293: The Renewal Lie: Why 2026 Isn't Automatic Business

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Welcome to the mortgage game.

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I truly, truly believe that

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building a mortgage business, a
successful one is like playing a

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game.

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There's winners, there's losers.

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There's certain things you try.

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Some of us are playing checkers

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while others are playing chess.

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I've had the ability to coach and

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mentor hundreds of mortgage
brokers.

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I myself built a very nice
business.

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So now I want to distill all that
information, all the things I've

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learned from that and bring it
directly to you in a simple to

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understand way.

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I hope you enjoy.

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All right.

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Welcome to the Mortgage Game

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Podcast.

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West Coast Wiley coming at you

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live from the Dodge Ram studio
down at the beach.

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We're back to the beach going old
school again.

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Let's get into it.

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We're going to talk about

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renewals.

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Whoa, I thought there was a gold

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mine, a gold rush.

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Renewals everywhere, super easy

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business, share in your book, do
all these things.

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And it's like, yeah.

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So what's happening?

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Okay, let's break this down.

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This is a renewal call.

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So I see a lot of frustration.

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I see a lot of stressed out

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brokers.

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I see a lot of people who thought

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things would be a little different
than they are.

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And I'm here going, really?
Did you really think that?

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Like, why did you think that?
Why did you think that because you

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have all these renewals that your
business would just be flooded

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with business?
So there's caveats to everything I

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said.

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If you are doing insured

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transfers, sure.

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If you're in Alberta and some

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others where there's just a lot of
insured stuff, insured transfers,

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right?
There's a game for that.

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And you can add value.

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You're going to beat a lot of

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interest rates if they go out on
their own somewhere.

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And there's some ninja moves
layered into that.

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So the insured transfer game, you
have a leg to stand on if you know

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what you're doing.

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But I want to talk about the

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majority of the lenders coming
out, or sorry, the clients, where

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it's like the uninsured world.

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And the biggest markets is GVA,

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the GTA.

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What are you doing with the

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uninsured deals?
And so we've been led to believe

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in this industry.

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And this used to be the way it is.

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It's just things have changed.

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But people haven't helped us.

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with the changes.

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And so it used to be, go get your

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book of business, churn your book
every three to five years, and

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live a referral -based business
and carry on.

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That was a nice business.

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It was a nice way.

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And I agree.

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I lived in that business world.

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And they come up and they're like,
sure, Rod, yeah, and let's do

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this.

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But things have changed.

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Guess what?
Banks are always being

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competitive.

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It's not like right now they're

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just more competitive.

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They've always been in the mix,

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probably more so than ever in the
last seven to 10 years.

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But banks have always been there
crushing brokers.

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So that's not new.

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Clients are getting pummeled with

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more retargeting online.

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They're spending more time online

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and they're seeing more lower
interest rates from marketing.

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False advertising or not, they're
being showed fixed or insured

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rates and maybe not unsure, but it
doesn't matter.

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They have online offers in their
portal.

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You have more money going towards
lender retention teams.

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They've got access to AI, which
makes them think like they're a

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mortgage broker and they can know
what to do and they know to

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structure everything.

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So clients are coming in with this

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perceived education and this
knowledge base of what they need,

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what they have, and people are
throwing rates at them.

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And so it's just a lot more
challenging now.

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And so back in the day, that
wasn't the case.

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You were the end -all be -all and
you had a fighting chance on a lot

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of these files.

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Now, It's really hard.

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You only have so many moves, but
the powers that be, the people at

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the top that are telling us, go
work your book, go get, sure.

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But then how do I do it though?
What do I do?

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What do I say?
Because what I did before doesn't

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work now.

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So where's the education piece?

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Instead, you just want to tell me
to go do this, this, this.

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You can go get renewal.

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I can walk down the street and

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book renewal calls.

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Getting renewal calls is the easy

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part.

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Everybody has them.

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But there's also a certain mindset
that a lot of you are living with.

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And I'm here to tell you, get over
it.

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And so I have a bone to pick with
the industry saying that it's

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renewals are up and that this
could be the best year of your

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career and blah, blah, blah.

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It's like, uh -uh.

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Just there were always renewals up
every year.

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A lot, a shit ton of them.

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Just because there's more now,

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it's kind of like if you're a
baseball player, like if you can't

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hit a curveball, you can't hit a
curveball.

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It's not like you're going to this
pitcher who's better at curveballs

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versus this one.

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It's just you can't hit a

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curveball.

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Same thing.

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If you're not good with renewals,
if you don't have value adds, if

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you can't control the
conversation, if you can't manage

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your time, if you spin your wheel
doing all this work and then the

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client just leaves you, it doesn't
matter if you have 20 renewal

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calls or you have three.

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It was never going to work.

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So you have to fix, like, what am
I saying on the renewal call?

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What is the...

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Do they have to qualify to get on

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the renewal call?
What do they say?

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I'm going to give you some more
tangible stuff here, but there's

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more that has to go into it.

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Gone are the days where you just

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churn your book.

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It doesn't happen right now,

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especially with property values
going the other way right now.

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The day where you're using your
property as an ATM and tapping

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into the equity, those days, like,
sure, there's some refinances, but

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there's a mindset among the
brokers.

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I hear this from a lot of brokers,
like they're frustrated with all

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the calls.

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Twice the work, half the money.

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But what you're missing the mark
on is the old way of thinking is

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that just because you put a client
with Scotiabank, let's say, that's

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not your client anymore.

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That's Scotiabank's client.

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You have to get over yourself.

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It's a renewal call.

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It's a discovery call.

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You didn't do anything.

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You did jack shit.

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Just because you did the mortgage

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once or twice for this client over
the years doesn't mean they're

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your client.

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They're the bank's client.

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They're having interactions with
the bank.

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So you need to change your
mindset.

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over the frustration you're
feeling from all the renewal calls

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because those clients don't owe
you anything.

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They owe you nothing.

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You were paid very handsomely from

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a transaction you did with the
lender and you gave them your

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client and your client went there
for X amount of time.

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It's their client.

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They have more interactions with

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the lender than they do with you.

