the people who buy cars
(04:38):
and then they pay for the rustprotection and the gloss coverage,
the UV coverage, all thatbullshit.
If you do it, you do it.
If that's you, that's you.
Call it what it is.
But that doesn't like, sure, your
money could be spent to otherplaces.
I'm going to give you betterexamples of what I mean by this.
(04:59):
Okay, so me personally, when I wasa mortgage broker, I knew I wasn't
put on this planet to domortgages.
I did mortgages because it mademoney.
So I needed to run the businessaccordingly.
I also knew I wasn't put on thisplanet to edit reels for social
media.
And I knew I wasn't put on this
planet to review down paymentdocuments.
So if I'm telling people or in myown head, if I'm thinking, man,
(05:21):
there's so many people out there Ican serve.
And in I make turn, money and myfamily is well off.
And I'm going to serve all thesepeople.
That's my goal.
So whichever side you want to be
you can I want to just make on,money.
go, hey, Then you need to spendmoney to make money without a
doubt.
Just like every other company in
(05:41):
the world.
If you have different people doing
different things in the the personcompany, who's doing it all by
they themselves, just never grow.
And you're just not a very savvy
business owner if you're doingeverything yourself.
It's just crazy town that you dothat.
You're not seeing the bigpictures.
You're not missing building abusiness, being an entrepreneur
one-on-one.
You get other people to do it, and
they're going to do it the same orbetter, which allows you to guess
(06:04):
what?Guess what?
the same or which allows youbetter, to guess what?
Guess what?Go get more Ah, business.
there you Go go.
get more, which is the only way
you grow.
You get more business.
And so you have people out therethat are telling themselves they
like doing down payment documentsor like, let's be honest, if
you're here to serve people, Icould not go find more homeowners
to buy their first investmentproperty.
If I'm sitting in my office,grinding away on down payment
(06:28):
docs, it just doesn't.
So what do I do?
I hire someone else to do it.
Oh, but it costs money.
Yeah, but that's one of thoseexpenses that you only pay if you
set up ready paper you only payfile, when you get but that's
money.
one Yeah, of those expenses that
you only pay if you set up a paperfile.
You only pay when you get money.
(06:48):
So that's not even really an
expense because it freed me up togo find more people to serve.
You are not serving anybody.
You're not serving one single
person by doing your own downpayment documents, by doing your
own fulfillment.
You're not serving anyone.
You're just, A, being lazy.
You don't want to find someone.
It's so counterintuitive to say itlike that.
You're being lazy because youdon't want to go find someone, or
you're being really cheap, or youjust don't understand being an
entrepreneur.
And yeah, I'm coming at you hard
(07:08):
on this one because I see it dayin and day out, and it's beyond
frustrating frustrating when Icould just move a puzzle piece
around, like move, we're playingchess.
I can move a chess piece aroundand go, you've got a check made
here, which is a pot of goldbeyond the rainbow and three
(07:29):
moves.
But you keep dicking around down
here and you're playing checkersand you're doing your down payment
dogs.
And then we know that you're a
business owner and marketing isthe only way you get clients.
So you have all these otherbusinesses in the world that have
marketing budgets and they'respending money on marketing and
they're dedicating themselves tosocial media because that's how
you leverage yourself and get theword out about your business the
most.
But then they sit there and like
(07:50):
do their own posts.
And I get it.
There's some posts you do greenscreen and off the cuff and write
like that you do a do 100%.
But the majority of your posts,
you should not be the one editingthem and spending an hour on
CapCut editing a video because youdon't want to pay someone $30 to
do it.
It's just crazy town.
you serving?How are you being the highest of
best use in your business?How are you being a responsible
(08:13):
business owner by editing your ownstuff on CapCut?
It just bonkers to me.
You're like, Ryan, but it's so
much expense.
Yeah, that's running a business,
dude.
That's running a business.
There are expenses.
And guess what?
There's certain expenses thatshould be prioritized.
Marketing expenses.
You make the video and then you
give it to someone else to make itlook good and to schedule and have
it go out and make static posts.
(08:33):
If you're making static posts on
your social media for yourmortgage business, and I don't
care how much time you say it onlytakes because AI and this, it's
still time you're spending.
If you're doing that, you are not
being a responsible businessowner.
There are other people that willdo it for you the same or better
(08:55):
so that you can guess what?Go find more people to serve.
Come up with more marketing ideasto create more content to have
someone else edit and post foryou.
I feel like I'm talking to my kidssometimes over and over again.
But that's okay.
That's why I'm here.
And I'm a little spicy thismorning.
This podcast is brought to you byAmericano.
(09:17):
And I'm only coming at you likethis out of true love.
I'm coming at you because I have avery unique perspective of our
industry.
Fortunately for me, I get to look
under the hood of a lot ofmortgage brokers businesses.
I get to see a lot, hundreds andhundreds and probably over a
thousand now.
Mortgage brokers, what they're
doing day in, day out.
(09:38):
I can, it's like, I could chart it
all out.
90% people are making the same 90%
of the mistakes.
And the ones who are doing really
well are all doing the same thingsreally well.
Like it's, it's, it's, I feel likeI have cheat codes to the
(09:58):
industry.
Uh, and so that's why I come in
this podcast and I share thingswith you.
And I'm telling you, I knew a, Iwasn't enjoying doing all those
things in my business.
You get frustrated.
