As a mortgage broker, you can either work everything out yourself… or you can stand on the shoulders of giants who have already made the mistakes, learned the lessons, and provided a roadmap map to follow.
And the best news is that applying these best practices doesn’t have to cost a fortune. Here’s a shortlist of the top 10 business books that we recommend every mortgage broker reads and applies in their business.
Section 1: Strategy and Leadership
Scaling Up by Verne Harnish
This award-winning classic is essential reading for mortgage brokers who want to grow beyond a small team. Packed with practical techniques, templates and case studies, it helps you get important decisions right regarding:
With 961+ 5-star Amazon reviews, we’re not the only ones who think this book is worth your time.
Extreme Ownership by Jocko Willink and Leif Babin
No brokerage can surpass the leader who runs it. When you’re at 1 to 3 people, “Leadership” is less critical. But as your head count grows, so too does the need for an effective leader.
In this book, decorated Navy SEALs Jocko Willink and Leif Babin translate hard-hitting combat stories into lessons for leadership. This is one of the rare books on Leadership that goes beyond the theoretical to provide practical examples you can apply in your practice.
Section 2: People
Who Not How by Dan Sullivan and Dr Benjamin Hardy
When you want to embark on a new initiative, it’s tempting to ask “HOW” you’ll acquire the skills required to reach your goals. The problem with this approach is that you become overwhelmed with an ever-growing list of responsibilities, projects and “To Dos”.
This influential book proposes a better question: WHO not HOW. Who Not How takes you from ‘doing’ to ‘getting things done’, so you can build a business that’s bigger than yourself. This book is as practical as it is inspirational.
Who: The A Method for Hiring by Geoff Smart and Randy Street
Ask any Mortgage Broker to name their greatest frustration and many will answer, “finding good people”. The right team members enable you to grow your business while working less. But the wrong hiring choice can easily derail your plans.
Based on over 1,300 hours of interviews with 300+ CEOs, this book presents a detailed method for:
- Attracting “A players” into your hiring process
- Interviewing and selecting the best people, while weeding out poor performers
- Putting the right people in place for optimal success
Section 3: Growth
The 1-Page Marketing Plan by Alan Dib
Want a proven way to generate more leads, convert more sales, and grow your business? Hate convoluted plans that are too hard to implement?
Alan Dib shows you how to stop doing random acts of marketing and instead, create a simple, 1-page plan for rapid business growth. It takes just 9 squares on a single page and you’re done.
BONUS: If you’re looking for a marketing resource that is even more mortgage broker specific, download our free Ultimate Mortgage Broker Marketing Plan.
SPIN Selling by Neil Rackham
Want to win more customers without resorting to tactics that make you look and feel sleazy? The customer-centric, consultative approach outlined in SPIN Selling is especially effective for brokers because it provides a proven framework to position you as a trusted advisor.
As you apply the SPIN system (Situation, Problem, Implication, Need-payoff) you’ll find your clients more eager to respect and accept your advice, causing your confidence (and sales) to soar.
Section 4: Operations
The 4 Disciplines of Execution by McChesney, Covey and Huling
As a mortgage broker, it’s one thing to come up with a fine-looking plan, but it’s quite another to execute that plan, without getting distracted by all the “noise” along the way.
This book provides a practical framework to keep your team aligned and on track amid the day-to-day whirlwind by:
- Focusing on the Wildly Important
- Acting on the Lead Measures
- Keeping a Compelling Scoreboard
- Creating a Cadence of Accountability
By following the 4 Disciplines, brokers have found they can execute on their strategic goals while still getting through their daily workload.
Work The System by Sam Carpenter
Want to grow your business while working less? Twenty-five years ago Sam Carpenter had the same dream. His book reveals the exact steps he took to slash his 80-hour workweek, while multiplying his net income by a factor of 100. This book reveals his step-by-step method to:
- Create and manage linear systems that produce results, while maintaining calm control
- Stop fighting fires and become a fire-prevention specialist
- Design the business (and life) you want
You may also wish to check out our article on how to build a mortgage brokerage that runs without you.
Section 5: Customer Relations
Never Lose A Customer Again by Joey Coleman
Joey Coleman uses research and case studies to demonstrate how quickly clients move from positive feelings of excitement, to negative feelings of doubt, fear, and even remorse. And as a result, never do business with you again.
Then he maps out how to reverse this tendency using the 8 emotional phases a client goes through in the first 100 days of a transaction.
This book gives you a practical framework for “baking in” customer satisfaction into the way you do business.
How To Win Friends And Influence People by Dale Carnigie
Been meaning to join the 15 million people who have benefitted from reading this classic? Dale Carnegie’s advice is (perhaps even more) relevant in our ‘anti-social’ era. Every page contains practical tips and inspiring stories to help you:
- Motivate people to like, respect, and trust you
- Cause people to have confidence in you and your recommendations
- Build an even stronger relationship with skeptics
One very successful broker group principal developed a ritual of giving this book to every new broker he hired to read in week one – and he never regretted it.
Conclusion and Next Steps
If you believe in learning and applying best practices, these 10 business books will help shortcut your journey to success.
We’ve also applied many of the principles and tips in these books to the features and workflows contained in BrokerEngine software. Check out our latest demo here so you can see how broking teams are slashing 5 to 10 hours off every deal, while delivering a 5-star customer experience.