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If they have daily banking and

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credit cards and lines and loans,
if they have even just their

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mortgage.

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That's more interaction than you

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have with them.

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It's their client.

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So every time you jump on a
renewal call, you need to, we have

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this, a lot of brokers, we have
this lazy mentality that like, oh

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yeah, I got it.

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Oh, all they want is interest

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rate.

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I have all these, like, what about

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like, I've worked with you
forever.

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There's no loyalty anymore.

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It's like, why the fuck do they

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owe you loyalty?
You were paid.

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You were paid really well.

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You made three, four, five, seven,

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$8 ,000 transaction done, shake
hands, peace out.

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Now you just have old data on the
client and you have an email

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address and you're marketing to
them through email and you stay in

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touch once in a while, which most
of you just, you don't at all.

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And you come back out of the
woodwork four years later, three

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years later, four and a half years
later.

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And you're like, hey, I'm back.

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Ta -da.

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Can I do, I'm your mortgage
broker.

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Can I do the renewal?
And they're like, what's your

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rate?
And you're like, ah.

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What do you mean?
And then they leave you or they go

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to the bank.

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Well, yeah, because the bank paid

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you.

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The bank, no one owns the client,

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but the bank, like it's theirs
now.

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So you have to fight, scratch and
claw every single time.

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You have to re -audition for the
client.

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It's just like a new client
getting introduced to you.

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There's hours of work involved to
see if you guys are going to work

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together.

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unless you make quicker judgment

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calls than other people.

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Maybe it's 30 minutes and you go,

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nope, yes, nope, yes, nope, yes.

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Most of you spend two hours and

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you let the client decide if
they're going to work with you,

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right?
You have no power.

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And now treat a renewal call the
same way.

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Sure, you know them and you worked
with them in the past, but that's

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what it is.

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This is 20, 30, 45, an hour of

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your time that you're just
throwing in the wind, hoping it's

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going to happen.

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Maybe you have a little more trust

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built up, but it doesn't count for
anything.

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Because you're only as good as the
problem you're solving with that

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client.

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And so the old way of brokering is

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you get on the discovery call and
you go through your regular

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questions.

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And this is still what a lot of

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you are doing.

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And you still need to do this.

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It's part of the game.

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Remember, we're playing a game

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here.

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You get on, you build the rapport.

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Then you go, okay, how was this
service with the bank?

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And okay, do you have any high
interest debt?

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How's cash flow?
You're looking for a debt console

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opportunity, looking for a
refinance.

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Was there a co -signer we need to
take off maybe now?

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We need money to do the home
renovations.

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Are we going to lend money to kids
for college or give money to

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family, like start a business?
Do we need to access that equity

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for anything?
And when they go, nope, nope,

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nope, nope.

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Some of you are winning the

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uninsured business because you're
finding opportunities there, which

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00:08:34,980 --> 00:08:35,419
is great.

258
00:08:35,539 --> 00:08:37,380
That's how it should be.

259
00:08:37,380 --> 00:08:40,690
And then you're trying to take
them across the street to a

260
00:08:40,690 --> 00:08:42,110
different lender so that you get
paid again.

261
00:08:42,110 --> 00:08:43,909
Yes, totally get it.

262
00:08:44,169 --> 00:08:44,530
Makes sense.

263
00:08:44,530 --> 00:08:46,470
But that's not how it's playing
out right now.

264
00:08:46,470 --> 00:08:49,210
Right now, the clients are coming
in like they know what's

265
00:08:49,210 --> 00:08:49,470
happening.

266
00:08:49,470 --> 00:08:51,550
They know the score of the game,

267
00:08:51,550 --> 00:08:52,990
like they know more than you.

268
00:08:52,990 --> 00:08:55,470
And a lot of it has to do because

269
00:08:55,470 --> 00:08:56,910
they've searched up on Aon.

270
00:08:56,910 --> 00:08:57,750
And you're just not realizing.

271
00:08:57,750 --> 00:08:58,950
And they talk to Aon.

272
00:08:58,950 --> 00:09:00,410
And then they get into the rate

273
00:09:00,610 --> 00:09:00,870
game.

274
00:09:01,230 --> 00:09:03,630
And if you can't get away from the

275
00:09:03,630 --> 00:09:06,610
rate game, it's kind of like...

276
00:09:06,610 --> 00:09:09,390
That call should be 10, 15 minutes

277
00:09:09,390 --> 00:09:11,190
and then you peace out on it.

278
00:09:11,190 --> 00:09:12,350
Like if you have nothing else.

279
00:09:12,350 --> 00:09:14,910
So this is a look in the mirror
moment.

280
00:09:15,310 --> 00:09:20,050
So look in the mirror moment
going, these clients don't owe me

281
00:09:20,050 --> 00:09:20,430
jack shit.

282
00:09:20,430 --> 00:09:21,710
They owe me nothing.

283
00:09:21,770 --> 00:09:22,890
They want to talk to me.

284
00:09:22,890 --> 00:09:23,730
So that's easy.

285
00:09:23,730 --> 00:09:25,310
It's nothing magical to go get
book calls.

286
00:09:25,310 --> 00:09:27,470
You probably feel awesome because
you got a booked renewal call, but

287
00:09:27,470 --> 00:09:28,310
you better have a plan.

288
00:09:28,310 --> 00:09:30,090
You better have a plan because the

289
00:09:30,090 --> 00:09:31,050
old way of brokering.

290
00:09:31,050 --> 00:09:32,570
where you just get to know them

291
00:09:32,570 --> 00:09:35,490
and you offer a debt console and
you talk about how crappy the

292
00:09:35,490 --> 00:09:40,140
banks are and the IRD penalties
and the prepayment privileges.

293
00:09:40,140 --> 00:09:44,040
And you try to find poke holes in
either the bank you put them with

294
00:09:44,040 --> 00:09:45,880
originally or the other bank
they're with.

295
00:09:45,880 --> 00:09:48,100
You try to just poke holes in
customer service or stuff like

296
00:09:48,100 --> 00:09:49,420
that, the big evil banks.