There's no way you should be doing12 things in your business.
You should not be all 12departments.
Like, but Ryan, I'm newer, I'mstarting, or times are tough, I'm
(10:21):
doing all the money.
You have credit cards, right?
You have credit cards?Use the credit cards.
Otherwise, you're on a hamsterwheel.
You're on a hamster wheel of youduct taping a business together in
the financial service industry,where you tell people you're this
so-called professional and expert,yet you're wasting your time
editing stuff on CapCut andlooking at down payment documents
(10:44):
and not trying to get better atyour discovery call and networking
more and finding more people toserve and coming up with different
CEO type decisions.
CEOs aren't doing those things.
And so you have to get really, youhave to get really serious about
your business and i know some ofyou listening to this you are i'm
using air quotes successful andyou still do some of those things
(11:07):
um but it's also why you're notdouble triple quadruple the volume
where you actually should bebecause it's so simple-minded,
right?And I mean that, I don't know,
nicest way possible, take what youwant from it, but you're just not
playing the game right.
It's called the mortgage game,
right?It's the game of entrepreneurship.
You have to play it a certain way.
You have to spend money to make
(11:28):
money.
You should not be doing
fulfillment.
You should not be editing your
social.
There's certain ones you can get
it.
Got it.
Roger that.
Right.
There's softwares out there youhave to buy.
Got it.
You need those expenses.
You need your CRM.
And I get it all starts to add up.
But guess what?It's a business.
Our overhead in this industry, ifthere was a chart, I can only
(11:51):
imagine what it would look like ifyou had the overhead for a
mortgage agent versus incomepotential.
Oh my God.
You know, some businesses are
pumping out 5, 10K a month.
Easy.
Easy.
That's peanuts.
You can pump out 1,000 a month,1,500 a month.
Like you need to spend some, evenif you're not making the money
(12:13):
yet, who opens a business anddoesn't have a budget set aside to
pay for all these things?Why would you want to be learning
how to, and I just keep using downpayment docs because that's
fulfillment.
It covers a lot of things and you
do learn things while you do it.
But then social media, like, why
would you want to go learn allthose things and then like what's
(12:35):
the end game are you eventuallygoing to get so and i've heard
this well no i'm eventually okaybut when why the number one reason
or time to hire an assistant iswhen you don't need one like why
what's what's that point in yourbusiness where you just go, you're
right, Ryan, I'm going to go hiresomeone for this, this, this, and
(12:56):
this.
Like when, when does that come?
How do you define that?How do we judge that?
That's what I want to know.
Like it doesn't, you go do it now.
I know three mortgage brokers thatare three years in doing a hundred
million a year.
And they approached me right at
(13:16):
the beginning and all on their owndifferent timelines.
They're three, four or five yearsin right now.
And they came into this settingthemselves up as a business owner.
They came in going, I already knowI've got X amount of savings put
away.
And it's not to go live on.
Those savings were expenses forthe business.
I'm going to get an office, butnot a great office.
But I do want a brick and mortar,something somewhere where I can go
(13:38):
and get out of my house because Ioperate by that way.
And I'm like, great.
But it's not going to be like
razzle dazzle.
But I got somewhere.
Perfect.
Perfect.
Awesome.
And I'm going to hire someone to
run my social because I know thequicker I get to doing that, the
more eyeballs I'll get, whichmeans more money I'll make and
more people I can serve and moreopportunities.
(13:59):
Perfect.
And then I also need to know I
need someone in to handle myfulfillment and just a personal
assistant.
And we haven and did this.
And now they're over a hundredmillion making over a million
dollars a year.
But they chose to run it that way.
I know this isn't for everybody.
(14:19):
This podcast is brought to you by
Americano.
It's just one of those interesting
things that, you know, let's talkabout coaching and training.
Obviously, I'm a coach.
I'm a It's what I It's my trainer.
living But you do.
don't need And now.
now let's talk about that.
coaching and I'm a training.
I'm a trainer.
Obviously, coach.
It's what I do.
It's my living now.
But you don't need that.
(14:40):
You don't need that in your
mortgage business.
You don't.
You can run a business and you'llget there.
But it's like, how long do youwant to wait?
If you want to get somewherefaster, then yeah, you budget that
in in i don't have the money okaythen keep grinding away and doing
whatever you're doing that didn'twork for these people over here or
delay where you want to go bythree years or you go and pay
(15:02):
money where do i get the moneyfigure it out i'm talking about
everything in your business notjust coaching and training, but
you figure it out.
You go borrow the money if you
have to.
Right?
It's one of those things.
I've never not had a coach.
And it doesn't matter what it is.
If it's sports, business, life,
I've always had a coach.
(15:24):
Just gets me where I want to go
faster.
Why am I going to sit here and try
to figure this out?I want the coach to tell me things
to do to work on the one, two,three things.
And then guess what?Now I'm not going to even go do
them.
I'm going to go find the person to
go do it.
But my brain works differently.
So I'm just sharing snippets ofit.
But if you want to run asuccessful mortgage business as
fast as humanly possible, that'show you have to think.
So there's certain things in yourbusiness that should be
(15:47):
non-negotiable for you and how youspend your money.
Having someone run your files foryou, the document, satisfying
fulfillment, you don't get paid.
They don't get paid until you get
paid.
So it's not like you even are
forking out money today that youdon't have.
