Day 1: Start with the Right Business Mindset

Welcome to Day 1 of the 30-Day Mortgage Jumpstart! Each day, I'll be sharing tips to help you build a strong mortgage business. Let's start with the right mindset, which is key to your long-term success.

Your Process, Your Business

When I first started, I wish someone had told me this: It's important to create a process that you not only manage but also love. This will help you add value and create the business you want. Think about how you want to add value. For me, I wanted to be an expert where my clients valued my advice and saw me as a valuable consultant for their overall financial plan.

In the beginning, I didn't clarify this, and I ended up frustrated with clients who only cared about getting the best rate. Advice and service weren't important to them. It took me a long time to create the structure I wanted in my business.

Clarify Your Goals

Start by clarifying how you want your business to run. Be so clear that you can explain it easily. For example, I decided to work with clients who:

1. Are willing to follow a set process.
2. See value beyond just the price.
3. Trust me as the expert in mortgages.

Remember, unless a client deals with mortgages every day, they won't be an expert. Even if they work in financial services or have an MBA, you will know more about mortgages. The industry, guidelines, and market are always changing, so your knowledge is valuable, and your clients need you.

Stick to Your Principles

These are your principles, and you should never deviate from them. Figure out how to convey this clearly to everyone you meet, including referral sources and customers.

For example, when talking to a real estate agent, I would say:
"Mr. Realtor, I like to structure the mortgage around my client's overall financial plan and be a resource as long as they need. I follow some principles to identify the best clients for my services. They are: 1) people who follow a set process, 2) people who see value beyond just price, and 3) people looking for an expert they can trust."

By following these principles, everything else in my business fell into place.

#### Different Business Models

If you decide to be the Walmart of mortgage lenders, always having the best price, understand that this approach comes with challenges. For example:

1. You will attract clients and partners who are mainly focused on price.
2. It will be harder to build a team because low profits mean less revenue to invest in hiring help.

If you choose this path, be prepared to do everything yourself until you have enough volume to hire a team.

Conclusion

Take the time on Day 1 to think through everything in detail. This is a critical step. In my business, I wanted to be like a doctor: gather all the information upfront, give long-term advice, and have my clients appreciate my expertise.

Stay tuned for Day 2 of the 30-Day Mortgage Jumpstart, where we'll dive deeper into building your business!

Feel free to leave comments or questions below. See you tomorrow!