297
00:09:49,420 --> 00:09:50,500
And you have nothing else.

298
00:09:50,820 --> 00:09:52,600
Well, yeah, you bang your head
against the wall.

299
00:09:52,600 --> 00:09:55,680
So what do you do?
There's a bunch of options.

300
00:09:55,680 --> 00:09:57,240
I don't know what option's right
for you.

301
00:09:57,240 --> 00:09:58,520
I have no idea.

302
00:09:58,520 --> 00:10:00,860
But I can tell you this, you have

303
00:10:00,860 --> 00:10:03,700
to tighten up your renewal game.

304
00:10:03,700 --> 00:10:06,480
You can go into more now than

305
00:10:06,960 --> 00:10:08,140
ever, people are niching out.

306
00:10:08,140 --> 00:10:10,420
And the ones who are being the

307
00:10:10,420 --> 00:10:13,340
most successful are the ones who
have niched out something.

308
00:10:13,340 --> 00:10:17,000
And it doesn't mean you have to go
niche out.

309
00:10:17,440 --> 00:10:21,360
Because a lot of you just, you
know, in my career, I didn't do

310
00:10:21,360 --> 00:10:21,680
renewal calls.

311
00:10:21,680 --> 00:10:22,580
I did them.

312
00:10:22,580 --> 00:10:25,700
And then I was like, oh my God,
it's a race to the bottom.

313
00:10:25,700 --> 00:10:27,100
I'm competing against retention
teams.

314
00:10:27,220 --> 00:10:29,600
I have to buy the rate down.

315
00:10:29,600 --> 00:10:31,380
I'm working for 25 basis points.

316
00:10:31,380 --> 00:10:32,180
Put it in this hour.

317
00:10:32,300 --> 00:10:34,550
I'm not going to do it.

318
00:10:34,550 --> 00:10:37,770
It wasn't until I had my niche
where I said, okay, I'm going to

319
00:10:37,770 --> 00:10:38,430
try this now.

320
00:10:38,630 --> 00:10:40,330
I go through my usual debt console

321
00:10:40,330 --> 00:10:41,230
stuff when there's nothing.

322
00:10:41,230 --> 00:10:43,710
I go, what's the number one goal?

323
00:10:43,710 --> 00:10:47,310
Number one goal is we just want to
be mortgage -free faster.

324
00:10:47,310 --> 00:10:47,450
Awesome.

325
00:10:47,450 --> 00:10:48,970
Go to mortgagefree10years .com.

326
00:10:48,970 --> 00:10:50,990
They watched the webinar.

327
00:10:50,990 --> 00:10:54,390
Then they booked a call with me.

328
00:10:54,390 --> 00:10:57,350
I showed them how to use the
equity to buy their first

329
00:10:57,350 --> 00:10:57,670
investment property.

330
00:10:57,670 --> 00:10:58,890
That then started to work.

331
00:10:58,890 --> 00:11:01,650
It increased my close percentage
from like one out of 10 to maybe

332
00:11:01,650 --> 00:11:02,210
three out of 10.

333
00:11:02,210 --> 00:11:03,390
It's not like it was like, ah,

334
00:11:03,790 --> 00:11:05,150
because there's only certain
people.

335
00:11:05,150 --> 00:11:06,470
But I at least had a plan.

336
00:11:06,470 --> 00:11:08,050
I had a plan that was worthwhile

337
00:11:08,230 --> 00:11:09,130
doing to take the renewal call.

338
00:11:09,130 --> 00:11:10,410
But I went many years without the

339
00:11:10,410 --> 00:11:10,830
renewal call.

340
00:11:10,830 --> 00:11:13,990
Just didn't work for what I wanted

341
00:11:14,130 --> 00:11:14,210
to.

342
00:11:14,210 --> 00:11:15,630
I looked at the time I spent on

343
00:11:15,630 --> 00:11:16,950
things as a massive investment.

344
00:11:16,950 --> 00:11:18,370
And I can tell how much I'm going

345
00:11:18,370 --> 00:11:19,510
to make return.

346
00:11:19,510 --> 00:11:20,090
on that investment.

347
00:11:20,090 --> 00:11:24,790
And for me, with the skills that I
had, with where I was located,

348
00:11:24,870 --> 00:11:26,670
with the type of database I had, I
made a judgment call.

349
00:11:26,730 --> 00:11:27,710
I'm not going to do real calls.

350
00:11:27,710 --> 00:11:29,330
And so you're not just going to

351
00:11:29,790 --> 00:11:32,750
say no to people, but that's where
I was.

352
00:11:32,750 --> 00:11:34,650
Other people now are doing cash
damming.

353
00:11:34,650 --> 00:11:36,310
They're doing some debt swap.

354
00:11:36,310 --> 00:11:37,750
They're doing Smith's Maneuver,

355
00:11:37,750 --> 00:11:38,170
buy investment properties.

356
00:11:38,170 --> 00:11:39,690
They're trying to do budget

357
00:11:39,690 --> 00:11:41,350
planning where they break down
some family finances.

358
00:11:41,350 --> 00:11:44,590
You've got the offset mortgage,
which can be used anywhere, but I

359
00:11:44,590 --> 00:11:47,610
prefer manual life, which is to
me, the best option to talk about

360
00:11:47,610 --> 00:11:51,290
if you don't want to throw
yourself into cash jamming or

361
00:11:52,970 --> 00:11:55,110
which cash jamming is really
rental properties anyways, or

362
00:11:55,110 --> 00:11:56,790
Smith maneuver stuff.

363
00:11:56,790 --> 00:11:59,830
But the whole point of this is you

364
00:11:59,830 --> 00:12:00,910
have to have a plan.

365
00:12:01,230 --> 00:12:03,150
You have to know the questions

366
00:12:03,270 --> 00:12:05,610
you're asking and why you're
asking them and call it what it

367
00:12:05,750 --> 00:12:05,810
is.

368
00:12:05,810 --> 00:12:07,510
If your plan is to just take any

369
00:12:07,510 --> 00:12:10,230
renewal call and go through your
regular stuff and then go, yeah,

370
00:12:10,230 --> 00:12:11,230
take that rate.