There are a ton of people, a tonthat will slide right into that
(16:07):
position for you.
There's a lot.
You just have to go find them.
So now that becomes your
challenge.
So would you rather grind away and
do all your down payment docs,which are horrible to do and
really not what you should bedoing?
There's other people who are puton the planet to do that stuff.
It's not you.
Not if you're in a mortgage broker
(16:28):
and you're a salesperson.
That's not you.
The two don't jive.
And if it does, then you're
probably just not doing the right,you're not in the right business.
Or you just call what is.
You go, hey, Ryan, I like doing
everything.
I like doing all 12 things in my
business.
I get frustrated with it.
My quality of life is just okay.
I get stressed out because I
(16:49):
really don't like three, four ofthem, but I'm okay with it.
I'm okay to earn X, Y, Z. Then Igo, great, thumbs up, and don't
complain.
Then you're good.
And some of you are like that.
You're like, I'm cool earning X,
earning XYZ and doing absolutelyeverything in the business.
(17:09):
You're like the restaurant ownerthat you don't want to hire the
dishwasher.
You'll just do the dishes later.
And you're like, I'll seat people.
Maybe have one person come in and
help.
But I got it.
I got it.
I'll do it all.
And instead of serving 80 people,we only serve 20 at a time because
but that, I got I got it.
(17:30):
I'll it.
do it And all.
instead of serving 80 people, we
only serve 20 at a time becauseall I can handle, but I want to do
everything because I'm either acontrol freak or I don't think
anyone else can do it as good asme.
Or I just generally like doing it.
Sure.
I don't know many of those people,by the way, that like doing
everything.
They just do it.
Because I think a lot of peopleget lazy when it comes down to
(17:52):
trying to go find the people to godo it.
I think that's what the trueproblem is.
And yeah, just pause there.
If you're like, hey, something was
weird.
Yeah, I just paused it.
I didn't know you could actuallydo that.
Oh, well.
Live and learn.
I thought I'd just record I'd beit.
I can like, pause oh, and go back.
that Oh, and yeah, I thought
learn.
I'd just record it.
I'd be like, oh, I can pause andgo back.
(18:14):
Oh, yeah, that's cool.
Duh.
Right?So which person are you?
Where are you living on in thisworld?
Are you a business owner or areyou a guy or a girl that's
pretending to be that?And you're the so-called expert
over here, advising people on allthis stuff, but I'm taking your
own advice on certain things.
And you're out there trying to be
everything to everyone.
Right.
To be honest, like when we ranours, so you have your, your
email, your domains, your G suite.
We had our webinar software.
(18:34):
We had Calendly expense.
We had our CRM, the VIP club, and
all that made us money.
So it was like so easy.
It's just like, we need to do allthis.
It's marketing and we need to runour business.
Great.
And then after that, I didn't do
social media, but if I was, thatwas my biggest mistake as a
mortgage broker.
If I went back into it now, yeah,
(18:55):
I would, that would be mybusiness.
It would just so happen to be Idid mortgages, and then I would
just get good enough at mortgagesto process the stuff and handle
the calls.
But I would go learn the social
media world.
And do I like social media?
God, no. I despise it.
I don't like it.
My next podcast, by the way, isgoing to be the things I learned
of doing social media for oneyear.
I'm one year into my social mediajourney.
But instead of me flying aroundCanada, going to conferences where
(19:18):
I don't really learn shit, I takethat money and I hire someone to
run my social media.
And I go, boom, guess what?
Just found some money.
Just found some money over here.
Right?And I look around and I go, what
expenses is my spending thataren't moving the needle in my
business or freeing up my time?Which are, sometimes they're
(19:40):
actually taking you more time.
The people who just want to go
around all these conferences andfly around, that's great.
Hey, social, whatever.
But then you can't complain that
expenses are too high in otherareas.
You're spending money there whereI already know it's not moving the
needle in your business.
So go hire a social media manager
who edits and schedules yourvideos and have that go out, which
then allows you to, like I do, andI'll explain in my next podcast, I
(20:02):
record a video, I drop it in a Gdrive, and I'm done.
How much more advanced would yoursocial media be if you could
record a video and drop it in a Gdrive folder and walk away?
I'm guessing a lot of you wouldhave pretty impressive social
media accounts, but you don't.
So you choose to spend your time
(20:22):
and money somewhere else thatdoesn't move the needle in the
business, which is okay.
Is it?
I don't know.
If I was an investor coming in,
I'd be like, what the frick isthat?
What are you doing over there?So I was thinking all these
decisions you make in yourbusiness as if an investor was
coming in and was like looking atwhere your time is spent and where
(20:48):
your money's spent and what thebottom line, the business, not
enough of us focused on the bottomline.
You think that by saving $50 amonth here, $200 a month here, a
hundred here, but you're actuallywinning when you're not, right?
You should spend $100 and $200 amonth because you know it're
actually winning when you'reright?
not, You should spend $102 a monthbecause you know it's going to
(21:09):
make you $2,000 a month.
So we're going to wrap this up.
I'm harping on this because I seea lot of brokers doing it
backwards.
And I've seen this before.
As times get tighter,financial-wise, the business, the
fear in the market, everything.
Instead of you going on offense,
mortgage brokers go on defense.
The majority of them.
They go on defense.
Instead of looking and going, hey,
there's market share here.
