557: Don’t Sell Your Mortgage Business Until You Listen to This

Want to sell your mortgage business? Listen to this first.

I was fortunate enough to sell my book of business for 5X more than what I was initially offered, because I avoided a few of the common mistakes brokers make.

Mistake #1 selling your book to a busy broker Mistake #2 taking a check up front Mistake #3 Not getting introduced to ALL referral partners. Mistake #4 Not co-marketing to your database Mistake #5 Not playing the long game

If you want me to talk to me about one of our Rockstar Rookies who could help you sail off into the sunset while collecting commission checks, reach out to me on:

 

Email Scott@ilovemortgagebrokering.com, or 

Hit me up on Instagram (https://www.instagram.com/scottpeckford/)

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I Love Mortgage Brokering: ilovemortgagebrokering.com Find out more about BRX Mortgage: whybrx.com

 

This week on the podcast, I had insightful chats with two mortgage brokers: a seasoned 24-year veteran looking to sell their book of business, and a newer broker interested in buying one. Interestingly, I gave both the identical advice: putting both parties in a win-win position can increase revenues for all parties. I'll talk about my personal experience, where I played the long game and made five times more money selling a business book a few years ago. Come talk about strategies and mentality to make your book of business selling more valuable.

 

Key talking points from this episode:

• Find a partner willing to prioritize your business and maximize its potential.
• Introduce your buyer to all your referral partners to ensure a smooth transition. 
• Continue marketing to your client database even after selling your book of business.
• Framing the transition as a partnership rather than a sale.
• Common mistake of segmenting revenue streams between the seller's and buyer's books of business