371
00:12:11,230 --> 00:12:11,990
Hey, you've got three, seven,

372
00:12:11,990 --> 00:12:12,130
nine.

373
00:12:12,130 --> 00:12:14,090
cool, I can get you 389, I can

374
00:12:14,090 --> 00:12:18,990
maybe match 379, but all you have
to do is sign on the piece of

375
00:12:19,170 --> 00:12:20,770
paper and stay there.

376
00:12:20,770 --> 00:12:22,930
Can you give me a Google review?

377
00:12:22,930 --> 00:12:26,990
And I'll actually give you an
email so you could fight and get a

378
00:12:26,990 --> 00:12:32,320
better, like that whole way of it
just drives me bonkers, that whole

379
00:12:32,320 --> 00:12:33,820
mentality, because I'm wasting
time.

380
00:12:33,820 --> 00:12:36,280
I'm wasting time on that call with
no return on it.

381
00:12:36,280 --> 00:12:38,480
I'm not playing this so -called
long game.

382
00:12:38,480 --> 00:12:42,620
Certain things I'll play the long
game on, like social media and

383
00:12:42,620 --> 00:12:44,020
building relationships with
referral partners.

384
00:12:44,020 --> 00:12:47,580
but helping consumers get a better
deal from their bank and ask them

385
00:12:47,580 --> 00:12:51,160
for a review for what?
For helping them get a better deal

386
00:12:51,160 --> 00:12:52,640
at their bank?
Like, what's the review for?

387
00:12:52,640 --> 00:12:56,920
I gave them good advice, they
saved them time, but I actually

388
00:12:56,920 --> 00:12:57,780
didn't help them.

389
00:12:57,960 --> 00:12:59,180
I wasn't a client of theirs.

390
00:12:59,180 --> 00:13:03,020
I had a phone call and they said,
yeah, you did better than me.

391
00:13:03,020 --> 00:13:05,420
The mortgage broker who's been
brokering for 10 years and this is

392
00:13:05,420 --> 00:13:07,880
my career, you walking off the
street got a better deal than I

393
00:13:07,880 --> 00:13:08,340
did.

394
00:13:08,960 --> 00:13:10,360
Can you give me a review?

395
00:13:10,360 --> 00:13:11,260
For what?
I've never understood that.

396
00:13:11,260 --> 00:13:11,500
Anyways, sidebar.

397
00:13:11,500 --> 00:13:12,880
But what I'm seeing is I'm talking

398
00:13:12,880 --> 00:13:16,480
to mortgage brokers who are 10,
15, 20 years plus in, mortgage

399
00:13:16,480 --> 00:13:20,400
brokers doing 20 up to 150 million
who are getting annihilated on the

400
00:13:20,680 --> 00:13:21,200
renewal calls.

401
00:13:21,200 --> 00:13:23,220
They are spending an enormous

402
00:13:23,220 --> 00:13:24,580
amounts of time.

403
00:13:24,580 --> 00:13:25,180
And here's the thing.

404
00:13:25,180 --> 00:13:29,180
They haven't stepped back and
looked at where the time is going

405
00:13:29,610 --> 00:13:33,250
and going, Can I get a better
return on that time?

406
00:13:33,250 --> 00:13:36,550
And so if you were like devil's
advocate here, okay?

407
00:13:36,550 --> 00:13:37,890
If you are sacrificing your
outward prospecting, your referral

408
00:13:37,890 --> 00:13:40,530
partner relationships, your email
marketing plan, you're building

409
00:13:40,530 --> 00:13:42,830
your brand on social to take
renewal calls with no plan outside

410
00:13:42,830 --> 00:13:46,330
of the old school plan, which
worked for a long time.

411
00:13:46,330 --> 00:13:49,430
If you are making that sacrifice,
you tell me, is that one worth

412
00:13:49,430 --> 00:13:51,350
making?
Or is your time better?

413
00:13:51,350 --> 00:13:52,890
I'm just going to throw ideas.

414
00:13:52,890 --> 00:13:55,030
Is your time better served doing

415
00:13:55,030 --> 00:13:58,070
social media and just stepping
away from renewal calls or having

416
00:13:58,460 --> 00:14:00,740
the call?
Hey, what's your offer from your

417
00:14:00,740 --> 00:14:01,060
bank?
Cool.

418
00:14:01,220 --> 00:14:02,540
Yeah, I can't beat that.

419
00:14:02,840 --> 00:14:05,700
Like if you don't have a plan and

420
00:14:05,700 --> 00:14:11,720
if you have a plan, but it's not
working, then why do you keep

421
00:14:11,720 --> 00:14:15,060
doing it?
Why do you keep taking 10 renewal

422
00:14:15,060 --> 00:14:20,460
calls to close one and all the
shit that comes with those 10

423
00:14:20,460 --> 00:14:23,220
renewal calls?
Because a lot of you haven't

424
00:14:23,220 --> 00:14:26,120
adapted to the new landscape.

425
00:14:26,120 --> 00:14:27,400
You're still living in 2015 times.

426
00:14:27,400 --> 00:14:30,160
You're living in where you take
those calls and you feel like

427
00:14:30,500 --> 00:14:32,040
people owe you something.

428
00:14:32,040 --> 00:14:33,940
Past clients, you feel like

429
00:14:34,120 --> 00:14:39,200
they're loyal to you and they come
to you for everything.

430
00:14:39,200 --> 00:14:41,720
You've given them so many.

431
00:14:41,720 --> 00:14:43,580
But yeah, that you were fucking

432
00:14:43,580 --> 00:14:44,640
paid for.

433
00:14:44,640 --> 00:14:47,380
So let's not forget about that.

434
00:14:47,380 --> 00:14:49,420
Your clients owe you shit.

435
00:14:49,420 --> 00:14:51,580
They owe you nothing.

436
00:14:51,580 --> 00:14:52,320
So get over yourself.

437
00:14:52,320 --> 00:14:53,240
You're an awesome broker.

438
00:14:53,240 --> 00:14:53,940
Cool.