Like if you're investing in the
(21:30):
stock market, you don't buy whenit's high.
You buy when it's low.
Right?
Buy low it's You buy when it'shigh.
Right?low.
Buy low, sell high.
Buy high, I'm screwed.
Right?It's low now.
You need to bring out morearsenal.
Otherwise, if you go and retreatand think like you're so far
behind, it's like, when do youcome back?
(21:52):
You're waiting until the rates goup and properties go up and buyers
are flooding the market.
Why are you waiting for all that?
Why don't you just call what it isand go, hey, instead of me
spending $10 to make $40, now Ihave to spend $20 to make $40.
And I'm going to build a modelaround that.
So I'm going to go spendaccordingly.
(22:13):
And I'm going to get my coachingor training, which will get me
there faster.
I'm going to have my marketing
plan.
I'm going to spend money on it.
It is crazy to me that peopledon't have a marketing budget.
It's just to say that out loud,right?
You want all these glorious thingsto happen in your business and all
these people to know about it andblah, blah, blah, blah, blah.
But you don't have a marketingbudget.
Your marketing budget should belike the biggest expense in your
(22:35):
business.
It's the biggest expense in most
outside of labor and rent, whichwe don't have.
A lot of you don't have labor.
If you have labor fulfillment, you
pay out when you get it.
So scratch that off.
And then number two is youroverhead, like office space in
(22:58):
that.
But we don't have that majority of
us.
And if you do, you're not in a
glorious building or anything.
So scratch that off.
So then your next step should bemarketing, should be your biggest
expense in your business.
And if you're sitting there not
making a lot of money, by yourdefinition, what are you going to
(23:21):
do?Are you just going to look at more
down payment documents?Right?
Are you going to go to moreconferences?
Are you going to go to more lendermeetings?
Or are you going to try to figureout the marketing piece and spend
money in it.
Man, so backwards.
It just frustrates me a lot.
And I'm really coming at this in a
(23:42):
good place for everyone here.
I'm hoping, seriously, I'm not
trying to help everyone.
I can't help everyone.
I can't save everyone.
If there's like two of you that
this just helps and you're like,yep.
Wow.
Never thought about it.
Thanks to the kick in the ass,Ryan, blah, blah, blah.
I'm going to reevaluate where I'mspending my time and money.
(24:03):
That's all I want.
Okay.
That's it kids.
Um, next podcast, which I'm
excited to do is I'm going to giveyou a preface to it.
But first this podcast I broughtto you for the third time by
Americano.
Next which podcast, I'm really
excited to is I've make, beendoing social media for one year
now.
That's me starting my vehicle and
(24:23):
driving home.
I've been doing social media for
one right?year, Biggest mistake I made as a
mortgage not doing broker, social.
I've been doing it on five
platforms for one year.
It's been literally one year.
I'm going to share all the thingsI've learned.
Man, have I learned a ton.
I'm going to share it all.
And I'm going to share it all fromyour perspective, a mortgage
broker's perspective, on what Iwould do if I was a mortgage
(24:45):
broker, and how I'd set things upand whatnot whatnot and all the
money or time we've wasted orspent here and the stuff we've
learned, softwares we've used.
I'm going to cover them all.
Okay.
So that's my next podcast.
Check it out.
Otherwise, enjoy your day.
Peace out, kids.
that building a mortgage business,a successful one, is like playing
a game.
There's winners, there's losers,
there's certain things you try.
Some of us are playing checkers
while others are playing chess.
I've had the ability to coach and
mentor hundreds of mortgagebrokers.
I myself built a very nicebusiness.
So now I want to distill all thatinformation, all the things I've
(00:29):
learned from that and bring itdirectly to you in a simple to
understand way.
I hope you enjoy.
Good morning.
Welcome to the Mortgage Game
Podcast.
West Coast Wiley here.
Let's get into it.
So there are some topics where I
just hold a very strong opinionheld loosely.
You can we can have a debate aboutit.
(00:49):
I'll see your side.
You see my side with common sense.
You back up with facts and youshow me things like, OK, yeah, I
get it.
Totally get it.
There are other things where I'mlike, no bueno.
Meaning, yeah, no, not in myworld, not in my head.
And I live in my own head, right?It's my world.
I get to make the rules inside myhead.
(01:11):
So this is one of those topics.
I don't see the other side of it,
but a lot of you do.
And that's why this is a podcast
episode.
And so us as mortgage brokers,
man, it's so crazy.
We help people make the largest,
potentially largest decision oftheir lives, setting up the
largest amount of money they'regoing to borrow, setting up the
(01:37):
right terms.
And we're these professionals and
we help you and we're trueexperts.
And like, we're blah, we're allthese awesome things.
And it's why you need us over thedum-dums at the bank.
But then we refuse to run ourbusiness that way.
Right?A lot of us think we get into this
business and we're likebootstrapping it before you make
it.
And I get bootstrapping, but
there's different definite, what Imean by that is the expenses, the
(02:02):
amount of money you're going tospend.
So this podcast is about whereshould you spend your money?
What type of expenses should youhave?
Should you not have?What are excessive?
What are not?Like what should be
non-negotiable?But we want to portray ourselves
as these professional people inthe financial world, yet we don't
run our business that way.
And it's just crazy town.
And I'll get into some morespecifics for you when it's all
(02:24):
together.