439
00:14:54,280 --> 00:14:55,260
Great.

440
00:14:55,260 --> 00:14:56,520
You got paid.

441
00:14:56,520 --> 00:14:56,940
Now what?

442
00:14:56,940 --> 00:14:59,560
What do you got for me now?
What's the thing now?

443
00:14:59,560 --> 00:15:04,360
Did you evolve as a broker?
Or are you trying to like play the

444
00:15:04,360 --> 00:15:07,760
same old game in 2026?
And so I'm seeing this happen

445
00:15:07,840 --> 00:15:09,460
right in front of me with so many
people.

446
00:15:09,560 --> 00:15:10,760
But then here's the thing.

447
00:15:10,760 --> 00:15:11,960
I know brokers who have been

448
00:15:11,960 --> 00:15:15,540
brokering for under a year who are
winning deals because they've

449
00:15:15,740 --> 00:15:16,660
thrown themselves into something.

450
00:15:16,660 --> 00:15:18,660
I've seen people throw themselves

451
00:15:18,660 --> 00:15:19,880
into offset mortgages, cash
damming.

452
00:15:19,880 --> 00:15:23,700
Smith maneuver, more advanced
planning, being part of a certain

453
00:15:23,700 --> 00:15:26,170
club where if you're part of the
club, you get all these other

454
00:15:26,170 --> 00:15:26,510
privileges.

455
00:15:26,510 --> 00:15:28,830
And if I ended up doing your

456
00:15:28,830 --> 00:15:31,990
mortgage, I'll put you into this
club.

457
00:15:31,990 --> 00:15:33,510
But they have an angle to work.

458
00:15:33,510 --> 00:15:34,770
And if you don't have that, then

459
00:15:36,030 --> 00:15:37,770
you just have to make a judgment
call.

460
00:15:37,770 --> 00:15:39,470
You go, okay, well, these renewal
calls just aren't working out.

461
00:15:39,470 --> 00:15:41,050
I might strip it out of my model.

462
00:15:41,050 --> 00:15:43,510
And you might have past clients

463
00:15:43,510 --> 00:15:45,390
who are reaching out and they want
to talk to you.

464
00:15:45,390 --> 00:15:48,990
So if you don't have a plan, then
up your game.

465
00:15:48,990 --> 00:15:51,570
Figure out what the plan is.

466
00:15:51,690 --> 00:15:52,770
But brokers aren't.

467
00:15:52,770 --> 00:15:55,460
I don't know if your pride is
hurt, if you're like, I don't need

468
00:15:55,460 --> 00:15:56,940
to up my game.

469
00:15:56,940 --> 00:15:57,440
Think about it.

470
00:15:57,440 --> 00:16:03,740
How many industries can you go
year over year over year over year

471
00:16:03,740 --> 00:16:05,680
over year without having to become
better at what you do?

472
00:16:05,680 --> 00:16:07,080
There's no legislation here.

473
00:16:07,080 --> 00:16:09,260
The licensing that we do, it's

474
00:16:09,260 --> 00:16:11,540
these bullshit courses where it's
just a money grab for everyone.

475
00:16:11,540 --> 00:16:18,120
And then they try to go here, sit
on a computer for four hours and

476
00:16:18,120 --> 00:16:20,640
learn all this stuff.

477
00:16:21,080 --> 00:16:22,960
And I get it.

478
00:16:22,960 --> 00:16:25,580
There's things that I have to
learn.

479
00:16:25,580 --> 00:16:27,200
But it's about protecting the
client to some degree.

480
00:16:27,360 --> 00:16:28,680
It's about fraud protection, anti
-money laundering laws.

481
00:16:28,680 --> 00:16:29,440
And I get it's protecting the
lender.

482
00:16:29,440 --> 00:16:31,940
But none of it is about me
becoming a better mortgage broker

483
00:16:31,940 --> 00:16:34,300
to then go help my clients save
money.

484
00:16:34,300 --> 00:16:34,940
It doesn't exist.

485
00:16:34,940 --> 00:16:35,360
All the institutions want

486
00:16:35,360 --> 00:16:35,580
themselves protected.

487
00:16:35,580 --> 00:16:36,260
But who's protecting us?

488
00:16:36,380 --> 00:16:38,380
Who's protecting us and helping us
make better decisions?

489
00:16:38,380 --> 00:16:42,320
For our brokers, there's third
-party companies and I've had a

490
00:16:42,320 --> 00:16:44,400
couple of them where we come up
with things and we sell the

491
00:16:44,400 --> 00:16:46,300
training and the coaching and we
help and that's great.

492
00:16:46,300 --> 00:16:48,960
And that's why we were around
because no one else is doing it.

493
00:16:49,710 --> 00:16:51,790
But how many brokers are sitting
there with these rusty knives

494
00:16:51,790 --> 00:16:54,950
trying to cut through the stake?
Weird analogy, I know, but you get

495
00:16:54,950 --> 00:16:55,230
it.

496
00:16:55,230 --> 00:16:58,230
It's like you haven't bought new

497
00:16:58,230 --> 00:17:02,030
knives, you haven't sharpened the
knives, you just don't give a shit

498
00:17:02,030 --> 00:17:02,710
anymore.

499
00:17:02,710 --> 00:17:04,829
Because you're like, now you're

500
00:17:04,829 --> 00:17:08,630
just picking up the steak and
eating it.

501
00:17:08,630 --> 00:17:12,869
And you're just, I don't care what
people think about me.

502
00:17:12,869 --> 00:17:14,430
My manners are out the window.

503
00:17:14,430 --> 00:17:14,890
Whatever.

504
00:17:14,890 --> 00:17:16,950
Like, how many of you have
sharpened the blade of being a

505
00:17:16,950 --> 00:17:19,420
mortgage broker?
How many of you have sat there and

506
00:17:19,420 --> 00:17:21,980
role -played with people that were
to your clients about how to close

507
00:17:21,980 --> 00:17:24,660
renewal business?
And I'm only talking about renewal

508
00:17:24,660 --> 00:17:25,780
business right now.

509
00:17:25,980 --> 00:17:27,280
Because there's so many things you

510
00:17:27,280 --> 00:17:30,480
should be, you know, becoming a
better marketer, becoming a better

511
00:17:30,480 --> 00:17:30,800
storyteller.

512
00:17:30,800 --> 00:17:33,740
I'm learning how to ask the right

513
00:17:33,740 --> 00:17:37,300
questions, being a master at
follow -up, how to build

514
00:17:37,300 --> 00:17:42,540
relationships with center of
influence and people who give you

515
00:17:42,540 --> 00:17:42,980
leverage.

516
00:17:42,980 --> 00:17:46,560
Like those are all skills you need

517
00:17:46,560 --> 00:17:50,730
to do, but no one in the industry
is teaching you, let's go to a

518
00:17:50,730 --> 00:17:51,250
third party thing.

519
00:17:51,250 --> 00:17:52,790
The industry is broken.

520
00:17:52,790 --> 00:17:53,870
We can't complain about that.

521
00:17:53,870 --> 00:17:54,950
It's not going to change.

522
00:17:54,950 --> 00:17:56,070
You have to do your thing.

523
00:17:56,330 --> 00:17:57,930
But there's a lot of you sitting

524
00:17:57,930 --> 00:18:00,970
here and some of you listening on
this podcast where you're just,

525
00:18:00,970 --> 00:18:06,510
you're running an old business in
a new world and expecting

526
00:18:06,510 --> 00:18:07,090
exceptional results.

527
00:18:07,350 --> 00:18:09,310
And you haven't earned it.

528
00:18:09,310 --> 00:18:12,190
You have done nothing to improve
you as a mortgage broker with all

529
00:18:12,190 --> 00:18:13,390
those areas I just mentioned.

530
00:18:13,390 --> 00:18:15,220
And renewals is one of those.

531
00:18:15,220 --> 00:18:16,380
So where does that leave you?
I don't know.

532
00:18:16,380 --> 00:18:17,560
You got to figure this out.

533
00:18:17,560 --> 00:18:18,940
So I just wanted to come up with

534
00:18:18,940 --> 00:18:19,120
observations.

535
00:18:20,060 --> 00:18:21,080
And this was Laura.

536
00:18:21,080 --> 00:18:24,980
If you're listening to this, you
and I talked about this.

537
00:18:24,980 --> 00:18:26,400
I'm like, man, I feel this way
too.

538
00:18:26,780 --> 00:18:28,380
But you did a very good way of
articulating.

539
00:18:28,380 --> 00:18:30,300
You're like, brokers are entitled.

540
00:18:30,300 --> 00:18:32,260
They're entitled where they think

541
00:18:32,260 --> 00:18:34,520
their past clients owe them
something.

542
00:18:34,520 --> 00:18:35,920
And it's just shocking to her.

543
00:18:35,920 --> 00:18:37,460
She starts off every call with

544
00:18:37,460 --> 00:18:42,020
every past client as if she barely
knows them and she has to earn it.

545
00:18:42,020 --> 00:18:44,000
Has to earn it.

546
00:18:44,000 --> 00:18:45,100
No expectations take the call

547
00:18:45,400 --> 00:18:48,340
because if the deal doesn't close
for the renewal, she's not

548
00:18:48,340 --> 00:18:48,560
disappointed.

549
00:18:48,560 --> 00:18:50,380
She's like, that was a regular

550
00:18:50,380 --> 00:18:50,640
sales call.

551
00:18:50,640 --> 00:18:53,180
I just happened to work with them

552
00:18:53,180 --> 00:18:53,680
a long time ago.

553
00:18:53,680 --> 00:18:54,440
But it doesn't mean anything else.

554
00:18:54,440 --> 00:18:55,940
Like they could go talk to four
other people, right?

555
00:18:56,260 --> 00:18:58,280
It's who's going to help solve the
problem.

556
00:18:58,280 --> 00:18:59,860
So how many of you are figuring
out the problem on the renewal

557
00:18:59,860 --> 00:19:01,040
call?
That's a massive thing.

558
00:19:01,040 --> 00:19:02,680
What is the problem?
And when they say it's low

559
00:19:02,680 --> 00:19:04,160
interest rate, that's not a
problem.

560
00:19:04,160 --> 00:19:07,960
That's something they want, but
they want it because of why.

561
00:19:07,960 --> 00:19:13,350
What do they equate that to?
What's the correlation with low

562
00:19:13,630 --> 00:19:18,890
rate and that?
And this is the puzzle you have to

563
00:19:18,890 --> 00:19:19,350
solve.

564
00:19:19,350 --> 00:19:22,790
And so if you don't know how to do

565
00:19:22,790 --> 00:19:26,710
it, then you need to find someone
who does.

566
00:19:26,710 --> 00:19:28,670
Right?
You need to find someone who's

567
00:19:28,670 --> 00:19:31,250
going to help you do that.

568
00:19:31,250 --> 00:19:33,090
You need to find someone who's

569
00:19:33,090 --> 00:19:35,170
doing it successfully in their own
business.

570
00:19:35,550 --> 00:19:36,470
You need to just learn.

571
00:19:36,530 --> 00:19:37,630
And so I just want to point out

572
00:19:37,710 --> 00:19:40,030
that hopefully you'll change your
mindset and you want to off your

573
00:19:40,030 --> 00:19:42,270
game because there's a lot of you
with outdated information,

574
00:19:42,990 --> 00:19:44,550
outdated strategies, outdated
techniques, outdated mindsets.

575
00:19:44,550 --> 00:19:47,550
And it's like you have to step up
your game.

576
00:19:47,550 --> 00:19:49,030
The world's moving so fast.

577
00:19:49,030 --> 00:19:50,610
It's leaving you in the dust.

578
00:19:50,610 --> 00:19:52,430
And instead, you're just going to
complain and keep doing the same

579
00:19:52,430 --> 00:19:52,770
old shit.

580
00:19:53,510 --> 00:19:53,870
Right?