It's very frustrating from my
point of view, right?Some of you are those people at
the farmer's market where you'renickel and diamond people, but
they're carrots, right?And you're negotiating people and
their carrots and you come intoyour own business.
And when people want to negotiatewith you, you get frustrated.
You're like, ah, I bring so muchvalue, bring value, rah, rah, rah.
(02:49):
That's what I do.
And you're like, you can't
negotiate me.
It's more than the interest rate,
which if you're telling yourselfit's more than the interest rate
over and over and that's all youbelieve, you're living in la-la
land.
The interest rate plays a massive
part into how much interest aperson pays on their mortgage.
Okay?For you to make up, we're going
out of a rabbit hole here.
For you to make up a 30 basis
(03:11):
point difference on a $500,000mortgage.
That's $1,500 a year.
That's 7,500 over five years.
You're telling me your piece ofadvice you're going to give me,
it's going to save me $7,500 ormore guaranteed, or it might save
me in case something happens and Iwas in the wrong mortgage.
And I'm like, okay.
So people pushing that narrative,
the jigs up.
Interest rate matters a lot.
(03:32):
It's like, what are you going todo about it?
That's a different conversation.
But I see a lot of mortgage
brokers acting like theseprofessionals, yet they get into
this industry where they've beenin the industry now and you're not
spending money in your business inthe right areas.
It's You think you can just startthis with paying your licensing
(03:52):
fee?And like, crazy.
then, even an apprentice who getscarpentry into, like, has to show
up with his own He's got tools.
costs.
You run any business out you wantto open a car a you want to,
there, wash, laundromat, you haveYou have to have improvements made
to the property and make it so ifyour business is right, like,
(04:18):
overhead.
you have monthly rent you pay.
You have like, you have all thisoverhead and expenses you have to
pay just to run the business.
You got to see a lot of mortgage
brokers nickel and diming it.
And what I mean by that is doing
all the things yourself.
We're spending money on areas
where you shouldn't, right?Like gifts for clients.
Hey, gifts for clients, great,sure.
Doesn't move the needle.
Can never ever convince me of
that.
Does not move the needle versus
what you pay out.
It's like the people who buy cars
(04:38):
and then they pay for the rustprotection and the gloss coverage,
the UV coverage, all thatbullshit.
If you do it, you do it.
If that's you, that's you.
Call it what it is.
But that doesn't like, sure, your
money could be spent to otherplaces.
I'm going to give you betterexamples of what I mean by this.
(04:59):
Okay, so me personally, when I wasa mortgage broker, I knew I wasn't
put on this planet to domortgages.
I did mortgages because it mademoney.
So I needed to run the businessaccordingly.
I also knew I wasn't put on thisplanet to edit reels for social
media.
And I knew I wasn't put on this
planet to review down paymentdocuments.
So if I'm telling people or in myown head, if I'm thinking, man,
(05:21):
there's so many people out there Ican serve.
And in I make turn, money and myfamily is well off.
And I'm going to serve all thesepeople.
That's my goal.
So whichever side you want to be
you can I want to just make on,money.
go, hey, Then you need to spendmoney to make money without a
doubt.
Just like every other company in
(05:41):
the world.
If you have different people doing
different things in the the personcompany, who's doing it all by
they themselves, just never grow.
And you're just not a very savvy
business owner if you're doingeverything yourself.
It's just crazy town that you dothat.
You're not seeing the bigpictures.
You're not missing building abusiness, being an entrepreneur
one-on-one.
You get other people to do it, and
they're going to do it the same orbetter, which allows you to guess
(06:04):
what?Guess what?
the same or which allows youbetter, to guess what?
Guess what?Go get more Ah, business.
there you Go go.
get more, which is the only way
you grow.
You get more business.
And so you have people out therethat are telling themselves they
like doing down payment documentsor like, let's be honest, if
you're here to serve people, Icould not go find more homeowners
to buy their first investmentproperty.
If I'm sitting in my office,grinding away on down payment
(06:28):
docs, it just doesn't.
So what do I do?
I hire someone else to do it.
Oh, but it costs money.
Yeah, but that's one of thoseexpenses that you only pay if you
set up ready paper you only payfile, when you get but that's
money.
one Yeah, of those expenses that
you only pay if you set up a paperfile.
You only pay when you get money.
(06:48):
So that's not even really an
expense because it freed me up togo find more people to serve.
You are not serving anybody.
You're not serving one single
person by doing your own downpayment documents, by doing your
own fulfillment.
You're not serving anyone.
You're just, A, being lazy.
You don't want to find someone.
It's so counterintuitive to say itlike that.
You're being lazy because youdon't want to go find someone, or
you're being really cheap, or youjust don't understand being an
entrepreneur.
And yeah, I'm coming at you hard
(07:08):
on this one because I see it dayin and day out, and it's beyond
frustrating frustrating when Icould just move a puzzle piece
around, like move, we're playingchess.
I can move a chess piece aroundand go, you've got a check made
here, which is a pot of goldbeyond the rainbow and three
(07:29):
moves.
But you keep dicking around down
here and you're playing checkersand you're doing your down payment
dogs.
And then we know that you're a
business owner and marketing isthe only way you get clients.
So you have all these otherbusinesses in the world that have
marketing budgets and they'respending money on marketing and
they're dedicating themselves tosocial media because that's how
you leverage yourself and get theword out about your business the
most.
But then they sit there and like
(07:50):
do their own posts.
And I get it.
There's some posts you do greenscreen and off the cuff and write
like that you do a do 100%.
But the majority of your posts,
you should not be the one editingthem and spending an hour on
CapCut editing a video because youdon't want to pay someone $30 to
do it.
It's just crazy town.
you serving?How are you being the highest of
best use in your business?How are you being a responsible
(08:13):
business owner by editing your ownstuff on CapCut?
It just bonkers to me.
You're like, Ryan, but it's so
much expense.
Yeah, that's running a business,
dude.
That's running a business.
There are expenses.
And guess what?
There's certain expenses thatshould be prioritized.
Marketing expenses.
You make the video and then you
give it to someone else to make itlook good and to schedule and have
it go out and make static posts.
(08:33):
If you're making static posts on
your social media for yourmortgage business, and I don't
care how much time you say it onlytakes because AI and this, it's
still time you're spending.
If you're doing that, you are not
being a responsible businessowner.
There are other people that willdo it for you the same or better
(08:55):
so that you can guess what?Go find more people to serve.
Come up with more marketing ideasto create more content to have
someone else edit and post foryou.
I feel like I'm talking to my kidssometimes over and over again.
But that's okay.
That's why I'm here.
And I'm a little spicy thismorning.
This podcast is brought to you byAmericano.
(09:17):
And I'm only coming at you likethis out of true love.
I'm coming at you because I have avery unique perspective of our
industry.
Fortunately for me, I get to look
under the hood of a lot ofmortgage brokers businesses.
I get to see a lot, hundreds andhundreds and probably over a
thousand now.
Mortgage brokers, what they're
doing day in, day out.
(09:38):
I can, it's like, I could chart it
all out.
90% people are making the same 90%
of the mistakes.
And the ones who are doing really
well are all doing the same thingsreally well.
Like it's, it's, it's, I feel likeI have cheat codes to the
(09:58):
industry.
Uh, and so that's why I come in
this podcast and I share thingswith you.
And I'm telling you, I knew a, Iwasn't enjoying doing all those
things in my business.
You get frustrated.
There's no way you should be doing12 things in your business.
You should not be all 12departments.
Like, but Ryan, I'm newer, I'mstarting, or times are tough, I'm
(10:21):
doing all the money.
You have credit cards, right?
You have credit cards?Use the credit cards.
Otherwise, you're on a hamsterwheel.
You're on a hamster wheel of youduct taping a business together in
the financial service industry,where you tell people you're this
so-called professional and expert,yet you're wasting your time
editing stuff on CapCut andlooking at down payment documents
(10:44):
and not trying to get better atyour discovery call and networking
more and finding more people toserve and coming up with different
CEO type decisions.
CEOs aren't doing those things.
And so you have to get really, youhave to get really serious about
your business and i know some ofyou listening to this you are i'm
using air quotes successful andyou still do some of those things
(11:07):
um but it's also why you're notdouble triple quadruple the volume
where you actually should bebecause it's so simple-minded,
right?And I mean that, I don't know,
nicest way possible, take what youwant from it, but you're just not
playing the game right.
It's called the mortgage game,
right?It's the game of entrepreneurship.
You have to play it a certain way.
You have to spend money to make
(11:28):
money.
You should not be doing
fulfillment.
You should not be editing your
social.
There's certain ones you can get
it.
Got it.
Roger that.
Right.
There's softwares out there youhave to buy.
Got it.
You need those expenses.
You need your CRM.
And I get it all starts to add up.
But guess what?It's a business.
Our overhead in this industry, ifthere was a chart, I can only
(11:51):
imagine what it would look like ifyou had the overhead for a
mortgage agent versus incomepotential.
Oh my God.
You know, some businesses are
pumping out 5, 10K a month.
Easy.
Easy.
That's peanuts.
You can pump out 1,000 a month,1,500 a month.
Like you need to spend some, evenif you're not making the money
(12:13):
yet, who opens a business anddoesn't have a budget set aside to
pay for all these things?Why would you want to be learning
how to, and I just keep using downpayment docs because that's
fulfillment.
It covers a lot of things and you
do learn things while you do it.
But then social media, like, why
would you want to go learn allthose things and then like what's
(12:35):
the end game are you eventuallygoing to get so and i've heard
this well no i'm eventually okaybut when why the number one reason
or time to hire an assistant iswhen you don't need one like why
what's what's that point in yourbusiness where you just go, you're
right, Ryan, I'm going to go hiresomeone for this, this, this, and
(12:56):
this.
Like when, when does that come?
How do you define that?How do we judge that?
That's what I want to know.
Like it doesn't, you go do it now.
I know three mortgage brokers thatare three years in doing a hundred
million a year.
And they approached me right at
(13:16):
the beginning and all on their owndifferent timelines.
They're three, four or five yearsin right now.
And they came into this settingthemselves up as a business owner.
They came in going, I already knowI've got X amount of savings put
away.
And it's not to go live on.
Those savings were expenses forthe business.
I'm going to get an office, butnot a great office.
But I do want a brick and mortar,something somewhere where I can go
(13:38):
and get out of my house because Ioperate by that way.
And I'm like, great.
But it's not going to be like
razzle dazzle.
But I got somewhere.
Perfect.
Perfect.
Awesome.