581
00:19:53,870 --> 00:19:57,190
So don't pump your chest out when
you say you got eight renewal

582
00:19:57,190 --> 00:19:57,910
calls this week.

583
00:19:57,910 --> 00:19:59,090
It doesn't mean anything.

584
00:19:59,090 --> 00:20:01,470
It's people coming to you going,
what's your best rate?

585
00:20:01,590 --> 00:20:02,290
What are my options?
Right?

586
00:20:02,290 --> 00:20:04,540
And some of you, there's anomalies
to all this.

587
00:20:04,540 --> 00:20:06,720
Some of you are that good.

588
00:20:06,720 --> 00:20:07,780
You've built up that thing for so

589
00:20:07,780 --> 00:20:12,100
long that you can still get by for
a while on that model.

590
00:20:12,100 --> 00:20:15,380
but 98 % of you can't and you have
to adapt somehow in some way.

591
00:20:15,380 --> 00:20:19,000
And you need to have a plan.

592
00:20:19,000 --> 00:20:21,100
This is, I want you to leave this

593
00:20:21,100 --> 00:20:23,600
going, you need a plan.

594
00:20:23,600 --> 00:20:25,800
A, clients don't owe you anything.

595
00:20:25,800 --> 00:20:29,720
B, should I be taking rule calls?
And if I am, what's the plan?

596
00:20:29,720 --> 00:20:31,360
What are the things I'm trying to
figure out?

597
00:20:31,360 --> 00:20:34,310
What are the questions to create
doubt I'm asking?

598
00:20:34,310 --> 00:20:35,830
What are the questions I'm looking
for to find opportunity so that I

599
00:20:35,830 --> 00:20:38,770
can come in with my value add?
And what is my value add?

600
00:20:38,770 --> 00:20:40,290
Like you should write this down on
a whiteboard.

601
00:20:40,290 --> 00:20:42,630
Why would someone leave RBC for
379 or even 389?

602
00:20:42,750 --> 00:20:45,930
Why would someone leave RBC at 389
for me at 389 over at Scotia?

603
00:20:45,930 --> 00:20:48,810
Why?
If you can't answer that, why are

604
00:20:48,810 --> 00:20:50,490
you taking the call?
And if you are taking the call,

605
00:20:50,490 --> 00:20:54,750
you don't have a plan, then call
what it is.

606
00:20:55,410 --> 00:20:58,630
You're going to do 10, 12, 13
calls to close one deal.

607
00:20:58,630 --> 00:21:01,470
You're going to be frustrated, but
that's the life you chose.

608
00:21:01,470 --> 00:21:04,910
So why would someone leave?
with the same interest rate, all

609
00:21:04,910 --> 00:21:07,550
new documents, that's the puzzle
you have to solve.

610
00:21:07,550 --> 00:21:09,870
And so I'm just bringing that out
there because renewal business is

611
00:21:09,870 --> 00:21:12,350
not as easy as it's been led to
believe.

612
00:21:13,130 --> 00:21:14,490
Over the years, it was.

613
00:21:14,490 --> 00:21:15,150
The game shifted.

614
00:21:15,150 --> 00:21:16,910
We haven't shifted.

615
00:21:16,910 --> 00:21:18,710
The industry hasn't shifted.

616
00:21:18,830 --> 00:21:21,890
Just want to keep saying the same
shit over and over.

617
00:21:21,890 --> 00:21:25,430
Turn your book every three to five
years.

618
00:21:25,430 --> 00:21:25,610
Yeah.

619
00:21:25,610 --> 00:21:26,410
Okay, bud.

620
00:21:26,410 --> 00:21:28,830
Like my son says to me, okay, bud.

621
00:21:28,830 --> 00:21:30,790
I'm like, please stop saying that.

622
00:21:30,790 --> 00:21:33,500
But that's me saying, okay, bud.

623
00:21:33,500 --> 00:21:34,800
Yeah, you show me.

624
00:21:34,800 --> 00:21:38,780
You go show me someone because I
know a lot of brokers doing a lot

625
00:21:38,780 --> 00:21:39,060
of stuff.

626
00:21:39,060 --> 00:21:39,740
I'm not talking insured transfers.

627
00:21:39,740 --> 00:21:40,520
Those are the easy ones.

628
00:21:40,960 --> 00:21:41,700
I'm talking the uninsured.

629
00:21:41,700 --> 00:21:44,220
And you have to overcome the rate
gain, right?

630
00:21:44,220 --> 00:21:45,020
Because it's always going that
way.

631
00:21:45,080 --> 00:21:47,840
And if you want to hang out in
prepayment privileges and you have

632
00:21:47,980 --> 00:21:50,900
to pre -approve for a mortgage if
your spouse, God forbid, passes

633
00:21:50,900 --> 00:21:54,860
away and RBC is going to do that,
whereas this lender won't, like if

634
00:21:54,860 --> 00:21:57,860
that's what you're hanging your
hat on or that they just don't

635
00:21:58,060 --> 00:22:00,620
like the bank and sally at the
branch, It's no longer there.

636
00:22:00,620 --> 00:22:06,120
And you feel like all they want to
do is cross -selling stuff.

637
00:22:06,120 --> 00:22:11,560
If you're trying to build a
business on top of that, that's

638
00:22:11,820 --> 00:22:13,140
going to feed your family.

639
00:22:13,340 --> 00:22:14,360
I call it predictable revenue.

640
00:22:14,360 --> 00:22:17,400
If you want predictable revenue in
your business, that's not it.

641
00:22:17,400 --> 00:22:19,500
You have to have way more meat on
the bone.

642
00:22:19,500 --> 00:22:21,140
And it needs to be a process,
right?

643
00:22:21,140 --> 00:22:22,260
So that's what you need to figure
out.

644
00:22:22,260 --> 00:22:27,260
And so I really hope some of you
have figured it out.

645
00:22:27,260 --> 00:22:32,750
I hope some of you, because I know
brokers who have figured it out.

646
00:22:32,750 --> 00:22:34,150
And they'll gladly take the
renewal call.

647
00:22:34,150 --> 00:22:36,950
And now they have something to
stand out and to answer those

648
00:22:36,950 --> 00:22:38,270
questions and to find the pain
points.