And I'm going to hire someone to
run my social because I know thequicker I get to doing that, the
more eyeballs I'll get, whichmeans more money I'll make and
more people I can serve and moreopportunities.
(13:59):
Perfect.
And then I also need to know I
need someone in to handle myfulfillment and just a personal
assistant.
And we haven and did this.
And now they're over a hundredmillion making over a million
dollars a year.
But they chose to run it that way.
I know this isn't for everybody.
(14:19):
This podcast is brought to you by
Americano.
It's just one of those interesting
things that, you know, let's talkabout coaching and training.
Obviously, I'm a coach.
I'm a It's what I It's my trainer.
living But you do.
don't need And now.
now let's talk about that.
coaching and I'm a training.
I'm a trainer.
Obviously, coach.
It's what I do.
It's my living now.
But you don't need that.
(14:40):
You don't need that in your
mortgage business.
You don't.
You can run a business and you'llget there.
But it's like, how long do youwant to wait?
If you want to get somewherefaster, then yeah, you budget that
in in i don't have the money okaythen keep grinding away and doing
whatever you're doing that didn'twork for these people over here or
delay where you want to go bythree years or you go and pay
(15:02):
money where do i get the moneyfigure it out i'm talking about
everything in your business notjust coaching and training, but
you figure it out.
You go borrow the money if you
have to.
Right?
It's one of those things.
I've never not had a coach.
And it doesn't matter what it is.
If it's sports, business, life,
I've always had a coach.
(15:24):
Just gets me where I want to go
faster.
Why am I going to sit here and try
to figure this out?I want the coach to tell me things
to do to work on the one, two,three things.
And then guess what?Now I'm not going to even go do
them.
I'm going to go find the person to
go do it.
But my brain works differently.
So I'm just sharing snippets ofit.
But if you want to run asuccessful mortgage business as
fast as humanly possible, that'show you have to think.
So there's certain things in yourbusiness that should be
(15:47):
non-negotiable for you and how youspend your money.
Having someone run your files foryou, the document, satisfying
fulfillment, you don't get paid.
They don't get paid until you get
paid.
So it's not like you even are
forking out money today that youdon't have.
There are a ton of people, a tonthat will slide right into that
(16:07):
position for you.
There's a lot.
You just have to go find them.
So now that becomes your
challenge.
So would you rather grind away and
do all your down payment docs,which are horrible to do and
really not what you should bedoing?
There's other people who are puton the planet to do that stuff.
It's not you.
Not if you're in a mortgage broker
(16:28):
and you're a salesperson.
That's not you.
The two don't jive.
And if it does, then you're
probably just not doing the right,you're not in the right business.
Or you just call what is.
You go, hey, Ryan, I like doing
everything.
I like doing all 12 things in my
business.
I get frustrated with it.
My quality of life is just okay.
I get stressed out because I
(16:49):
really don't like three, four ofthem, but I'm okay with it.
I'm okay to earn X, Y, Z. Then Igo, great, thumbs up, and don't
complain.
Then you're good.
And some of you are like that.
You're like, I'm cool earning X,
earning XYZ and doing absolutelyeverything in the business.
(17:09):
You're like the restaurant ownerthat you don't want to hire the
dishwasher.
You'll just do the dishes later.
And you're like, I'll seat people.
Maybe have one person come in and
help.
But I got it.
I got it.
I'll do it all.
And instead of serving 80 people,we only serve 20 at a time because
but that, I got I got it.
(17:30):
I'll it.
do it And all.
instead of serving 80 people, we
only serve 20 at a time becauseall I can handle, but I want to do
everything because I'm either acontrol freak or I don't think
anyone else can do it as good asme.
Or I just generally like doing it.
Sure.
I don't know many of those people,by the way, that like doing
everything.
They just do it.
Because I think a lot of peopleget lazy when it comes down to
(17:52):
trying to go find the people to godo it.
I think that's what the trueproblem is.
And yeah, just pause there.
If you're like, hey, something was
weird.
Yeah, I just paused it.
I didn't know you could actuallydo that.
Oh, well.
Live and learn.
I thought I'd just record I'd beit.
I can like, pause oh, and go back.
that Oh, and yeah, I thought
learn.
I'd just record it.
I'd be like, oh, I can pause andgo back.
(18:14):
Oh, yeah, that's cool.
Duh.
Right?So which person are you?
Where are you living on in thisworld?
Are you a business owner or areyou a guy or a girl that's
pretending to be that?And you're the so-called expert
over here, advising people on allthis stuff, but I'm taking your
own advice on certain things.
And you're out there trying to be
everything to everyone.
Right.
To be honest, like when we ranours, so you have your, your
email, your domains, your G suite.
We had our webinar software.
(18:34):
We had Calendly expense.
We had our CRM, the VIP club, and
all that made us money.
So it was like so easy.
It's just like, we need to do allthis.
It's marketing and we need to runour business.
Great.
And then after that, I didn't do
social media, but if I was, thatwas my biggest mistake as a
mortgage broker.
If I went back into it now, yeah,
(18:55):
I would, that would be mybusiness.
It would just so happen to be Idid mortgages, and then I would
just get good enough at mortgagesto process the stuff and handle
the calls.
But I would go learn the social
media world.
And do I like social media?
God, no. I despise it.
I don't like it.
My next podcast, by the way, isgoing to be the things I learned
of doing social media for oneyear.
I'm one year into my social mediajourney.
But instead of me flying aroundCanada, going to conferences where
(19:18):
I don't really learn shit, I takethat money and I hire someone to
run my social media.
And I go, boom, guess what?
Just found some money.
Just found some money over here.
Right?And I look around and I go, what
expenses is my spending thataren't moving the needle in my
business or freeing up my time?Which are, sometimes they're
(19:40):
actually taking you more time.
The people who just want to go
around all these conferences andfly around, that's great.
Hey, social, whatever.
But then you can't complain that
expenses are too high in otherareas.
You're spending money there whereI already know it's not moving the
needle in your business.
So go hire a social media manager
who edits and schedules yourvideos and have that go out, which
then allows you to, like I do, andI'll explain in my next podcast, I
(20:02):
record a video, I drop it in a Gdrive, and I'm done.
How much more advanced would yoursocial media be if you could
record a video and drop it in a Gdrive folder and walk away?
I'm guessing a lot of you wouldhave pretty impressive social
media accounts, but you don't.
So you choose to spend your time
(20:22):
and money somewhere else thatdoesn't move the needle in the
business, which is okay.
Is it?
I don't know.
If I was an investor coming in,
I'd be like, what the frick isthat?
What are you doing over there?So I was thinking all these
decisions you make in yourbusiness as if an investor was
coming in and was like looking atwhere your time is spent and where
(20:48):
your money's spent and what thebottom line, the business, not
enough of us focused on the bottomline.
You think that by saving $50 amonth here, $200 a month here, a
hundred here, but you're actuallywinning when you're not, right?
You should spend $100 and $200 amonth because you know it're
actually winning when you'reright?
not, You should spend $102 a monthbecause you know it's going to
(21:09):
make you $2,000 a month.
So we're going to wrap this up.
I'm harping on this because I seea lot of brokers doing it
backwards.
And I've seen this before.
As times get tighter,financial-wise, the business, the
fear in the market, everything.
Instead of you going on offense,
mortgage brokers go on defense.
The majority of them.
They go on defense.
Instead of looking and going, hey,
there's market share here.
Like if you're investing in the
(21:30):
stock market, you don't buy whenit's high.
You buy when it's low.
Right?
Buy low it's You buy when it'shigh.
Right?low.
Buy low, sell high.
Buy high, I'm screwed.
Right?It's low now.
You need to bring out morearsenal.
Otherwise, if you go and retreatand think like you're so far
behind, it's like, when do youcome back?
(21:52):
You're waiting until the rates goup and properties go up and buyers
are flooding the market.
Why are you waiting for all that?
Why don't you just call what it isand go, hey, instead of me
spending $10 to make $40, now Ihave to spend $20 to make $40.
And I'm going to build a modelaround that.
So I'm going to go spendaccordingly.
(22:13):
And I'm going to get my coachingor training, which will get me
there faster.
I'm going to have my marketing
plan.
I'm going to spend money on it.
It is crazy to me that peopledon't have a marketing budget.
It's just to say that out loud,right?
You want all these glorious thingsto happen in your business and all
these people to know about it andblah, blah, blah, blah, blah.
But you don't have a marketingbudget.
Your marketing budget should belike the biggest expense in your
(22:35):
business.
It's the biggest expense in most
outside of labor and rent, whichwe don't have.
A lot of you don't have labor.
If you have labor fulfillment, you
pay out when you get it.
So scratch that off.
And then number two is youroverhead, like office space in
(22:58):
that.
But we don't have that majority of
us.
And if you do, you're not in a
glorious building or anything.
So scratch that off.
So then your next step should bemarketing, should be your biggest
expense in your business.
And if you're sitting there not
making a lot of money, by yourdefinition, what are you going to
(23:21):
do?Are you just going to look at more
down payment documents?Right?
Are you going to go to moreconferences?
Are you going to go to more lendermeetings?
Or are you going to try to figureout the marketing piece and spend
money in it.
Man, so backwards.
It just frustrates me a lot.
And I'm really coming at this in a
(23:42):
good place for everyone here.
I'm hoping, seriously, I'm not
trying to help everyone.
I can't help everyone.
I can't save everyone.
If there's like two of you that
this just helps and you're like,yep.
Wow.
Never thought about it.
Thanks to the kick in the ass,Ryan, blah, blah, blah.
I'm going to reevaluate where I'mspending my time and money.
(24:03):
That's all I want.
Okay.
That's it kids.
Um, next podcast, which I'm
excited to do is I'm going to giveyou a preface to it.
But first this podcast I broughtto you for the third time by
Americano.
Next which podcast, I'm really
excited to is I've make, beendoing social media for one year
now.
That's me starting my vehicle and
(24:23):
driving home.
I've been doing social media for
one right?year, Biggest mistake I made as a
mortgage not doing broker, social.
I've been doing it on five
platforms for one year.
It's been literally one year.
I'm going to share all the thingsI've learned.
Man, have I learned a ton.
I'm going to share it all.
And I'm going to share it all fromyour perspective, a mortgage
broker's perspective, on what Iwould do if I was a mortgage
(24:45):
broker, and how I'd set things upand whatnot whatnot and all the
money or time we've wasted orspent here and the stuff we've
learned, softwares we've used.
I'm going to cover them all.
Okay.
So that's my next podcast.
Check it out.
Otherwise, enjoy your day.
Peace out, kids.
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