649
00:22:38,270 --> 00:22:40,350
But the ones who don't, I don't
know.

650
00:22:40,510 --> 00:22:41,970
It's your own fault.

651
00:22:41,970 --> 00:22:42,390
Really.

652
00:22:42,390 --> 00:22:43,730
It's not the client.

653
00:22:43,730 --> 00:22:44,730
It's not the bank.

654
00:22:44,730 --> 00:22:45,450
It's not the economy.

655
00:22:45,450 --> 00:22:46,210
It's no one's fault.

656
00:22:46,330 --> 00:22:46,650
It's yours.

657
00:22:46,650 --> 00:22:47,650
You didn't adapt.

658
00:22:47,650 --> 00:22:51,270
The industry is telling you right
now what you need to do.

659
00:22:51,270 --> 00:22:52,690
Figure a way to stand out.

660
00:22:52,690 --> 00:22:54,330
And I've been saying this for

661
00:22:54,330 --> 00:22:54,570
years.

662
00:22:54,710 --> 00:22:56,660
Go build a brand.

663
00:22:56,660 --> 00:22:59,120
Your brand doesn't have to be like
first time home buyer.

664
00:22:59,120 --> 00:23:00,560
It doesn't have to be like, sure,
that's great.

665
00:23:00,560 --> 00:23:03,780
But you have to have a brand about
something because those people

666
00:23:04,060 --> 00:23:05,340
will start finding you.

667
00:23:05,720 --> 00:23:06,760
But if you're just taking renewal

668
00:23:06,760 --> 00:23:09,800
calls with every Tom, Dick and
Harry about absolutely everything,

669
00:23:09,960 --> 00:23:14,160
then you have to deal with the
mindset and the stress of what

670
00:23:14,160 --> 00:23:14,860
comes back from that.

671
00:23:14,860 --> 00:23:16,280
And it's not going to be money.

672
00:23:16,280 --> 00:23:17,680
It's going to be frustration.

673
00:23:17,680 --> 00:23:18,440
I've seen your calendar book.

674
00:23:18,560 --> 00:23:20,540
a false sense of hope for the
week.

675
00:23:20,540 --> 00:23:23,360
And then come Friday, you realize
you sent out two apps.

676
00:23:23,360 --> 00:23:26,360
No one's filled out anything or
one sort of straggling filling it

677
00:23:26,360 --> 00:23:28,420
out because you never really got
the point across about why the

678
00:23:28,420 --> 00:23:30,140
client should be working with you.

679
00:23:30,140 --> 00:23:32,800
So anyways, I wanted to go into

680
00:23:32,800 --> 00:23:32,980
this.

681
00:23:32,980 --> 00:23:33,860
That's it for today.

682
00:23:33,860 --> 00:23:35,260
I appreciate the support,
everyone.

683
00:23:35,260 --> 00:23:38,480
I just want you to think, slow
down, stop listening to everybody,

684
00:23:38,480 --> 00:23:41,520
figure out what's best for you.

685
00:23:41,520 --> 00:23:41,780
Ask questions.

686
00:23:41,780 --> 00:23:44,420
Ask as many brokers as you can.

687
00:23:44,420 --> 00:23:44,900
Ask what they're doing.

688
00:23:44,900 --> 00:23:47,120
Ask what their closing percentage.

689
00:23:47,120 --> 00:23:47,800
Ask what the questions they're

690
00:23:47,800 --> 00:23:48,680
asking are.

691
00:23:48,680 --> 00:23:50,320
Ask if they have an intake form

692
00:23:50,320 --> 00:23:51,660
before the renewal call.

693
00:23:51,800 --> 00:23:52,720
Ask when they ask for the

694
00:23:52,720 --> 00:23:53,340
application and documents.

695
00:23:53,340 --> 00:23:55,440
Ask if they're showing the client

696
00:23:55,440 --> 00:23:55,620
something.

697
00:23:55,620 --> 00:23:57,360
Ask what angle they're using to

698
00:23:57,360 --> 00:23:58,800
get around what's the best rate.

699
00:23:58,800 --> 00:24:00,300
Ask what their value adds are.

700
00:24:00,300 --> 00:24:03,400
Ask if they do some sort of
advanced budgeting with them.

701
00:24:03,400 --> 00:24:07,660
Like go and ask these questions
and then build your own plan.

702
00:24:07,660 --> 00:24:08,860
That's what you need to do.

703
00:24:09,040 --> 00:24:10,500
Or call what it is.

704
00:24:10,500 --> 00:24:10,840
Okay, renewal.

705
00:24:10,840 --> 00:24:11,540
Renewals are everywhere.

706
00:24:11,780 --> 00:24:15,600
They're like, I literally could
walk down the street and start

707
00:24:15,600 --> 00:24:16,420
booking renewal calls with me.

708
00:24:17,240 --> 00:24:18,900
Your mortgage is up for renewal.

709
00:24:20,240 --> 00:24:23,400
Like if so many mortgages are up,
I could do that.

710
00:24:23,400 --> 00:24:28,030
But shit, I could also go build a
YouTube channel in the same amount

711
00:24:28,030 --> 00:24:30,090
of time and actually have
something that brings the exact

712
00:24:30,090 --> 00:24:30,750
clients I want to me.

713
00:24:30,750 --> 00:24:33,810
or you can keep doing what you're

714
00:24:33,810 --> 00:24:37,070
doing and spinning your wheels
with people you think owe you

715
00:24:37,070 --> 00:24:40,190
something, right?
Just because they want to book a

716
00:24:40,190 --> 00:24:40,850
call.

717
00:24:41,550 --> 00:24:43,390
So there you go, kids.

718
00:24:43,390 --> 00:24:44,090
That's it.

719
00:24:44,090 --> 00:24:45,470
I appreciate you listening.

720
00:24:45,470 --> 00:24:46,490
Appreciate the support.

721
00:24:46,490 --> 00:24:46,950
Much love.

722
00:24:46,950 --> 00:24:47,290
Peace out.